Donald Trump’s World Liberty Financial (WLFI) has made a significant entrance into the cryptocurrency market, raising an impressive $220 million within the first hour of its token launch. The project successfully sold over 700 million WLFI tokens, with 19 billion still available for purchase. Each token is priced at $0.015, representing approximately 3.7% of the total token supply sold so far.
The launch was met with technical difficulties, as the project’s website reportedly crashed multiple times due to high traffic during the sales period. According to the project’s documentation, Trump and his affiliates may receive a portion of the tokens and substantial fees for their involvement, although the specifics remain undisclosed.
Trump took to X (formerly Twitter) to announce the launch, declaring that "Crypto is the future" and emphasizing the need for the U.S. to lead in the digital economy. The WLFI project aims to raise a total of $300 million and plans to sell 20% of its total token supply. With a fully diluted valuation estimated at $1.5 billion, 63% of the tokens were made available for sale on launch day, while the remaining tokens are earmarked for user rewards and team compensation.
During a live stream on Monday, co-founder Zak Folkman elaborated on the project's inspiration, linking it to Donald Trump’s vision for the future. Folkman noted that over 100,000 individuals signed up for the whitelist since it became available on September 30. WLFI is positioned as a governance token, granting holders the ability to vote on key decisions regarding the project’s direction.
On Tuesday, World Liberty Financial released its "gold paper," officially designating Trump as Chief Crypto Associate. His sons, Eric Trump and Donald Trump Jr., have taken on roles as Web3 Ambassadors, further solidifying the family's involvement in the project.
The WLFI initiative aims to secure the future of the U.S. Dollar in the digital age, proposing an alternative to centralized Central Bank Digital Currencies (CBDCs). This ambitious vision comes as Trump gains a 16% lead over Kamala Harris in recent U.S. presidential election polls on Polymarket, with Trump holding 58.1% odds compared to Harris’s 41.4%.
In contrast, Kamala Harris has emerged as a noteworthy figure in the crypto space, pledging to support regulatory frameworks for digital assets. While she did not mention cryptocurrencies during her recent speech, her campaign highlighted that over 20% of Black Americans currently own or have owned crypto assets. Harris's campaign emphasizes a commitment to ensuring that minority investors benefit from regulatory protections in the digital asset market.
In her speech, Harris outlined her vision for an "opportunity economy," where every individual has a fair chance to succeed. She criticized Trump's previous administration, asserting that it made life more challenging for Black men, while promising to implement policies aimed at improving economic conditions.
The launch of Donald Trump’s WLFI token marks a pivotal moment in the cryptocurrency landscape, attracting significant attention as it unfolds. With Trump’s family taking prominent roles in governance and promotion, the project’s trajectory will be closely watched in the evolving crypto market. As both political figures and industry leaders navigate this new digital frontier, the implications for regulation and investment in cryptocurrencies remain a key focus.
October 2024, Cryptoniteuae