Former President Trump endorses World Liberty Financial, a new cryptocurrency firm, despite previous criticism of Bitcoin
During a recent two-hour live broadcast on X Spaces, former President Donald Trump, accompanied by his sons and business partner Chase Herro, who humorously referred to himself as the “dirtbag of the internet,” unveiled a new cryptocurrency venture named World Liberty Financial. Trump’s presence primarily served promotional purposes. He initially steered clear of discussing World Liberty Financial directly, opting instead to touch on topics such as the recent thwarted assassination attempt, deliver a condensed version of his campaign speech, and express his aspirations for the future of cryptocurrency in the United States.
During the broadcast, Trump emphasized the urgency for the U.S. to lead in the crypto space, stating, “If we don’t do it, China’s going to do it. China’s doing it anyways and if we don’t do it we’re not going to be the biggest and we have to be the biggest and the best.”
Contrary to popular belief, the Trump family does not have any ownership or operational involvement in World Liberty Financial, as per Bloomberg reports. The project is seemingly managed by Herro and Zachary Folkman, the latter known for teaching classes on interpersonal skills. The introduction to Trump’s sons came through real estate investor Steve Witkoff.
Donald Trump Jr. commended Herro and Folkman for their macroeconomic proficiency, suggesting they could outperform individuals in a Goldman Sachs boardroom. World Liberty Financial operates within the realm of DeFi (decentralized finance), enabling users to lend and borrow cryptocurrencies without intermediary institutions like traditional banks. Trump Jr. shared the family’s personal experience of being “debanked,” a term denoting challenges in accessing credit lines post their entry into politics.
In the decentralized financial network, individuals can engage in direct transactions facilitated by smart contracts recorded on the blockchain. Herro and Folkman were previously associated with Dough Finance, a DeFi platform that had experienced a security breach, as reported by CoinDesk, which also obtained a white paper linked to World Liberty Financial.
As part of its initiative, World Liberty Financial will introduce a novel cryptocurrency in the form of a non-transferable token, granting holders voting rights on platform governance matters, akin to voting shares in a publicly traded company. Despite attempts to reach out for comment via X, World Liberty Financial did not respond.
Trump’s sons had been hinting at the project for some time, initially naming it the DeFiant Ones, a play on words related to DeFi. Eric Trump teased the platform in a social media post, expressing his enthusiasm for Crypto/DeFi and hinting at a forthcoming significant announcement.
In recent months, Trump has shown a growing affinity towards cryptocurrencies, aiming to establish the U.S. as the “crypto capital of the world.” He has ventured into digital markets with various NFT collections, including one featuring his mugshot. The Trump campaign successfully raised around $3 million from cryptocurrency-linked donors, following Trump becoming the first presidential candidate to accept campaign contributions in cryptocurrency.
This marked a notable shift from Trump’s previous stance in 2021 when he criticized Bitcoin as a threat to the dollar. During the recent livestream, Donald Trump Jr. acknowledged his delayed interest in cryptocurrency and decentralized finance, attributing his change in perspective to the challenges faced by his family in securing credit lines. The shift in their financial landscape prompted a deeper understanding of the struggles faced by many Americans.