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Former President Donald Trump announced his intention to position the United States as a global crypto hotspot if elected.
On August 29, Trump declared that he would outline his plan to ensure the United States becomes the “crypto capital of the planet” as blockchain and digital assets increasingly appear in American political campaigns. Trump’s post on x also x.com/realDonaldTrump/status/1829141447087648796″ target=”_blank” rel=””>mentioned the World Liberty financial initiative, headed by his sons, Donald Trump Jr. and Eric Trump.
Details about the project were scarce at press time, but rumors suggest it revolves around real-world assets and tokenization.
Trump’s sons also warned cryptocurrency advocates to beware of scams and copycats on the project’s official Telegram channel, which has more than 53,000 subscribers. Trump has not yet revealed to what extent he might be involved in World LibertyFi or what he intends to achieve with the initiative.
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Donald Trump's shift to cryptocurrencies
At a gala in May, Donald Trump presented himself as the champion of the industry and began making pro-cryptocurrency comments to attract votes for Web3.
Trump's bullish rhetoric continued at the bitcoin (btc) 2024 conference in July. The Republican Party candidate promised to create a bitcoin strategic reserve and fire Gary Gensler, the current chairman of the Securities and Exchange Commission.
While the odds of Trump winning or Democratic candidate Kamala Harris becoming president have fluctuated recently, cryptocurrencies seemed to lean toward the former president and his alleged policies.
Additionally, a bitcoin bill introduced by Republican Senator Cynthia Lummis of Wyoming has gained traction in the Senate. Like Trump’s plan, Lummis’ proposal would tap into existing U.S. reserves and leverage gold certificates to hold bitcoin for two decades.
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