WASHINGTON: Donald Trump on Thursday announced the upcoming launch of a cryptocurrency platform, presenting it as an alternative to banks and financial institutions.

“For too long, the average American has been squeezed by the big banks and financial elites,” wrote the Republican candidate in the US presidential election on his Truth Social network.

“It’s time we take a stand — together.” Trump provided no details as to the exact content of the project, called “The DeFiant Ones.” His post featured the now iconic picture of the former president, fist clenched, just moments after an assassination attempt last month at a rally in Pennsylvania.

Two of his sons, Eric and Donald Jr, who head the Trump Organisation family conglomerate, have described the project in recent weeks as “digital real estate.” This could refer to the trading of assets in the virtual worlds of the metaverse or a method to make real world assets available to be bought and sold in bitcoin-like tokens.

During his presidency Trump referred to cryptocurrencies as a scam, but has since radically changed his position, presenting himself as a “pro-bitcoin president” if elected in November. In so doing, he is standing in opposition to the Biden administration, which is seen as a proponent of regulating the sector. Trump’s White House rival Kamala Harris, who is also Biden’s vice president, has not taken a clear stance either way since launching her campaign last month.

Published in Dawn, August 23rd, 2024