Donald Trump Promotes Crypto Project As Solution Against ‘Big Banks’
HIGHLIGHTS:
- Donald Trump endorses the family’s crypto venture, The Defiant Ones, on Truth Social.
- He pitches the project as a countermeasure against “big banks” and “financial elites.”
- Trump’s backing generates excitement in the crypto market, drawing significant interest from enthusiasts.
Donald Trump has recently endorsed the crypto project “The Defiant Ones” on his Truth Social platform. The former president suggested that this project might offer Americans a way to challenge the “big banks” and “financial elites.” This endorsement comes as Trump has also gained a notable lead over Kamala Harris in the prediction markets for the upcoming presidential race.
Donald Trump Promotes Family Crypto Project
Donald Trump recently shared a link to “The Defiant Ones” Telegram channel on his Truth Social platform, endorsing the family’s crypto initiative. He declared, “For too long, the average American has been squeezed by the big banks and financial elites. It’s time we take a stand—together. #BeDefiant.”
Trump’s statement aims to position the project as a revolutionary financial solution for everyday Americans, aligning with the principles of decentralized finance (DeFi) which enable users to trade and manage funds independently of traditional banking systems.
This endorsement marks a notable shift in Trump’s stance towards cryptocurrency. In 2021, he had denounced crypto as a “scam against the dollar,” but his recent actions suggest a change of heart. Trump has actively promoted both the crypto sector and Bitcoin lately and even proposed making Bitcoin a strategic US Reserve asset if re-elected, which has sparked significant enthusiasm among crypto enthusiasts.
His evolving relationship with the crypto community is further supported by endorsements from figures like Elon Musk. Additionally, Trump’s son, Eric Trump, has hinted at major upcoming announcements related to cryptocurrency and DeFi, fueling speculation about the family’s increasing involvement in the sector.
The Defiant Ones’ Telegram channel, linked by Trump, saw a surge in popularity, amassing nearly 30,000 subscribers within an hour of his post, as reported by CNBC.
Trump’s Political Momentum and Crypto Strategy
Donald Trump’s recent embrace of cryptocurrency appears to be a strategic move to connect with the growing crypto community. This shift comes at a time when crypto is becoming increasingly relevant in the US election landscape. Many see cryptocurrency as a means of resisting traditional banking systems, and Trump’s promotion aligns with this sentiment.
The timing of his promotion is particularly significant as Trump has regained his lead over Kamala Harris in prediction markets. According to Polymarket, Trump’s chances of winning the presidency are now at 52%, while Harris stands at 46%.
This renewed political momentum could be enhanced by Trump’s engagement with the crypto sector, potentially appealing to voters who are critical of big banks and financial institutions. However, his involvement in cryptocurrency also carries risks.
The Defiant Ones’ Telegram channel has advised followers to be cautious of impersonations and scams, clarifying that they will never initiate direct messages with users.
