Donald Trump announced on Thursday that his family conglomerate would soon be launching a cryptocurrency platform as an alternative to services provided by big banks and financial institutions.
“For too long, the average American has been squeezed by the big banks and financial elites,” the presidential candidate wrote on X and his social network, Truth Social. “It’s time we take a stand — together.”
Trump provided no specific details about the project, named 'The Defiant Ones.' Over the past weeks, two of his sons, Eric and Donald Jr. – leaders of the family conglomerate, Trump Organization, – have described it as “digital real estate.”
In the New York Post, Eric Trump referred to it as “collateral anyone can get access to.” In finance, collateral generally refers to assets pledged in exchange for a loan.
Despite his opposition during his presidency to cryptocurrencies, which he once referred to as a “scam,” Trump has drastically shifted his stance. He now presents himself as a champion of digital currencies.
While attending a major conference in the industry in late July in Nashville, Tennessee, Trump promised that if re-elected, he would be “the pro-innovation and pro-Bitcoin president America needs.”
His stance contrasts with that of the Biden administration, perceived as being in favour of regulating the sector.
Documents published in mid-August showed that Trump held between $1 million and $5 million worth of Ether, the world’s second most significant cryptocurrency.
Trump’s promised platform would rely on so-called decentralised finance, a mechanism enabling transactions with a third party without the need for an intermediary such as a bank.
Decentralised finance is based on blockchain technology, maintaining a theoretically tamper-proof record of transactions that can be viewed by all.
