Trump and his family’s cryptocurrency business keeps growing to win over voters by endorsing digital assets.
Donald Trump, the former president of the United States, has placed his name on various goods, including Bibles, steaks, and gold sneakers.
The Republican Party’s presidential candidate may now make money through his brand and demonstrate his support for the blockchain industry thanks to cryptocurrency.
Trump stated that he was “not a fan of Bitcoin and other cryptocurrencies” during his prior administration.
To appeal to the growing number of US cryptocurrency voters, Trump has remade himself as a pro-crypto candidate as he runs for president in 2024.
Trump now appears prepared to take advantage of this change by advertising digital materials associated with his campaign.
The DeFi platform of Trump
Trump’s most recent cryptocurrency-related endeavor is a decentralized finance (DeFi) network. The executive vice president of the Trump organization and son of Donald Trump, Eric Trump, has promoted World Liberty Financial (WLFI), formerly known as The Defiant Ones. On August 29, Trump’s son made the WLFI announcement without providing any other information.
Even after the announcement, WLFI still needs to be clarified as a cryptocurrency project with no discernible advancements. Trump has unveiled a video to support the endeavor:
WLFI still needs to provide a schedule of events. WLFI currently has an X account that directs users to a rapidly growing 230,000-subscriber Telegram channel. There have yet to be any significant announcements or updates on the channel.
Despite alerts from WLFI’s official X account, a hoax has taken off, which warns against con artists and clarifies that no airdrops are in circulation because the project still needs to be operational.
A phony Telegram advertisement promised an alleged airdrop of tokens. More than 70,000 users signed up for the fake channel.
Trump stated that the DeFi platform aimed to solve a critical issue impacting the “average American,” who was “squeezed by the big banks and financial elites,” in the initial statement on Truth Social. He also emphasized that it was “time to take a stand together.”
According to Trump, the DeFi platform will provide high-yield cryptocurrency investments by leveraging cutting-edge technology. According to Eric Trump, the goal of WLFI was to do away with the ineffective, expensive, and dishonest intermediaries that traditional banking institutions imposed.
According to them, the statement was a substantial step forward for the Trump family’s involvement in the financial technology industry, which aligns with broader trends toward decentralized finance and economic empowerment.
Trump’s lucrative NFT acquisitions
Trump unveiled his fourth collection of non-fungible tokens (NFTs), dubbed “America First,” on August 27.
Trump has already received over $2.5 million from the America First NFT collection as of September 2. 360,000 units of the collection are available for $99 each minute, meaning that if they sell out, the company may make $35 million.
Trump promised to send a tangible card with a piece of his suit from the CNN presidential debate with Joe Biden to everyone who purchases 15 or more NFTs.
Trump has experience with NFT collections. In December 2022, he unveiled his debut collection, which included 45,000 NFTs that portrayed him as a superhero. His initial sales revenue was roughly $4.45 million, with each NFT sold for $99 to him.
He achieved similar success in 2023 by raising $4.5 million for a follow-up collection, which he then expanded with his MugShot Edition NFTs.
However, because NFTs receive a 10% royalty from all secondary market sales, it is anticipated that the overall revenue may have been significantly greater.
Though she released multiple NFT collections, former First Lady Melania Trump’s releases fell short of her husband’s NFT successes. Melania’s memoir book is the newest endeavor for her. A digital collectible is included with the $150 collector edition.
The Trumps may be making money from their cryptocurrency endeavors. Still, the true benefit could come from the former president’s unexpected turnabout to become a pro-crypto candidate in the 2024 elections.
Trump’s support for cryptocurrencies is paying off, according to a poll.
In a poll conducted on August 30 by Fairleigh Dickinson University, 801 US voters who said they owned digital assets said they would be more inclined to support Trump in November’s US presidential election than Vice President Kamala Harris, the Democratic Party’s nominee.
According to a nationwide poll conducted between August 17 and August 20, among registered voters who possess cryptocurrency, Trump leads Harris by 12 points. On the other hand, Harris has a 12-point advantage over those without digital assets.
Professor Dan Cassino of Fairleigh Dickinson concluded that Trump’s strategy “seems to have paid off” in the crypto world.
The FinTech Blockchain Global Market Report 2024 states that 40% of American adults now possess cryptocurrency, but Cassino emphasized that society is still unaware of “just how widespread crypto ownership is.”
According to Cassino, Trump might receive support from US minority communities who usually vote for Democrats. He countered that “support for cryptocurrencies could serve as a wedge issue, potentially attracting voters who might otherwise lean Democratic,” noting that “historically, Republicans have struggled to connect with young people and people of color.”
