KEY POINTS
- Two of Trump's sons announced earlier this month they were working on a huge project that will "shake up" crypto
- Trump teased the project Thursday, saying the US "has been squeezed" by financial elites and banks
- Some users believe the Trumps shouldn't be dabbling into the crypto business
Some two weeks since Donald Trump Jr. and Eric Trump teased a "huge" cryptocurrency project in the works, Republican presidential nominee Donald Trump has finally promoted the project that some observers have said may signal that a Trump government would be good for the politically-divisive industry.
A crypto shakeup underway?
Trump's two sons first announced the project earlier this month, saying they will "shake up the crypto world with something huge." At the time, many crypto users expressed excitement for the project, but many others warned the business-minded family to not dabble into the memecoin frenzy.
They soon clarified that they weren't launching a crypto token and Donald Trump Jr. said the venture is "sort of a larger type of platform." He also noted that what they're working on looks to "take on a lot of the banking world."
Dad pumps sons' project
On Thursday, Trump took to his Truth Social account to express support for the project. "For too long, the average American has been squeezed by the big banks and financial elites. It's time we take a stand – together," he wrote.
The business magnate also shared a link to the Telegram group of the venture, called "The DeFiant Ones." As of early Friday, the channel, which now has over 34,000 subscribers, has not provided further details about the project. Eric Trump, second son of Donald Trump, did say Wednesday that they are "almost ready" to make big announcements and encouraged supporters to join the Telegram group.
Almost ready to make some big announcements regarding the Crypto project… Getting very excited. Make sure you are in our Telegram group…
— Eric Trump (@EricTrump) August 21, 2024
Trumps entering 'dangerous territory'?
Hints from the Trump family about their crypto platform have received mixed reactions from the crypto community, with some saying the Trumps "don't understand what crypto means" and are just taking advantage of the community behind the burgeoning sector.
One user said it appears to be yet "another grift," a term that refers to "small-scale swindling," while another said he can't trust any celebrity or "well-off individual" to actually run a crypto project and urged crypto users to trust project heads who have "a history of building from nothing and not the ones that just use their name as collateral."
Another user said the Trumps are walking into "dangerous territory," warning that if the project fails, "it could tank a campaign," especially if people lose their investments. Millionaire and gold advocate Peter Schiff previously warned the Trump sons they could blow their father's chance at the election "by embracing this nonsense."
Dangerous territory. If something were to go wrong in any capacity it could tank a campaign if people lost their money putting into it.
— Psyn (@OfficialPsyn) August 22, 2024
Don't blow the election by embracing this nonsense. Focus on the real economic issues that actually matter to the vast majority of voters and stay away from crypto.
— Peter Schiff (@PeterSchiff) August 7, 2024
Other users were more hopeful for the project's possible benefits, with one saying it "could be good" if the project was a dApp (decentralized app). One user noted how Trump "is the only U.S. politician" dabbling directly into the crypto space. "Safe bet that a Trump presidency would be a good time for our industry," the user said.
The Trumps have yet to provide further details about their new crypto venture, but it can be worth noting that while the former president has had success with some of his businesses, he has also had massive failures in his entrepreneurial journey.
