It seems Trump has traded in his "Make America Great Again" slogan for a mantra of making America the "crypto capital of the world," as he stated in his Bitcoin 2024 conference speech.
Former U.S. President Donald Trump has teased the launch of his sons' cryptocurrency company, and after multiple weeks of public hints, he has finally revealed a release date.
Related: Bitcoin could reach $420,000 by 2030, crypto bull says
World Liberty Financial is the cryptocurrency platform created by Donald Trump and his two eldest sons, Donald Jr. and Eric Trump.
This announcement, expected to come Monday, will take place less than two months before Election Day. Trump has taken full advantage of this timing to promote his personal business, a media tactic that the former president seems to have retained from his multiple years as a TV personality.
His son Eric first teased the new crypto business in August by posting about the upcoming reveal on X and tagging his father, brother Donald Jr., and the Trump Organization.
I have truly fallen in love with Crypto / DeFi. Stay tuned for a big announcement…@Trump @realDonaldTrump @DonaldJTrumpJr
— Eric Trump (@EricTrump) August 6, 2024
Trump Jr. followed up on the teaser a few hours later by posting on X.
We’re about to shake up the crypto worldwith something HUGE.
— Donald Trump Jr. (@DonaldJTrumpJr) August 7, 2024
Decentralized finance is the future—don’t get left behind. #Crypto #DeFi #BeDeFiant
The cryptocurrency platform was previously named "The DeFiant Ones," and has now been renamed World Liberty Financial.
Crypto receives backlash after billions of dollars lost to scams
After Trump's multiple encounters with the law, including his current criminal case surrounding the conspiracy to overturn the 2020 presidential election, tax fraud trial, along with multiple other criminal claims previously made against him in court, many have thought that he would lay low while taking another swing at the presidential candidacy.
However, it is no surprise that the businessman, who is known for making risky moves to obtain high rewards, is entering into yet another controversial venture.
Related: Crypto criminals are stealing more money than ever
Crypto scams in the U.S. have continuously increased since the digital currency's inception in 2009.
According to the 2023 Cryptocurrency Fraud Report by the FBI, financial losses attributed to cryptocurrency scams totaled more than $5.6 billion, a 45% increase compared to the year prior.
Although cryptocurrency-related complaints only make up 10% of all financial fraud complaints, these crypto losses account for nearly 50% of the total reported financial losses.
Cryptocurrency at a glance
Entering the crypto business can be tricky, especially since there is such a fine line between what is legal and what is deemed illegal.
First, cryptocurrency is a virtual asset purchased with real money that doesn't have the same purchasing power as fiat currencies, is not widely accepted as payment, and is illegal in some countries.
People usually acquire crypto as an investment, hoping its value will increase, almost like a stock.
However, crypto transactions are not regulated between private users, which is where fraud might occur.
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Crypto scams can easily happen because the accounts are not backed by a governmental entity, so if an account gets hacked, there is no way to recover the funds because no one is required to take legal action.
There is also no legal protection for crypto payments, so a transaction can't be disputed if it goes wrong.
Buying and owning crypto isn't taxable, but selling crypto for cash and making purchases with crypto is taxable. If not reported to the IRS, these activities can result in fines or jail time.
Details on how and where to watch the crypto launch
The launch of World Liberty Financial, the Trump crypto business venture, will be broadcast on the social media platform X at 8 p.m. EDT on Monday, Sept. 16.
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