Trump is launching new businesses as the election race heats up

Vaseline4 weeks ago

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Trump is launching new businesses as the election race heats up

Trump has apparently swapped his “Make America Great Again” slogan for a mantra of making America the “crypto capital of the world,” as he stated in his speech at the Bitcoin 2024 conference.

Former US President Donald Trump has teased the launch of his sons’ cryptocurrency company and, after weeks of public hints, has finally revealed a launch date.

Related: Bitcoin Could Hit $420,000 By 2030, Says Crypto Bull

World Liberty Financial is the cryptocurrency platform created by Donald Trump and his two older sons, Donald Jr. and Eric Trump.

That announcement, expected to come Monday, will come less than two months before Election Day. Trump took full advantage of the moment to promote his personal business, a media tactic the former president appears to have retained from his many years as a TV personality.

His son Eric first teased the new crypto venture in August, posting about the upcoming reveal on X and tagging his father, brother Donald Jr. and the Trump Organization.

Trump Jr. followed up the teaser a few hours later by posting on X.

The cryptocurrency platform was previously called “The DeFiant Ones” and has now been renamed World Liberty Financial.

Trump is launching new businesses as the election race heats up
Former President Donald Trump is getting into crypto

Crypto receives backlash after billions of dollars lost to scams

After Trump’s multiple run-ins with the law, including his current criminal record for conspiracy to overturn the 2020 presidential election, the tax fraud trial, along with multiple other criminal charges previously brought against him in court, many thought that he will drop out while taking another swing at the presidential candidacy.

However, it’s no surprise that the businessman, who is known for making risky moves to reap big rewards, is embarking on another controversial venture.

Related: Cryptocriminals are stealing more money than ever

Crypto scams in the US have been on the rise since the digital currency’s inception in 2009.

According to the FBI’s 2023 Cryptocurrency Fraud Report, financial losses attributed to cryptocurrency scams totaled more than $5.6 billion, a 45% increase from the previous year.

Although cryptocurrency claims represent only 10% of all financial fraud claims, these crypto losses account for nearly 50% of all reported financial losses.

Cryptocurrency at a glance

Getting into the crypto business can be difficult, especially since there is such a thin line between what is legal and what is considered illegal.

First, cryptocurrency is a virtual asset purchased with real money that does not have the same purchasing power as fiat currencies, is not widely accepted as payment, and is illegal in some countries.

People usually buy crypto as an investment, hoping that it will increase in value, almost like a stock.

However, crypto transactions are not regulated between private users, which is where fraud could occur.

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Crypto scams can happen easily because the accounts are not backed by a government entity, so if an account is hacked, there is no way to recover the funds as no one is required to take legal action.

There is also no legal protection for crypto payments, so a transaction cannot be challenged if it goes wrong.

Buying and holding crypto is not taxable, but selling crypto for cash and making purchases with crypto is taxable. If not reported to the IRS, these activities can result in fines or jail time.