Donald Trump Promotes Crypto Project As Solution Against ‘Big Banks’

Donald Trump has recently promoted their crypto project The Defiant Ones. Promoting the project on the Truth Social platform, the former US president hinted that the project could be a solution for Americans against the “big banks” and “financial elites”. Meanwhile, this comes as the US presidential candidate has taken a significant lead in the prediction market against Kamala Harris.

Donald Trump Promotes Family Crypto Project

Donald Trump has shared a link to “The Defiant Ones” Telegram channel on the Truth Social platform, promoting the family’s crypto project. Notably, he stated “For too long, the average American has been squeezed by the big banks and financial elites. It’s time we take a stand—together. #BeDefiant.”

The statement reflects the former US president’s attempt to position his crypto project as a revolutionary financial solution for the average American. Besides, the project aligns with the principles of decentralized finance (DeFi), which allows users to trade and manage funds without the need for traditional banking systems.

Notably, the latest promotion of The Defiant Ones project also reflects the former US President’s shift towards the cryptocurrency market. It’s worth noting that in 2021, he criticized crypto as a “scam against the dollar.”

However, his recent actions suggest a change of heart. He has actively promoted the crypto sector and Bitcoin in recent days. In addition, he has also proposed to make Bitcoin a strategic US Reserve for the US under his presidency. This has sparked market enthusiasm, gaining notable traction from the crypto market enthusiasts.

Trump’s evolving relationship with the crypto community has also been bolstered by endorsements from high-profile figures like Elon Musk. His son, Eric Trump, has previously hinted at a major announcement related to cryptocurrency and DeFi, fueling speculation about the family’s growing interest in the sector.

The Defiant Ones’ Telegram channel, which Trump linked to, quickly gained traction, attracting nearly 30,000 subscribers within an hour of his post, according to a CNBC report.

Trump’s Political Momentum And Crypto Strategy

Donald Trump’s embrace of cryptocurrency appears to be part of a broader strategy to align himself with the growing crypto community. Notably, it also comes as crypto has become a critical aspect of the upcoming US election. However, it’s worth noting that the latest promotion aligns with many, who view cryptocurrency as a freedom against the traditional banking system.

In addition, the timing of this promotion is noteworthy, as the former US president regains his lead over Kamala Harris on prediction markets. According to Polymarket, Trump’s odds of winning the presidential race stand at 52%, compared to Harris’s 46%.

This lead could be further bolstered by his latest foray into the crypto space, which may resonate with voters who are skeptical of big banks and financial institutions. However, Trump’s involvement in cryptocurrency also comes with risks.

For context, The Defiant Ones’ Telegram channel has already cautioned followers to stay vigilant against impersonations and scams. The team added that they will never initiate direct messages with users.

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Rupam Roy

Rupam, a seasoned professional with 3 years in the financial market, has honed his skills as a meticulous research analyst and insightful journalist. He finds joy in exploring the dynamic nuances of the financial landscape. Currently working as a sub-editor at Coingape, Rupam’s expertise goes beyond conventional boundaries. His contributions encompass breaking stories, delving into AI-related developments, providing real-time crypto market updates, and presenting insightful economic news. Rupam’s journey is marked by a passion for unraveling the intricacies of finance and delivering impactful stories that resonate with a diverse audience.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.