Donald John Trump, 45th president of the United States has launched his own new cryptocurrency to the world named “World Liberty Financial.” This news came from an event’s live stream on 16 september, that shocked everyone. It’s because he was never in favor of Cryptocurrencies. In the live stream with his sons and other crypto experts He said “Crypto is one of those things we have to do, Whether we like it or not, I have to do it.”
Once Mr. Trump called bitcoin a scam and now he is on his way to step ahead in Crypto. Don’t you think its a little shocking plus tricky? Well, it will be fun to watch what happens next! But wait.. Let me explain about this cryptocurrency, About it’s need and why it all happening before U.S. presidential election 2024. Let’s Dive in!
Trump’s Change of Heart on Cryptocurrency
We heard many times that Mr. Trump never liked cryptocurrencies like I mentioned he called Bitcoin a Scam! But while introducing the new digital currency “World Liberty Financial” His views on Cryptocurrencies were totally changed. Mr. Trump says That in the U.S. everyone must get involved in cryptocurrency and if not then we will fall behind compared to other countries like China.
His view clearly shows his vision about the country’s bright future with the help of cryptocurrency. But wait.. Don’t you think it’s either tricky or too late to admit for a big businessman and an investor like Donald Trump?
Mr. Trump said that instead of him, His sons will be handling this new venture While his designation will be as “chief crypto advocate.” Borron, Trump’s youngest son will be “DeFi visionary.” Donald Jr. and Eric, will be operating as ambassadors, Donald’s other children.
What is World Liberty Financial?
So basically “World Liberty Financial” is a cryptocurrency platform which is based on stablecoins. Stablecoins are the coins that are always tied to $1 value and because of that the risk factor is minimum here. The main currency has got a unique name and that is $WLFI. Using this platform users will be able to borrow and lend money easily.
If we talk about its legal framework, Mr. Trump has already filed a Trademark for “World Liberty Financial” earlier this year. This upcoming venture’s platform is in development phase and is being developed by real estate expert Steve Witkoff and AMG Software Solutions. This discussion was not too deep so as of now we have this much info only. How this platform will work and how it will be funded, It’s still a question.
Legal Concerns and Ethical Issues
Ethics professionals and experts are so concerned about the timing of this shocking launch. They are questioning the timing of this venture’s beginning right before the President Elections in U.S. As we all know Mr. Trump is again putting efforts to become president, Experts says He can manipulate the U.S. Regulations to support his business.
This could be the big reason for conflict if he makes it as a president. Apart from that, Trump has already announced his promises to reduce certain things if he wins, on Twitter.
This new venture is limited to accredited U.S. investors because of legal rules but Trump’s involvement is creating concerns and questions. People who never like Trump’s political practices, are calling it a masterstroke where Trump will turn this new venture into a money printing machine if he wins the election.
A Bold Move Before the Election
We must say it is unusual but a brave yet bold decision right before the election. Trump has always been in favor of helping the U.S. grow as a crypto capital like he said before.
If we look on the other side Trump has himself promised to make “crypto capital of the planet.” Also this new venture will be operated by his sons. So, maybe there’s a genuine reason behind this move. We can’t say much as of now!
Although, Things are not clear as per cryptocurrency enthusiasts. Because of the lack of details people are still figuring out how “World Liberty Financial” will work and make money. The Fintech voters will be attracted because of Trump’s pivot to cryptocurrency, that’s a certain thing!
Donald Trump launching a new cryptocurrency “World Liberty Financial” to position himself as a leader in the growing digital currency market. We will have to see if this move will help him gain some votes from cryptocurrency supporters or not. While people are shocked and concerned with its timing, It will be fun to watch what happens in U.S. President Elections 2024
