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Donald Trump has signaled the arrival of an upcoming cryptocurrency project bearing his name after a teaser was published on Thursday.
The former US President posted on his Truth Social network, appearing to reach out to unbanked communities.
Trump also linked to a Telegram channel for the unpublished platform known as ‘The DeFiant Ones’, which is a play on words for decentralized finance. No other information has been provided on the project, whether it will be a coin, a market, or something very different.
This development represents Trump’s latest overture toward the crypto community as he seeks to position himself as an ally ahead of the upcoming presidential election, having previously described the alternative currency as “based on thin air” and “a scam against the dollar”.
As for the upcoming launch of The DeFiant Ones, there will be skepticism on how it will operate and its prospects, given Trump’s background in business and also his Truth Social venture which is yet to blossom beyond its fledgling stage.
Crypto No Silver Bullet For Unbanked Communities
In recent soundings, Trump’s sons Donald Jnr. and Eric have conveyed their aspirations for the new crypto vehicle to meet the needs of underserved people, who are perhaps not able to attain financial products.
Eric told the New York Post, “Essentially over half this country right now cannot be banked, meaning they will be rejected for most loans from most institutions.”
He went on to say that crypto would enable those people to have the money in their accounts almost instantaneously.
He also posted to X on Wednesday to tease the arrival of the project.
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
However, there is no guarantee that a crypto scheme, and indeed any Trump-focused project, would act as a silver bullet for those needing access to loans or other finance.
The Center for American Progress (CAP), a liberal think tank noted there is “no systematic evidence that crypto transactions are less expensive than traditional financial transactions,” as well as outlining the speculative nature of the currency.
