Trump launches World Liberty Financial as crypto alternative

Former U.S. President Donald Trump has launched his family's cryptocurrency platform, World Liberty Financial, positioning it as a modern alternative to traditional banks. 

In a video posted on the social media platform X, Trump announced a live event on Twitter Spaces scheduled for September 16, inviting followers to join. 

“We’re embracing the future with crypto and leaving the slow and outdated big banks behind,” Trump stated, emphasising the platform’s goal of moving away from conventional financial institutions. 

Trump's promotion of World Liberty Financial began in August on his own social media platform, Truth Social. 

He expressed concerns about the influence of major banks, writing, “For too long, the average American has been squeezed by the big banks and financial elites. It’s time we take a stand—together.” 

The venture has garnered attention, with Trump’s sons, Eric and Donald Trump Jr., describing it as a pioneering initiative in decentralised finance (DeFi). 

Alongside the launch of the cryptocurrency platform, Trump also introduced his fourth non-fungible token (NFT) collection. 

This collection includes 50 unique digital trading cards, some featuring images of Trump holding Bitcoin (CRYPTO:BTC). 

However, World Liberty Financial has encountered challenges as scammers have targeted over 70,000 users with fake crypto giveaways through fraudulent ads on its Telegram channel. 

Trump's involvement in the cryptocurrency sector marks a notable shift from his previous criticisms of digital currencies. 

His new stance has drawn significant financial support, with Trump claiming to have raised $25 million from the crypto sector by the end of July. 

Analysts at brokerage firm Bernstein have speculated that a Trump victory could potentially push Bitcoin's price to $90,000, while a win by Kamala Harris might cause it to drop to $30,000.