Summary:
Donald Trump promotes an ‘official’ cryptocurrency project on Truth Social.
The project is linked to DeFi, or decentralized finance, enabling trading outside traditional banks.
Trump’s previous stance labeled crypto a “scam against the dollar”, but he has recently praised the sector.
The crypto industry has contributed $119 million to influence federal elections this year.
Trump’s Telegram channel gained 30,000 subscribers shortly after his announcement.
Former President Donald Trump has recently hinted at an “official” cryptocurrency project linked to his name via a post on Truth Social. In his message, he stated, “For too long, the average American has been squeezed by the big banks and financial elites. It’s time we take a stand — together. #BeDefiant.” This announcement also included a link to a Telegram channel dedicated to his official DeFi project.
What is DeFi?
DeFi, or decentralized finance, refers to financial services conducted on a blockchain, allowing for cryptocurrency trading and fund transfers without traditional banking institutions.
Trump’s Shift Towards Cryptocurrency
This move marks a significant turn for Trump, who previously labeled cryptocurrency as a “scam against the dollar” in 2021. However, during a bitcoin conference this summer, he praised the crypto sector, which has seen a surge in political donations, contributing $119 million in an attempt to influence federal elections this year alone. Notably, Trump has invested in cryptocurrency, owning more than $1 million and even launching an NFT project featuring cartoon drawings of himself.
Support from the Tech Community
Trump’s growing affinity for cryptocurrency is complemented by endorsements from prominent tech figures, including Elon Musk. His son, Eric Trump, had previously hinted at a “big announcement” regarding cryptocurrency and DeFi.
The newly created Telegram channel, which garnered nearly 30,000 subscribers within an hour of Trump’s post, had previously run a giveaway for Telegram Premium subscriptions and branded itself as the only official channel for the Trump DeFi project.
Warning Against Scams
In light of the increasing popularity of cryptocurrency, which is also a target for scammers, the channel cautioned users, stating, “Stay vigilant and do not fall for impersonations or scams — our team will never DM you first.”
The Trump campaign has yet to comment on this development.
Comments