Trump teases 'official' cryptocurrency project
Former President Donald Trump appeared to promote an “official” cryptocurrency project using his name in a Truth Social post on Thursday.
Former President Donald Trump appeared to promote an “official” cryptocurrency project using his name in a Truth Social post on Thursday.
“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,” the post read. The Republican presidential nominee also included a link to a Telegram channel for his official “DeFi” project.
“DeFi” stands for decentralized finance and refers to financial activities on a blockchain. It includes cryptocurrency trading and transferring funds outside the purview of banking institutions.
Trump’s post about the project comes on the heels of a series of actions he’s taken to align himself with the cryptocurrency community, which is highly active online and tight-knit.
After referring to cryptocurrency as a “scam against the dollar” in 2021, Trump praised it this summer while speaking at a bitcoin conference as corporations within the crypto sector have dramatically increased their political donations. A Public Citizen report found that the crypto industry has contributed $119 million this year trying to influence federal elections. That figure represents nearly half of all corporate contributions made this year. Trump has made investments in the sector, and now owns more than $1 million in cryptocurrency. He also dabbled in crypto with an NFT project in which people could buy digital, blockchain-linked cartoon drawings of him.
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