Donald Trump to Promote Sons' Crypto Business, Aims to Transform US into 'Crypto Capital'

Former President Donald Trump is set to make a notable announcement next Monday about the burgeoning field of cryptocurrency, alongside the launch of a new crypto platform, World Liberty Financial, spearheaded by his sons, Donald Jr. and Eric. This speech will take place just 50 days before the 2024 presidential election, marking an unusual convergence of campaign activities and personal business promotion.

In a video posted to X (formerly Twitter), Trump emphasized his vision of the future of finance, stating, “We’re embracing the future with crypto and leaving the slow and outdated big banks behind.” The address, which will be streamed from Trump’s Mar-a-Lago estate at 8 p.m. EDT, underscores his commitment to integrating cryptocurrency into his political platform.

Trump’s presidential campaign has already been marked by a blend of political and personal business ventures, including the promotion of various branded products such as sneakers and photo books. His latest initiative, however, represents a significant leap into the digital finance sector.

The former president has made ambitious pledges as part of his campaign, aiming to position the United States as the “crypto capital of the planet.” This move has raised concerns about potential conflicts of interest, with critics worried that Trump might leverage federal resources to benefit a business closely tied to his family.

During his presidency, Trump was a vocal critic of cryptocurrencies but has since adjusted his stance. He has advocated for the creation of a strategic reserve of Bitcoin and has expressed opposition to the development of a Federal Reserve-administered Central Bank Digital Currency (CBDC), a government-backed digital currency.

World Liberty Financial represents a new venture in the crypto space, promising a platform for trading digital assets without relying on traditional banking systems. Cryptocurrencies, which allow for peer-to-peer transactions over the internet, have gained popularity for their potential to disrupt conventional financial systems.

As Trump prepares to pivot from campaign trail activities to business promotion, the intersection of his political ambitions and family enterprises will be closely scrutinized. The upcoming speech is anticipated to provide further insights into his crypto policies and their potential implications for the U.S. financial landscape.