Former American president and current presidential candidate, Donald Trump, has announced the launch of a new cryptocurrency company called World Liberty Financial. This new venture is designed to increase donations for his campaign, which has struggled to keep up with Democratic rival Kamala Harris. The crypto initiative is a strategic move to tap into new financial channels, particularly targeting wealthy cryptocurrency players.
New Crypto Token to Support Campaign
Although details about the new company are scarce, a key aspect of the plan involves the creation of a new crypto token that will be sold to the public. Part of the proceeds will be used to fund Trump’s campaign, while the project’s team will retain some of the tokens as compensation. This marks a significant shift for Trump, who has previously criticised cryptocurrencies, including Bitcoin, as a threat to the U.S. dollar.
Kamala Harris Outpaces Trump in Fundraising
Since replacing President Joe Biden as the Democratic Party’s presidential candidate, Kamala Harris has garnered over $500 million in donations from business figures, celebrities, and individual supporters. This significant fundraising haul has put pressure on Trump’s campaign, leading to the creation of World Liberty Financial as an alternative channel for contributions.
Trump’s Shift on Crypto Policy
Trump’s stance on cryptocurrencies has evolved dramatically. Initially a critic, he has now embraced digital currencies as part of his campaign platform. He has promised to loosen regulations around crypto, criticising the Biden administration’s policies as an “unlawful and un-American crackdown” on the industry. Trump also pledged to lower Bitcoin mining fees and provide cheaper energy for mining operations, using fossil fuel and nuclear energy.
High-Profile Backers
Several prominent Silicon Valley investors and crypto entrepreneurs have expressed support for Trump’s campaign following his crypto-friendly stance. Billionaires Ben Horowitz, Marc Andreessen, and the Winklevoss twins, known for their cryptocurrency investments, have thrown their weight behind Trump. The Winklevoss twins even pledged $1 million in donations to support his run for office.
Trump’s Previous Foray into Crypto
This is not Trump’s first involvement with digital assets. He previously raised over $7 million through a non-fungible token (NFT) project that sold digital collectibles, including Trump-themed trading cards and digital mugshots. His son, Donald Trump Jr., has also warned supporters to be cautious of fake tokens falsely claiming association with Trump’s new project.
A Family Influence on Crypto Interest
Trump has credited his children, especially his youngest son, Barron, for opening his eyes to the potential of cryptocurrency. “Barron’s a young guy, but he knows this stuff inside and out,” Trump said, acknowledging the influence his family has had on his changing views on the technology.
With the launch of World Liberty Financial, Trump is banking on the growing interest in digital currencies to fuel his 2024 presidential campaign, hoping to leave behind what he calls “outdated big banks.”
