Former President Donald Trump has announced his intention to make the United States a global hub for cryptocurrencies if elected.
On August 29, Trump stated that he would be rolling out his plan to ensure that America becomes the “crypto capital of the planet” as blockchain technology and digital assets increasingly feature in US political campaigns. Trump also posted on X mentioned The Global Financial Freedom Initiative, which is chaired by his sons, Donald Trump Jr. and Eric Trump.
Details about the project were scarce at press time, but rumors suggest it revolves around real-world assets and a token.
Trump’s sons have also warned cryptocurrency enthusiasts about scams and copycats on the project’s official Telegram channel, which has more than 53,000 subscribers. Trump has yet to reveal the extent of his involvement in World LibertyFi or what the initiative aims to achieve.
Donald Trump’s shift towards cryptocurrencies
During a ceremony in May, Donald Trump first called himself an industry champion and began adopting pro-crypto statements to attract votes from Web3 members.
Trump’s bullish rhetoric continued at the Bitcoin (BTC) 2024 conference in July. The Republican candidate promised to create a strategic reserve of bitcoin and remove current Securities and Exchange Commission Chairman Gary Gensler.
While the odds of Trump and Democratic nominee Kamala Harris winning the presidency have fluctuated recently, cryptocurrencies have appeared to lean toward the former president and his supposed policies.
A Bitcoin bill introduced by fellow Republican Senator Cynthia Lummis of Wyoming has also reportedly gained momentum in the Senate. Like Trump’s plan, Lummis’ proposal would tap America’s existing stockpile and use gold certificates to hold Bitcoin for two decades.
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