Trump Vows to Make the U.S. the "Crypto Capital of the Planet"
AInvestFriday, Aug 30, 2024 3:03 am ET
2min read
X --

On Thursday, Donald Trump posted a video of himself on X to his 90 million followers, stating in the video that he plans to make the United States the crypto capital of the planet.

Trump: Ensuring the U.S. Becomes the Cryptocurrency Capital

On Thursday afternoon Eastern Time, Trump released the video on X. In the voiceover of the video, he said, This afternoon, I'm laying out my plan to ensure that the United States will be the crypto capital of the planet. They want to choke you. They want to choke you out of business. We're not going to let that happen.

It is currently unclear who they are referring to in Trump's statement. As of press time, the video has garnered 7.63 million views on the X platform.

In recent years, Trump has shown an increasingly clear inclination to support cryptocurrencies and has made increasingly optimistic remarks about the industry.

In July of this year, Trump spoke at the largest annual conference in the cryptocurrency industry, the 2024 Bitcoin Conference, stating that if he could return to the White House, he would list Bitcoin as a strategic reserve asset of the United States, If Bitcoin is to go to the moon, I want the United States to be the leading country.

Or Is It to Promote His Platform?

Trump's remarks may be to promote his family's new cryptocurrency platform, which has just been renamed from The Defiant Ones to World Liberty Financial.

In his post, Trump specifically tagged an X account called World Liberty Fi, which is the account of Trump's cryptocurrency platform. The account has more than 30,000 followers and has been posting some posts since August 22.

It is speculated that the platform is mainly managed by Trump's sons, Donald Trump Jr. and Eric Trump. On Wednesday, Eric said in a post on X: Excited to announce the launch of @WorldLibertyFi! A new era in finance is here.

Donald Trump Jr. recently revealed that this will be a cryptocurrency platform that can compete with the traditional banking system, and his family is working hard on its development.

I think there has been a lot of inequality in that only certain people can get financing [...] so this notion of decentralized finance is obviously very appealing to guys like me who have been debanked, Donald Trump Jr. said in an interview.

As of Thursday, the cryptocurrency platform's Telegram channel has more than 52,000 subscribers and is still climbing.

Trump Also Launched His NFT Cards

The day before Trump announced this, he also launched a new batch of NFT trading cards themed with his own image and put them on sale.

Like the cryptocurrency platform, these NFT tokens belong to Trump's private family business in the digital currency field and are not officially linked to his presidential campaign. However, Trump is obviously also using his political image and popularity to promote these NFT cards and cryptocurrency platforms and to market them to his supporters.

For Trump, operating a cryptocurrency platform and NFT cards is a two-birds-with-one-stone approach: it can gain support from the cryptocurrency electorate and companies and make money from it.

After Trump publicly expressed his inclination to support cryptocurrencies, donations and support from the cryptocurrency group have come in succession in recent months. The latest statistics from the Trump campaign show that the total amount of fundraising related to cryptocurrencies has reached $25 million.

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