After Calling Bitcoin a ‘scam’ Donald Trump has entered the cryptocurrency market, but his new comments raise questions about whether he truly understands the field he is entering. The former president and his three sons did launched World Liberty Financial (WLFI)a new cryptocurrency aimed at making the United States the “crypto capital of the world.”
But his ambiguous and often baffling comments about the initiative have people wondering whether he understands what he is advocating.
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“Crypto is one of those things we have to do,” Trump said, before launching into a ramble that included references to artificial intelligence and high-tech jargon. “Whether we like it or not, I have to do it… It’s crypto, it’s AI, it’s a few other things,” he said, leaving many listeners scratching their heads.
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This confusing rhetoric marks a sharp departure from Trump’s previous position on digital assets. Just a few years ago, he condemned Bitcoin as a threat to the US dollar and warned against its use in illegal activities. But according to his most recent financial form since he ran for president again, Trump would have invested between $1 and $5 million in Ethereum next to accepting millions of dollars in cryptocurrency donations.
WLFI is promoted as a stablecoin pegged to the US dollar and supposedly provides a solution to the volatility that plagues other cryptocurrencies. The project is led by Trump’s sons, Eric and Donald Trump Jr., who have positioned it as a way for everyday Americans to reclaim financial power from traditional banks.
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On the other hand, critics argue that there is potentially a lot of conflict of interest in this venture, especially if Trump is re-elected and uses his executive powers to deregulate the cryptocurrency market, which some people expect from him and which, at the same time, benefits the company of his family.
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According to Bloomberg, the project’s main dealmaker, Chase Herro, has a questionable past, including promoting questionable products and making ethically questionable statements like, “If you do this right, who cares if it goes to zero. ” In a 2018 YouTube video, he boasted that he could “sell shit in a can, wrapped in piss, covered in human skin, for a billion dollars if the story is true.”
While Trump and his team promote WLFI as a stable financial instrument, past events tell a different story. The crash of the Terra-Luna stablecoin wiped out nearly $2 trillion from the crypto market, causing huge losses for many investors. Moreover, stablecoins are linked to money laundering and other illegal activities, making people cautious about its widespread use.
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This article ‘Well, it’s Crypto, it’s AI, it’s some other things,’ says Donald Trump, unsure what his new Crypto project actually is originally appeared on Benzinga.com
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