Bitcoin and the broader cryptocurrency market are gearing up for major events as political and financial changes come to the fore. Former President Donald Trump has officially announced the launch of his long-awaited crypto project, World Liberty Financial, which could change the DeFi landscape. Meanwhile, a report from Standard Chartered suggests that Bitcoin is poised to hit new all-time highs by the end of the year, regardless of the outcome of the US election.
Donald Trump officially launches World Liberty Financial crypto project amid criticism
Republican presidential candidate Donald Trump has officially announced the launch date for World Liberty Financial, the long-awaited cryptocurrency and decentralized finance (DeFi) project. Trump, who has increasingly explored the world of digital assets in his bid for re-election in 2024, confirmed the launch in a video posted to his official X (formerly Twitter) account, saying the project would launch on September 16. At 8:00 PM Twitter Spaces will host an event to mark the occasion.
“Join me live on Twitter Spaces on September 16th at 8pm for the launch of World Liberty Financial,” Trump said in his video post. “We are building the future with cryptocurrency and leaving the slow and outdated big banks behind.” The project was announced over the past two months by members of the Trump family, sparking widespread discussion in both the political and cryptocurrency communities.
On August 7, Donald Trump Jr. and Eric Trump hinted at their family’s growing involvement in the crypto space, mentioning upcoming announcements regarding DeFi and digital currencies. The mystery surrounding World Liberty Financial deepened when CoinDesk published a whitepaper on the project on September 3, which said it would be built on the decentralized finance platform Aave and use the Ethereum blockchain. A key feature of the project is said to be a credit reporting system that incorporates blockchain technology to provide more efficient and transparent financial services.
According to sources close to the project, World Liberty Financial will focus on providing consumers with decentralized alternatives to traditional financial institutions. Trump’s comment about leaving the “big banks behind” hints at the project’s ambitions to disrupt traditional financial systems and promote blockchain-based financial autonomy.
World Liberty Financial’s announcement is part of Trump’s broader effort to engage the crypto community in his re-election campaign. Trump has historically been critical of cryptocurrencies, once calling Bitcoin a “fraud” and warning that digital currencies could threaten the dominance of the US dollar. However, over the past year, it has softened its stance significantly and openly joined the pro-crypto movement.
Earlier this year, Trump appeared as a speaker at the Bitcoin 2024 conference, where he took a tough stance against US financial regulators, particularly the Securities and Exchange Commission (SEC). He has vowed to fire current SEC Chairman Gary Gensler if he wins the presidency, citing what he called excessive regulation that stifles innovation in the crypto space. Trump has also vowed to prevent the sale of 213,000 US bitcoins, casting himself as a champion of the digital asset’s booming economy.