- Trump’s much-anticipated crypto project has rebranded itself
- Former President continues to hold sway over many crypto holders
The Trump family’s crypto initiative, previously known as “The Defiant Ones” has now been rebranded as “World Liberty Financial.” Former President Donald Trump, once a vocal critic of cryptocurrencies, now supports this initiative, even though he recently warned of fake tokens and scams in the space.
The project, introduced last week, is labeled as a “Trump DeFi project” and aims to empower the average American. According to Trump, they have for long been oppressed by elites and banks. That’s not all though, with Eric Trump Jr. describing the initiative as “digital real estate” a few weeks ago.
Trump’s pivot towards supporting cryptocurrencies marks a significant change from his previous position, one where he frequently criticized digital assets, citing concerns over their volatility and potential misuse. However, with the launch of World Liberty Financial, the Trump family seems to be embracing the potential of decentralized finance (DeFi) to reshape the financial landscape.
Trump’s pivot
Why such a pivot though? Over the past year and a half, cryptocurrencies as an asset class have gained significant traction across demographics. In fact, in a divided country like the United States, cryptos are a fairly bipartisan issue now, with many across the political spectrum feeling very strongly about them. The Trump campaign recognized this before the Democrats, which is why they are trying to capitalize on the same.
This, despite the fact that Trump’s current position is diametrically opposite to his position a few years ago, especially when he was President.
Consider this – Donald Trump became the first mainstream U.S Presidential candidate to accept crypto-donations earlier in the year. He even launched an NFT collection on the Solana blockchain earlier in the year.
Now, as expected, there is much skepticism about this project. According to Donald Trump Jr. though, this project isn’t about launching a meme coin. Instead, it’s about “taking on the banking world.”
That being said, memecoins associated, if not linked, to Trump’s name have done well this election cycle. Trump-themed MAGA token, for instance, hiked by over 50% in just over a week recently, before dropping on the charts again.
Source: MAGA/USD, TradingView
What is Harris upto?
On the contrary, Vice President Kamala Harris has been more cautious regarding cryptocurrencies, emphasizing the need for strict regulations to prevent fraud and protect consumers. Her position reflects a broader concern within the current administration about the risks associated with the rapid growth of the crypto market.
The renaming and rebranding of the Trump family’s crypto initiative highlights a strategic effort to align with the growing popularity of digital assets, while also distancing itself from previous controversies. By framing the project as a way to fight back against financial elites, the Trumps are tapping into populist sentiments that have long been a part of their political strategy.
