It appears Trump has swapped his “Make America Great Again” slogan for the mantra of making the United States the “crypto capital of the world,” as he stated in his speech at the bitcoin 2024 conference.
Former US President Donald Trump has announced the launch of his sons' cryptocurrency company and, after several weeks of public hints, has finally revealed a launch date.
Related: bitcoin could hit $420,000 by 2030, says crypto bull
World Liberty Financial is the cryptocurrency platform created by Donald Trump and his two eldest sons, Donald Jr. and Eric Trump.
The announcement, expected to come on Monday, will come less than two months before Election Day. Trump has made the most of this moment to promote his personal business, a media tactic the former president appears to have retained from his many years as a television personality.
His son Eric first teased the new cryptocurrency business in August by posting about the upcoming revelation on x and tagging his father, his brother Donald Jr. and the Trump Organization.
<blockquote class="twitter-tweet”>
I've really fallen in love with crypto and decentralized finance. Stay tuned for a big announcement…twitter.com/Trump?ref_src=twsrc%5Etfw”>@Triumph twitter.com/realDonaldTrump?ref_src=twsrc%5Etfw”>@realDonaldTrump twitter.com/DonaldJTrumpJr?ref_src=twsrc%5Etfw”>@DonaldJTrumpJr
— Eric Trump (@EricTrump) twitter.com/EricTrump/status/1820906993802211751?ref_src=twsrc%5Etfw”>August 6, 2024
Trump Jr. followed up the advance a few hours later by posting on x.
<blockquote class="twitter-tweet”>
We are about to revolutionize the world of cryptocurrencies with something HUGE.
Decentralized finance is the future: don't be left behind. twitter.com/hashtag/crypto?src=hash&ref_src=twsrc%5Etfw”>#Cryptocurrencies twitter.com/hashtag/DeFi?src=hash&ref_src=twsrc%5Etfw”>#DeFi twitter.com/hashtag/BeDeFiant?src=hash&ref_src=twsrc%5Etfw”>#BeDefiant
— Donald Trump Jr. (@DonaldJTrumpJr) twitter.com/DonaldJTrumpJr/status/1821164331020517596?ref_src=twsrc%5Etfw”>August 7, 2024
The cryptocurrency platform was previously called “The DeFiant Ones” and has now been renamed World Liberty Financial.
Cryptocurrencies come under fire after billions of dollars lost to scams
Following Trump's multiple run-ins with the law, including his current criminal case surrounding conspiracy to overturn the 2020 presidential election, the tax fraud trial, along with multiple other criminal allegations previously filed against him in court, many have thought he would keep a low profile as he once again attempts his presidential bid.
However, it is not surprising that the businessman, known for taking risky decisions to reap big rewards, is embarking on another controversial venture.
Related: Cryptocurrency criminals are stealing more money than ever before
Cryptocurrency scams in the US have been steadily increasing since the digital currency was created in 2009.
According to the Cryptocurrency Fraud Report 2023 According to the FBI, financial losses attributed to cryptocurrency scams totaled more than $5.6 billion, a 45% increase compared to the previous year.
Although cryptocurrency-related complaints only account for 10% of all financial fraud complaints, these cryptocurrency losses account for almost 50% of the total reported financial losses.
Cryptocurrencies at a glance
Entering the cryptocurrency business It can be tricky, especially since there is a fine line between what is legal and what is considered illegal.
First of all, cryptocurrency is a virtual asset purchased with real money that does not have the same purchasing power as fiat currencies, is not widely accepted as payment, and is illegal in some countries.
People often buy cryptocurrencies as an investment, hoping that their value will increase, almost like a stock.
However, cryptocurrency transactions are not regulated between private users, and this is where fraud could occur.
More cryptocurrencies:
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Cryptocurrency scams can easily occur because accounts are not backed by a government entity, so if an account is hacked, there is no way to recover the funds because no one is required to take legal action.
There is also no legal protection for cryptocurrency payments, so a transaction cannot be disputed if it goes wrong.
Buying and owning cryptocurrency is not taxable, but selling cryptocurrency for cash and making purchases with cryptocurrency are. If not reported to the IRS, these activities can result in fines or prison time.
Details on how and where to watch the cryptocurrency launch
The launch of World Liberty Financial, Trump’s cryptocurrency venture, will be streamed on social media platform x at 8 p.m. EDT on Monday, September 16.
Related: Veteran fund manager sees world of trouble ahead for stocks
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