The Republican front-runner for president has gotten more involved in the cryptocurrency world.
Additionally, following a string of moves to better identify himself with the vibrant and close-knit bitcoin industry. Trump made a post about the project.
Trump applauded cryptocurrencies this summer while speaking at a bitcoin convention. This followed his 2021 criticism of them as a ‘scam against the dollar. Since then, companies involved in the cryptocurrency space have significantly upped their political donations. According to a Public Citizen analysis, the cryptocurrency sector has spent $119 million this year attempting to sway federal elections. This amount corresponds to over 50% of all corporate donations made this year.
Trump has invested in the industry and currently possesses over $1 million worth of cryptocurrency.
He experimented with cryptocurrency as well, running an NFT project wherein users could purchase digital, blockchain-connected caricatures of him.
Besides, Elon Musk, one of the most renowned venture capitalists and technologists, has endorsed Trump, who has also embraced cryptocurrency.
By a post on X on August 6, Trump’s son Eric hinted at a “big announcement” involving bitcoin and DeFi. Trump shared a Telegram channel that they established on the same day. It gained nearly 30,000 followers within an hour of his post on Thursday.
In advance of Trump’s Truth Social post, the Telegram group invited users to join “the only official Telegram channel for the Trump DeFi project” and held a raffle for Telegram Premium subscriptions.
Chat apps like Telegram, which are based in Dubai, have a history of posting pro-Trump and extremist information that deviates from the rules governing other social media networks. The site banned certain radical groups after January 6, 2021.
Although the popularity of cryptocurrencies has grown significantly in recent years, scammers and hackers have found them to be an appealing tool and target.