Trump: We will make America the capital of cryptocurrencies.

Former U.S. President Donald Trump has unveiled his initiative to transform America into a "crypto capital" through his new venture, World Liberty Financial.

"I promised to Make America Great Again, and this time it's with crypto. [World Liberty Financial] aims to establish America as the leading crypto hub in the world!" Trump shared on X, inviting eligible individuals to join a whitelist.

"I promised to Make America Great Again, this time with crypto. @WorldLibertyFi is planning to help make America the crypto capital of the world! The whitelist for eligible participants is now open—this is your opportunity to be part of this historic moment. Join:…"

— Donald J. Trump (@realDonaldTrump) September 30, 2024

On September 16, Trump launched World Liberty Financial with the vision of disrupting traditional finance and providing decentralized finance as a viable alternative. 

The project provides borrowing and lending services with a focus on being more user-friendly and accessible compared to current DeFi platforms. It is expected to sell the majority of its WLFI tokens to accredited investors in the United States.

Skepticism Surrounding World LibertyFi

The launch of World LibertyFi has generated considerable excitement, with some analysts forecasting a surge in its token value. However, the project is facing skepticism, as experts highlight several potential concerns.

One significant issue is the background of Chase Herro, the leader of World LibertyFi, who was previously associated with a failed cryptocurrency venture, Dough Financial, which experienced a $2 million exploit.

Another critical point of concern is that 70% of World LibertyFi’s tokens are earmarked for insiders, including Trump and his team, leaving just 30% for public sale. 

This substantial insider ownership could lead to price volatility if those insiders choose to liquidate their holdings. Furthermore, the SEC may take a closer look at the project, given that tokens are frequently categorized as securities.

In his campaign speeches, he stated that if he wins the US election, he will not sell the bitcoins seized by the government. He expressed hope that if the price of bitcoin rises to 10 million dollars in the future, the value of the current holdings will significantly increase. The amount of Bitcoin currently held by the US government could potentially cover tens of trillions of dollars in debt, effectively offsetting the inflation that has accumulated from the economic collapse of 2008 to the present through the profits generated from holding Bitcoin.