United States: Donald Trump announces the creation of his own crypto-currency platform
In July 2019, Donald Trump openly expressed his disdain for cryptocurrencies. Fast forward five years, and the Republican presidential candidate has made a dramatic U-turn, announcing the launch of his own cryptocurrency platform.
On Thursday, August 22, Trump introduced this new venture as a challenge to the dominance of major banks and financial institutions.
“For too long, Americans have been squeezed by big banks and financial elites,” the Republican wrote on X and Truth Social, his social media platform.
Despite the bold announcement, Trump provided few details about the project, named The DeFiant Ones.
In recent weeks, his sons, Eric and Donald Jr., both key figures in the family-run Trump Organization, have described the platform as “digital real estate.”
Eric Trump, in an interview with the New York Post, mentioned “collateral that anyone can access instantly.”
In the financial world, collateral usually refers to assets offered to secure a loan. During his presidency, Donald Trump was a vocal critic of cryptocurrencies, even labeling them as a “scam.”
However, his stance has since shifted dramatically, positioning himself as a strong advocate for digital currencies.
Speaking at a major industry conference in Nashville at the end of July, the real estate mogul pledged that if re-elected, he would be the pro-innovation and pro-Bitcoin president that America needs.
By embracing cryptocurrencies, Trump is positioning himself in direct opposition to the Biden administration, which is seen as favoring regulation of the sector. Before handing over power to Kamala Harris, Trump was already at odds with Joe Biden, whose alleged “hatred of Bitcoin only aids China, Russia, and the radical left,” as Le Monde noted in late July.
Documents released in mid-August revealed that Trump held between $1 and $5 million worth of Ether, the second-largest cryptocurrency globally.
Trump’s promised platform will leverage decentralized finance (DeFi), a system that eliminates the need for intermediaries like banks when conducting transactions with others. DeFi relies on blockchain technology, which maintains a theoretically tamper-proof, publicly accessible ledger of all transactions.
