Another day, another crypto get-rich-quick scheme, but this one comes with the unmistakable whiff of Trump. That, my friends, should raise every alarm bell you possess. We're not talking about your average meme coin here; we're talking about a project intimately linked to a family known for its… unconventional (shall we say) business practices. The dangers of cryptocurrency are already through the roof—particularly for the people who can least afford to lose their shirts. Add the Trump factor, and you’ve got a potential catastrophe in the making. Is this just a plan for rich people to get richer? If so, what happens to the average investors who are left holding the bag? The potential for exploitation is palpable.
Questionable Motives Fuel Crypto Fears
World Liberty Financial (WLFI)’s investment of almost $800,000 in SEI tokens is being framed as a diversification strategy. Let’s be real. In short, are they really diversifying, or is this just a new and improved pump-and-dump in the works? WLFI would like us to think that they’re putting their eggs in a variety of baskets, diversifying away from Bitcoin and Ethereum. But let's not forget, this is the same WLFI that's already down a staggering $145.8 million, with massive Ethereum losses. Together, they’ve invested more than $346 million over 11 different tokens.
Crypto really isn’t the democratizing force it’s made out to be. Or in many cases, it just reinforces systematic inequality even harsher. First movers are typically those who have capital and connections, which allows them to get in early. They pump it up, they dump it and leave everyone else holding the bag. Are we to truly be convinced that WLFI, with its deep Trump-adjacent ties, is the exception?
Could USD1 Undermine the Dollar?
The possibility of a Trump backed USD1 stablecoin is positively hair-raising. Okay, it’s inter alia purportedly fully pegged to the US dollar and backed one-for-one by Treasury securities, with BitGo as custodian. However, the potential for manipulation, particularly with the political influence that the Trump family can exert is enormous.
Imagine the chaos if USD1 gained traction. What if it were to instead become the accepted currency among a more partisan, tribalized portion of the citizenry—driven by delegate loyalty? If not, it has the potential to greatly destabilize the US dollar and erode confidence in our financial system. This would disproportionately impact working-class families who strive on the dollar’s stability for their daily bread. In fact, they require the dollar to be constantly stable so that they can afford to purchase food. This is no game; this is real life for millions of people.
Eric's Tweet A Cautionary Tale
You’ll recall that Eric Trump recently made Ethereum his new favorite thing on X (formerly Twitter). He made edits to the original post, but the lion’s share of havoc had already been wreaked. His timing was particularly poor, as the price of Ether has since plummeted, leaving those who followed his “advice” deeply underwater.
Eric Trump’s tweet was indeed the worst advice. It exposed a culture of cavalier disregard for the financial welfare of others, which appears to pervade this whole undertaking. This is a pattern. Here’s an example of how influence and name recognition are used to promote dangerous ventures. Too often, these undertakings' profits line the pockets of the privileged few while hurting vulnerable communities.
Demand Regulation and Accountability
The crypto market needs oversight. We need to hold projects like WLFI to the highest standards of transparency and accountability. This is particularly important when they’re linked to influential individuals who have a history of shady business practices. Moving forward, we must advocate for more robust regulation of the crypto market to protect the most vulnerable investors from such predatory schemes.
We can’t let the Trump family rig the crypto market to make a fortune while regular Americans get taken to the cleaners. The time is now to hold our congressional leadership accountable. But it’s never too late to start raising awareness among ourselves and in our communities about the dangers of crypto. But as the saying goes, enough is enough is enough. The future of our children is at stake and the time to act is now. Share this article. Spread the word. Let's hold these people accountable before it's too late.
