2024-08-23 07:31:28
US Republican presidential candidate Donald Trump announced today the upcoming launch of a cryptocurrency platform, presenting it as an alternative to big banks and financial institutions, AFP reported.
“Americans have been oppressed by the big banks and financial elites for too long,” he wrote on the X social network and its Truth Social platform. “It’s time to resist together,” added the Republican presidential candidate.
Donald Trump did not provide details about the exact content of the project, called “The Defiant Ones”. Two of his sons, Eric and Donald Jr., described it in recent weeks as “digital real estate.”
In the New York Post, Eric Trump spoke of “collateral that anyone can have immediate access to.” In finance, collateral usually refers to assets deposited in exchange for obtaining a loan.
Reserved during his administration towards cryptocurrencies, which he once even described as a “fraud”, Donald Trump has subsequently radically changed his position.
While attending a major industry conference in late July in Nashville, Tennessee, Trump promised that if re-elected, he would be “the pro-innovation, pro-Bitcoin president that America needs.”
In this way, the former president takes the opposite view of President Biden’s administration, which supports regulations in the sector, BTA reported.
Documents released in the middle of the month show that Donald Trump owned between $1 million and $5 million worth of Ether cryptocurrency.
The platform promised by Donald Trump will rely on so-called decentralized finance, a mechanism that no longer requires going through an intermediary such as a bank to transact with a third party.
Decentralized finance (DeFi) is based on so-called blockchain technology, which maintains a theoretically inviolable ledger of transactions visible to everyone.