Former US President and presidential candidate Donald Trump promised on Thursday to launch a cryptocurrency platform, presenting it as an alternative to the offerings of banks and major financial institutions.
“Americans have been under pressure from big banks and financial elites for too long,” the Republican presidential candidate in November explained on his social media platforms X and Truth Social, which he created. “It’s time to fight back together.”
Donald Trump, who during his presidency was against cryptocurrencies, considering them a scam, has radically changed his position on this matter to the point that he now presents himself as a champion of digital currencies.
The platform Trump has promised will be based on what is called decentralized finance, a mechanism that allows you to not use an intermediary like a bank to execute transactions with third parties.
Decentralized finance relies on so-called “blockchain” technology, which keeps a record of transactions that is theoretically inviolable and accessible to everyone.
Documents released in mid-August revealed that the former North American president owned between $1 million and $5 million in Ethereum, the world’s second-largest cryptocurrency.
Emily Brontë is a journalist and feature writer specialising in culture, entertainment, literature, and current affairs. She is dedicated to producing clear, accurate reporting that helps readers stay informed about developments in the UK and around the world.
