After calling Bitcoin a "scam," Donald Trump has entered the cryptocurrency market, but his new remarks raise questions about whether he truly understands the field he’s entering. The former president and his three sons have launched World Liberty Financial (WLFI), a new cryptocurrency aimed at making the United States the “crypto capital of the world.”
But his ambiguous and frequently perplexing remarks regarding the initiative have made people wonder if he understands what he’s advocating.
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"Crypto is one of those things we have to do," Trump stated, before veering off 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 some of the other things," he said, leaving many listeners scratching their heads.
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This confusing rhetoric marks a stark departure from Trump's previous stance on digital assets. Just a few years ago, he condemned Bitcoin as a threat to the U.S. dollar and warned of its use in illegal activities. But according to his most recent financial form, since declaring his candidacy for president again, Trump has allegedly invested between $1 and $5 million in Ethereum in addition to accepting millions of dollars in cryptocurrency donations.
WLFI is being promoted as a stablecoin pegged to the U.S. dollar, supposedly offering a solution to the volatility that plagues other cryptocurrencies. The project has been spearheaded by Trump's sons, Eric and Donald Trump Jr., who have positioned it as a way for ordinary Americans to reclaim financial power from traditional banks.
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On the other hand, critics argue that there are potentially many conflicts of interest in this venture, especially if Trump is reelected and uses his executive power to deregulate the cryptocurrency market, which some people expect him to do and which would, at the same time, benefit his family’s company.
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According to Bloomberg, the project's key dealmaker, Chase Herro, has a dubious past that includes promoting questionable products and making ethically questionable statements like “If you do this right, who f—ing cares if it goes to zero.” In a 2018 YouTube video, he boasted about being able to sell “shit in a can, wrapped in piss, covered in human skin, for a billion dollars if the story’s right.”
While Trump and his team promote WLFI as a stable financial tool, 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. On top of that, stablecoins have been tied to money laundering and other illegal activities, making people cautious about using them widely.
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This article 'Well, It's Crypto, It's AI, It's Some Of The Other Things,' Says Donald Trump, Unsure Of What His New Crypto Project Even Is originally appeared on Benzinga.com
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