It's one thing for Trump, who once said that cryptocurrencies were “based on thin air,” to make an about-face on policy. Politicians do that all the time, especially when a fount of campaign donations is at stake.
Former President Donald Trump promoted a new crypto project in the final stretch of the 2020 presidential campaign. Despite initially expressing skepticism towards cryptocurrencies, Trump shifted his stance and began advocating for crypto-friendly policies.
However, critics pointed out that Trump's campaign was closely linked with the promotion of World Liberty Financial, a new business venture that stood to benefit from his future administration's policies. The company's key players had a history of involvement in questionable internet enterprises.
Details about World Liberty Financial's operations were limited, but it appeared to be a decentralized finance platform that would issue a new digital token (WLFI) for sale in an unregistered offering.
Given the prevalence of pump-and-dump schemes in the crypto industry, where about 25% of new tokens were later identified as such, potential investors might have hesitated before committing to such an offering.
Despite the timing of the promotion, which coincided with Trump's claims that the election was "our one shot to save our country," the former president participated in the livestream launch of World Liberty Financial for about 40 minutes, discussing the merits of the new financial product.
"Crypto is one of those things we have to do," he said. "Whether we like it or not, I have to do it." However, critics argued that promoting cryptocurrencies was not in the best interests of the United States and that Trump was prioritizing his personal financial interests.
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