08/26 update below. This post was originally published on August 25th
Former US President Donald Trump is gearing up for a fierce race for the White House and has already caused massive shockwaves with radical plans to wipe out America’s growing $35 trillion debt pile.
Subscribe now to Forbes’ CryptoAsset & Blockchain Advisor and “reveal blockchain blockbusters poised for 1,000% plus gains” in wake of bitcoin halving earthquake!
Trump, who has surprised many with his controversial embrace of bitcoin this year, has said he opposes the US war on crypto, labeled Operation Choke Point 2.0.
Now, with fears swirling of a full US dollar collapse, Trump has said it is time to “take a stand” against Wall Street and support his sons’ plans for a financial “revolution”.
Sign up for free now CryptoCodex—A daily five-minute newsletter for traders, investors and the crypto-curious that will keep you updated and ahead of the bitcoin and crypto market bull run
Former US President Donald Trump has backed his sons’ efforts to take on Wall Street.
Getty Images
“For too long, the average American has been pressured by the big banks and financial elites. It’s time for us to take a stand — together,” Trump wrote on his Truth Social account, along with a link to a Telegram messaging app group , run by his sons Eric and Don Jr. called “The DeFiant Ones”, a reference to the crypto-based concept of decentralized finance (DeFi).
08/26 Update: The Telegram group run by Donald Trump’s sons Eric and Don Jr. has been renamed World Liberty Financial along with a link to an X account with the handle @worldlibertyfi. The account is called WLFI, which sparked wild speculation on social media that it could also be the name of a future Donald Trump memecoin.
“Is this the new Trump token,” an anonymous account asked on X.
In any case a fake coin called WLFI has been launched on the decentralized exchange Uniswap
Uniswap
“Please be aware of scams and fake tokens claiming to be associated with ‘Defiant Ones’, ‘World Liberty’ or similar names,” the Telegram account run by Don Jr. wrote. and Eric Trump. “Don’t get involved with these tokens! For your safety, remember that all official information will only be published right here on this channel by our trusted team. If it’s not from us, it’s not real. To keep to stay updated and safe, be sure to follow our official Twitter account. Be vigilant and protect your investments!”
The official World Liberty Financial Telegram channel also teased additional upcoming updates.
“We’re gearing up for major announcements and exciting updates,” the message read. “Join us as we transform decentralized finance forever. You don’t want to miss what’s next!”
DeFi, as well as the wider web3, is based on the idea that digital, Internet-based services are too centralized around a handful of powerful companies on Wall Street and in Silicon Valley and can be improved by moving them to protocol-based, crypto-based services. driven alternatives.
After Trump’s remarks, a message appeared on the 43,000-member Telegram group that addressed “how banks and financial institutions are rigging the rich system against ordinary Americans.”
“They are locking people out, denying them loans, drowning them in paperwork and killing them with legal fees and processing fees,” read the message, attributed to Donald Trump Jr., claiming the Trump family has been “de-banked, de- platform” and had every imaginable political game played on us.”
The message is reminiscent of comments made by Eric Trump to New York Post earlier this month, where he claimed that “over half of this country right now can’t be financed.”
Banking and finance have been politicized in recent years, most notably by Canada’s truck protests against covid vaccine mandates that resulted in Prime Minister Justin Trudeau freezing protesters’ bank accounts. Elsewhere, British politician Nigel Farage claimed his bank account had been closed in part because his policies were deemed to be “at odds” with the bank.
“These banks and the elites who run them want absolute control, but it ends now,” read the DeFiant Ones group’s post, which was attributed to Don Jr.
“We’re making finance great again by putting the power back in your hands. This new DeFi platform will cut out the corrupt, expensive and inefficient middlemen. No more bureaucrats deciding your destiny. It’s time to modernize an unfair and outdated system and give everyone the same opportunities that the elite have hoarded and let’s get the economy working for the people again.
Further details about the Trump crypto project, such as the launch date, the website address and even its name are still not known, although it is expected to be a crypto platform similar to a crypto exchange like Coinbase or Binance that can also act as a bank account alternative.
Earlier this month, Trump brothers Eric and Don Jr. down speculation that they would launch their own cryptocurrency to compete with bitcoin, calling their project “the future of finance”.