Donald Trump is back on the crypto grind, even though he doesn’t seem to understand it.
On Monday, the Republican presidential nominee used the buzz of his campaign to formally announce a cryptocurrency project that he and his sons have been teasing since August: World Liberty Financial.
The decentralized finance, or DeFi, project has been likened to a get-rich-quick scheme for the former president should he retake the White House in November. But when asked directly about it on Monday, Trump seemed to lack for details—not just on World Liberty Financial but also on what cryptocurrency is in general.
“Why is it so important for America to lead in cryptocurrency adoption and innovation?” asked an audience member on the far-right streaming network Real America’s Voice.
“It’s A.I., it’s so many other things. You know, A.I., speaking of an interest in future, it needs tremendous electricity capability beyond anything I’ve ever heard,” Trump started. “If you take all the electricity coming out of the U.S., in order to have it to be dominant in A.I. you need twice that amount. Just for this one thing. Who would make that? You need twice the electricity we already have.
“China is already building electric plants,” he continued, completely dodging the question. “They want to build them for the A.I., and it’s very important, but you need tremendous electric—and in this country, because of our strong environmental impact statement problems that we have, you know, China doesn’t have those problems.”
Trump allies have decried the slow rollout of World Liberty Financial as a “mistake.” The DeFi project, spearheaded by Donald Trump Jr. and Eric Trump, has ushered in an onslaught of misinformation. Fraudsters have relentlessly attacked it, compromising the social media accounts of Republican National Committee Co-Chair Lara Trump and Tiffany Trump, and sending supporters to fake websites with inaccurate details about the platform.
False Telegram channels posing as the official World Liberty Financial channel have also drawn thousands of users to a host of misinformation, thwarted only by the Trump brothers’ loose warnings not to click on unaffiliated links and avoid scams.
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 in August 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.
