Jumpstarting his new foray into crypto with his own line of digital collectibles, Donald Trump’s announcement was all about NFTs – non-fungible tokens. Launching the new Central Bank Digital Currency Since then, he’s reached farther into decentralized finance (DeFi), a proposed stablecoin, a Bitcoin mining boondoggle, and even memecoins. These developments are an example of the growing crossover between cryptocurrency and the world of mainstream business and politics.
This first spurt of enthusiasm from Trump for these digital collectibles a.k.a. These NFTs show Trump in a different light, such as a superhero and have ballooned into four collections. His family continues to make millions of dollars in revenue from the resale of these digital collectibles.
Since then, Trump’s crypto odyssey has matured to embrace decentralized finance (DeFi) projects. Trump Media & Technology Group Corp applied to trademark brands for investment products aligned with Trump's priorities, including a "Truth" DeFi project. Has the “Truth” DeFi project raised $550 million in token sales since a second round of funding that closed last month?
Most notably, Trump signed a series of executive orders to make the U.S. the world’s crypto capital. Beyond that, he himself has made good key appointments to protect and promote the sector’s interests. In addition, he has advertised his memecoin on Truth Social, further raising his crypto market profile.
His deepening engagement includes a GSE-style future stablecoin and other cryptoassets, but now a mining operation. Now his sons have started up World Liberty Financial. This blockchain based crypto project has already raised hundreds of millions in cryptocurrencies like Ether and Tron. But World Liberty Financial hasn’t provided any of the decentralized finance services they promised, like lending without intermediaries.
"Investing in crypto is no longer just about holding Bitcoin." - Campbell Harvey
Trump’s changing crypto positions make for a dramatic turnaround from his initial anti-crypto stance. Earlier this year, he expressed alarm over their possible effect on the supremacy of the U.S. dollar.
"I don’t like it because it’s another currency competing against the dollar." - Donald Trump
