“Well, it’s crypto, it’s AI, it’s some of the other stuff,” says Donald Trump, unsure of what his new crypto project even is.

After calling Bitcoin a ‘scam’ Donald Trump has entered the cryptocurrency market, but his new remarks raise questions about whether he really understands the field he’s entering. The former president and his three sons launched World Liberty Financial (WLFI), a new cryptocurrency aimed at making the United States the “crypto capital of the world.”

But his ambiguous and often confused remarks about the initiative have left people wondering if he understands what he stands for.

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“Crypto is one of those things that we have to do,” Trump declared, before launching into a ramble that included references to artificial intelligence and high-tech jargon. “Whether we like it or not, I have to do it… It’s crypto, it’s AI, it’s some of the other stuff,” he said, leaving many listeners scratching their heads.

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This confusing rhetoric marks a radical departure from Trump’s previous stance on digital assets. Just a few years ago, he condemned Bitcoin as a threat to the US dollar and warned against its use in illegal activities. But according to his most recent financial form since he re-declared his candidacy for president, Trump has reportedly invested between $1 million and $5 million in Ethereum, in addition to accepting millions of dollars in cryptocurrency donations.

WLFI is promoted as a stablecoin pegged to the US dollar, which is supposed to provide a solution to the volatility that plagues other cryptocurrencies. The project was led by Trump’s sons Eric and Donald Trump Jr., who positioned it as a way for ordinary Americans to take back financial power from traditional banks.

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On the other hand, critics argue that there are potentially many conflicts of interest in this business, especially if Trump is re-elected and uses his executive power to deregulate the cryptocurrency market, which some people expect him to do and which, at the same time, would do. , for the benefit of his family company.

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According to Bloomberg, the project’s key dealmaker, Chase Herro, has a questionable past that includes promoting questionable products and making ethically dubious statements like “If you do it right, who cares if it breaks even.” In a 2018 YouTube video, he boasted that he could sell “shit in a box, wrapped in piss, covered in human skin, for a billion dollars if the story is right.”

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While Trump and his team promote WLFI as a stable financial instrument, past events tell a different story. The collapse of the Terra-Luna stablecoin wiped nearly $2 trillion from the crypto market, causing huge losses for many investors. In addition, stablecoins have been linked to money laundering and other illegal activities, making people wary of their widespread use.

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This article ‘Well, it’s crypto, it’s AI, it’s some of the other stuff,’ says Donald Trump, unsure of what his new crypto project even is, originally appeared on Benzinga.com

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