Donald Trump once referred to cryptocurrencies as a scam, but as of this week, he appears to be all-in on the digital coin.
On Thursday, the Republican nominee and his family announced the creation of “The Trump DeFi Project”—short for decentralized finance—to platform cryptocurrencies.
“For too long, the average American has been squeezed by the big banks and financial elites,” Trump wrote online in a post echoed by his son, Don Jr. “It’s time we take a stand—together.”
Few details are known about the Trump DeFi project, including its official launch date or its purpose, but the “official” Telegram channel of the project, “The DeFiant Ones,” promises updates in the coming days.
Trump has increasingly tried to frame himself as a pro-crypto candidate in this election cycle. At a Bitcoin Conference in Nashville in July, Trump promised to build out a “strategic national bitcoin reserve” if elected, according to CoinDesk. But the former president’s recent investments would show that his change of heart on the digital assets isn’t all an act. Financial disclosures released earlier this month show that Trump has $7.15 million coming from a source labeled NFT INT., likely referring to his NFT series. He’s also kept a stockpile of cash in the new-wave currencies, with the disclosure listing roughly $5 million in crypto.
Trump listed his social media platform, Truth Social, at more than $50 million. Trump owns nearly 65 percent of Truth Social’s parent company, Trump Media & Technology Group, which is quickly tanking in value.
