Launching a new token in the crypto world is definitely not news; however, it is not every day that we see a former US president say they want to launch a new token.
According to a tweet by this year’s US presidential candidate and former president Donald Trump, the #WorldLibertyFi token sale is set to go live on October 15, 8 AM EST, as he urged people to join the whitelist. According to Trump, the token is poised to change the future of finance.
If this takes off, Donald Trump will be the first US president to launch his own token. However, the question remains whether this will become a trend among future presidential candidates. Will this help the financial landscape of the U.S.? What are its implications?
Historical Underside of Trump and Crypto
In July 2019, then-president Donald Trump expressed his distaste for cryptocurrency publicly. According to his tweet, “I am not a fan of Bitcoin and other cryptocurrencies, which are not money, and whose value is highly volatile and based on thin air. Unregulated Crypto Assets can facilitate unlawful behaviour, including drug trade and other illegal activity.”
The tone, however has completely changed in the last five years. In July, the Republican candidate spoke at the Bitcoin conference in Nashville, Tennessee, and positioned himself as an advocate for digital assets.
In February, however, he moderated his remarks regarding Bitcoin but he kept highlighting the necessity of regulation. And he didn’t publicly endorse cryptocurrency until May during his speech at the Libertarian Party’s national convention, where the subject of cryptocurrencies is significant.
According to a speech he wrote on Truth Social, the social network he founded, “I’m positive and open-minded to cryptocurrency companies and all things related to this new and burgeoning industry; our country must be the leader in the field.”
Now that he is about to launch a new crypto token, what will the implications be?
Implications of Donald Trump Token on the U.S. Economy
Donald Trump’s newly introduced crypto token is expected to impact the American economy greatly. First, it may indicate a new way of raising funds for political purposes. By using digital assets in his campaign, he may create a new opportunity for the next candidates to overcome fundraising limitations that may have depressed traditional systems.
Secondly, this kind of presidential candidate initiative could generate enthusiasm and investment towards the growth of the cryptocurrency sector. The increased interest could increase the acquisition level of digital currencies, accelerating a move towards the overall acceptance of digital currency into the existing financial setup.
Thus, this means the American economy can have new ideas as well as how to implement them in technology, especially the financial-related one.
Nevertheless, this move comes with concerns regarding regulatory issues. The U.S. system may consider developing better policies and regulation to ensure the safety and security of cryptocurrencies. This may lead to more controls than needed, which may have an adverse effect on the evolution of digital assets.
Furthermore, Donald Trump’s introduction of a token may trigger a trend among subsequent crypto-pro presidential candidates outside the U.S. Donald Trump has been seen as a pace setter and being an influential person, his steps are sometimes replicated, especially when they have a major impact on economic progression.
Lastly, this bold move will likely rekindle investors’ support for Bitcoin since the token fell and investors moved towards gold. Being a crypto advocate and influential would make traders and investors venture into digital currencies and influence mass adoption, thereby promoting a more significant market presence.
Also Read : World Liberty Financial surpasses 100K whitelist signups