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Uptober for Bitcoin with Trump leading in the American Presidential race!
Uptober season has culminated with BTC with the crypto asset rising over the 68,400$ resistance level, a 15% rise this Oct month. And the American elections are coming up November 5th!
One of the reasons Bitcoin has begun rising up since October 12th is because of the possibility of Donald Trump becoming president for he leads in the race as can be seen in Polymarket with betting on this scenario being at 60% compared to 40% betting placed on the other possible scenario of Kamala Harris becoming President.
Trump’s Web3 strategy benefiting his political campaigns!!
Trump this time has taken the aid of Web3 to gain popularity by stitching up a pro-Web3-friendly stance!
I have alluded to this in my previous posts about Trump attending the 2024 Conference and giving pro-crypto speeches starting from sacking the current SEC chair Gary Gensler who has meted out a hostile treatment to the Web3 industry players.
He has sprinkled up a ‘pro-BTC flavor’ in his speeches talking about his plans to establish a National Bitcoin Reserve Fund in the US Treasury.
Web3 has also enabled Trump to obtain lucrative funding, with his NFT launch sales and his pro-Web3 talks luring substantial political funding from Web3 businesses.
Trump’s pro-Web3 presentation has given him an advantage over the Democratic party in the government. Under the current Democratic administration, the SEC led by Gary Gensler has angered & frustrated Web3 businesses by aggressively attacking them, taking enforcement actions.
Trump promotes himself through the launch of DEFI platform — World Liberty Financial
Recently Trump has promoted himself through the launch of Web3 Defi platform, World Liberty Financial — https://www.worldlibertyfinancial.com/, whose WLFI token sales began on Tuesday, 15th October.
These tokens are sold only to accredited investors — high Net Worth individuals, high Net Worth professional investors, high net worth companies and Trustees of High Net worth assets.
Although the website was down often in the first day of token sales, now it can be seen that 920 M of these tokens are already sold, with over 19 Billion tokens remaining.
Here is Trump’s message on launch of this DEFI platform, he is associated with by funding it’s development –https://x.com/realDonaldTrump/status/1846326266011762820
DeFi Venture Launched to Showcase Trump’s Web3 Involvement Ahead of the Elections!
World Liberty Financial has been launched on the Ethereum Layer 2 Scroll Blockchain as an instance of the Aave protocol. Aave provides the infrastructure and liquidity for stablecoins and assets as required by the platform.
In return for these services, Aave Dao will receive 7% of the WLFI tokens and 20% of the fees the protocol generates.
It’s clear that the launch of this platform by Trump just 21 days ahead of the elections aims to boost his popularity as a pro-Web3 figure in the upcoming American elections.
This move would enable him to attract the support of Web3 entities for securing more political donations and influencing the minds of crypto users and community positively towards him.
The aim of World Liberty Financial, as quoted on the site, is to establish an alternate financial system with this DEFI platform to dismantle the stronghold of traditional finance and put power where it belongs: in the hands of the people!
World Liberty Financial: Claiming Non-political Stance Despite Trump’s Prominence
If you scroll through the team section — Trump’s the big face here too, although there is a disclaimer that none of Trump and his family members are the owners, directors or co-founders or workers of the platform.
They will however receive over 21 billion tokens and fees for the services they rendered. Disclaimer also says that World Liberty Financial and its WLFI tokens is not connected with any political campaign and remains non-political.
Disclaimer from — https://www.worldlibertyfinancial.com/
Trump is alluded to as the ‘Chief Crypto Advocate’, while his sons Eric Trump, Donald Trump Jr and Barron Trump are listed as Web3 ambassadors of the platform.
Trump’s strategically crafted Pro Web3 image enhances his appeal Within the Web3 Community
I bet lots of Americans are skeptical of Trump’s Web3 face as after all when Trump was President he was criticizing Bitcoin as late as 2019, calling it something coming out of thin air being used to launder money and do illegal activities. Now that Bitcoin has become very popular, he hatches on to it to gain popularity as well.
The only time Trump has promoted crypto and Web3 is this year, as part of his Presidential election campaign. So Trump is an opportunist rather than a Web3 propagator, who has caught hold of Web3 and BTC narrative to gain lot of funding, support and prominence.
Power is provided again to the rich and the influential rather than to us people!
Another criticism is that only high net-worth entities and individuals can buy the WLFI tokens as it’s closed to the public. So it benefits only a select group of the powerful and rich, sidelining the common person DEFI is supposed to empower.
These rich users and the project’s politically connected team(as Trump and his sons are listed as part of the team as Web3 ambassadors) would be getting 17% and 20% of WLFI’s token supply as rewards.
This certainly does not side with the mentioned project’s goal of handing over the power to the hands of the people. The power is in the hands of high-net-worth investors, investment trusts and companies. So much for dismantling the stronghold of traditional finance!
Traditional Finance would be given avenues to benefit in the platform profitably
Although now, World Liberty Financial would initially be dealing with lending and borrowing of crypto assets like ETH, BTC and stablecoins. Later on, assets of traditional finance players would be listed in the platform, so all the powerful traditional finance players would hop in benefiting with their assets getting business benefits being used in the platform.
This is not traditional finance getting dismantled but traditional finance finding relevance in the changing Blockchain-powered landscape to stay relevant.
World Liberty Financial’s Governance in the hands of the rich and influential!
The distributed WLFI token would be non-transferable for 1 year, although token holders can vote on Governance Proposals as advertised driving the direction of the protocol’s future developments and changes to the protocol.
However as mentioned since common Web3 users are not holding the tokens, the project’s Governance is in the hands of Trump, the team and the select high-net worth institutional investors!
63% of the WLFI’s token supply are distributed to the public who as mentioned now comprise of accredited investors, while 20% get distributed to the team and 17% get distributed as rewards to users.
The purpose of this token distribution arrangement seems to be designed keeping in mind a bill that is likely to be passed should the Republican Government under Trump forms the Government.
That bill will permit entities owning less than 20% of their tokens to be exempt from regulation which would be convenient for World Liberty Financial for sure!
Beware guys, World Liberty Financial could be a phishing site!!!
Lastly as I was writing this article on Saturday accessing the World Liberty Financial, the browser page warned me to beware of the website as it’s suspected to be a phishing site collecting sensitive data of people.
I had entered the correct url of that platform as can be seen in the browser — https://www.worldlibertyfinancial.com/.
So, I don’t trust the site even though now that warning is not coming, but it popped up two or three times when I was trying to access the website on Saturday.
Trump’s no Web3 enthusiast with intentions to spearhead the growth of Web3!
I can just conclude by stating that I don’t believe Trump has any pro-crypto intentions. He is acting to be pro-Web3 which has benefited him in drawing large amounts of political funding. Besides this he has made lucrative earnings through NFT sales.
He is someone involved in immorally influencing voters collecting sensitive data of people in FB and posting appropriate ads to psychologically influence their voting choices.
Also even this year, the way Trump rants on social media shows him in the true light — he is someone who uses AI to post fake posters of Taylor Swift supporting him as presidential candidate forcing her to declare that she’s not.
He is someone who lies telling immigrants in Springfield are eating dogs and cat pets of American Citizens. This just shows the real Trump, he spreads misinformation, and hate and well he is not someone who speaks sensibly often.
Trump’s an oppurtunist, using pro-Web3 stratergy not because he supports it but because it gives him a political edge!
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