Former President Donald Trump has announced a new business venture, a cryptocurrency platform called World Liberty Financial (WLFI), which will be controlled by his sons Donald Trump Jr. and Eric Trump. The announcement was streamed from Trump’s Mar-a-Lago resort in Palm Beach, Florida, and marked his first public appearance since an apparent assassination attempt on Sunday.
While Trump disclosed few details about WLFI, the platform is expected to operate similarly to traditional stock exchanges, allowing investors to buy and sell digital currencies. Fees may be charged for withdrawals of bitcoin and other cryptocurrencies.
Trump’s sons discussed embracing cryptocurrency as an alternative to what they see as a banking system tilted against conservatives. WLFI tokens, called WLFI, will be sold to the public, with 17% reserved for user rewards and 20% for the founding team, including the Trumps. The remaining 63% will go to public sale.
Trump reiterated his desire for the US to become the “crypto capital of the world,” warning that if the country doesn’t adopt digital currency, China will fill the void. He also emphasized the importance of artificial intelligence (AI) and his children’s knowledge of cryptocurrency. Trump Jr.’s 18-year-old son Barron is reportedly knowledgeable about crypto and has multiple wallets.
The announcement comes as millions of Americans have invested in or traded cryptocurrencies, with young men being particularly attracted to digital assets. According to Pew Research Center data, 43% of American men aged 18-20 have invested in, traded, or used cryptocurrency, compared to 16% of the general population.
Source: https://www.cbsnews.com/news/trump-crypto-exchange-world-liberty-financial/