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Trump jumps into cryptocurrency, appears to know nothing about it

Donald Trump, who previously called Bitcoin a scam, has launched a new cryptocurrency venture called World Liberty Financial.

Some involved in the venture have touted it internally as a borrowing and lending platform, according to The New York Times. Cryptocurrency is generally supposed to be decentralized, but a large chunk of the governance tokens for World Liberty Financial could be held by insiders, according to a draft white paper for the project seen by CoinDesk. "I think it genuinely damages trump’s electoral prospects, especially if it gets hacked (it’ll be the juiciest DeFi target ever and it’s forked from a protocol that itself was hacked)," said crypto industry notable and self-proclaimed Trump supporter Nic Carter in a post on X.

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