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As he tries to win back the White House, Donald Trump is also teasing the arrival of his cryptocurrency platform.
On Truth Social, Trump posted about the mysterious platform, which is called “The Defiant Ones,” an apparent play on the cryptocurrency-related term DeFi or Decentralized Finance.
Like DeFi, Trump suggests the goal of his cryptocurrency platform is to cut out the middle-men banking institutions from financial transactions. “For too long, the average American has been squeezed by the big banks and financial elites. It's time we take a stand—together,” he said.
Trump also linked to a Telegram channel dedicated to The Defiant Ones, which calls itself the Official Trump DeFi Channel. “Over the next few days, we’ll be sharing some important updates and announcements right here in this channel,” the Telegram channel added.
Although details are thin, Trump has become bullish on cryptocurrency. Last month, he spoke at a Bitcoin conference, saying he’ll make the US the “crypto capital of the planet” if he wins the presidential election in November.
“We will have regulations, but from now on, the rules will be written by people who love your industry, not hate your industry,” Trump said.
The support is a bit surprising since Trump previously said Bitcoin seemed like a scam. “I don't like it because it's another currency competing against the dollar,” he told Fox Business in 2021.
However, Trump has since launched his own NFT collection. According to CBS News, Trump made $7.2 million from that deal while also pulling in over $1 million in Ethereum. In addition, Trump accepts cryptocurrency donations to his campaign.
In his speech at last month's Bitcoin conference, Trump said he expects cryptocurrency to one day exceed the market cap of gold. "If we don't embrace Bitcoin and crypto technology, China will, other countries will. They'll dominate and we cannot let China dominate," he said.