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The price of bitcoin has soared to more than $61,000 per bitcoin, adding $200 billion to the broader cryptocurrency market after former US President Donald Trump proposed a radical plan to pay off $35 trillion of the US national debt.
Now, after talking all week about “revolutionary” cryptocurrency projects, Trump’s son Donald Trump Jr. has revealed that the Trump family is working on a decentralized finance (DeFi) cryptocurrency platform to “take on” the banks.
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Former President Donald Trump’s sons Eric Trump and Donald Trump Jr. have revealed some details … (+)
Rumors of a Trump cryptocurrency began circulating this week after a series of X-rated posts from Don Jr. and Trump’s son Eric hinted at a “big” cryptocurrency announcement.
A new Solana-based cryptocurrency called Restore the Republic, or RTR, exploded in value before crashing after viral rumors that it could be Trump’s official cryptocurrency were debunked by Trump’s son Eric, who called the rumors “absolutely false” and said that “Trump’s only official project has not been announced.”
“I love how the crypto community is embracing Trump,” Don Jr. posted on X. “This is absolutely amazing, but beware of fake tokens claiming to be part of the Trump project. The only official project will be announced directly by us, and it will be fair to everyone. Don’t be fooled, stay tuned for the real deal.”
During a live Q&A on subscription platform Locals, Don Jr. said the mysterious, as-yet-unnamed Trump project will not be a memecoin but a “long-term play.”
“There’s a lot of people doing awesome stuff. I love memecoins and that culture. I love what these guys are doing with some of my friends. It’s awesome,” Don Jr. said. “But I just have to make sure people understand that you can’t confuse one thing with another.”
Don Jr. then went on to provide some more details about the project, which appears to be some sort of cryptocurrency-based banking and payment platform. “I think what we want to do is kind of take on a lot of the banking world,” he said. “This notion of decentralized finance is obviously very appealing to people like me who have been unbanked or haven’t been able to get insurance or whatever.”
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The price of bitcoin has soared over the past year, with a crash this week doing little to dent its massive … (+)
Decentralized cryptocurrencies such as bitcoin have been touted as an alternative to the centralized financial system, which has been criticized for becoming politicized in recent years, including by the Canadian government freezing the bank accounts of anti-vaccination protesters in 2022.
Last year, the Biden administration was accused of trying to “quietly” ban bitcoin, ethereum and other cryptocurrencies in a move described as “Operation Choke Point 2.0” — a reference to a 2013 government initiative aimed at excluding undesirable industries from banking services.
