Trump borrows from the currency circle again to campaign: wants to make the United States "the global capital of cryptocurrency"

Former U.S. President Trump, who is running for president again, once again raised the banner of promoting cryptocurrency, using the crypto community to campaign for himself.

On Thursday, August 29th, Trump posted a short video on the social media platform X, formerly known as Twitter. In the video, Trump said:

"This afternoon, I will announce my plan to ensure that the United States becomes the global capital of cryptocurrency."

The video did not provide specific details, but only vaguely claimed in the video: "They want to strangle you. They want to strangle your business. We will not let this happen."

Along with the video, Trump tagged a decentralized finance (DeFi) project called World Liberty Financial in his post. This project has been promoted by Trump's son recently.

DeFi is seen as a branch in the field of cryptocurrency. While traditional financial systems are centralized, DeFi, as the name suggests, provides a decentralized alternative. It uses public blockchain networks for transactions, allowing so-called smart contracts to replace centralized service providers such as custodians, central clearinghouses, or escrow agents. Smart contracts are instructions in the form of computer code. This code is stored on a public blockchain and is executed as part of the system's consensus rules. Supporters of DeFi claim that such projects will achieve financial democratization.

When Trump tagged World Liberty Financial on Thursday, the public was not clear about what this organization specifically does. The organization has launched a channel on the social media platform Telegram, currently with over 52,000 subscribers. The latest post in this channel cheered Trump for mentioning the organization on X, calling for support to advance DeFi together.

Some media comments have pointed out that Trump's current attitude towards promoting cryptocurrency is a complete 180-degree turn from the past, as he once considered cryptocurrency a criminal scam during his presidency. Trump's support for the cryptocurrency industry has led some executives in the industry to stand by him, including prominent venture capitalists Marc Andreessen and Ben Horowitz.

At the Bitcoin 2024 conference about a month ago, Trump made a series of eye-catching promises to the crypto community:

• Make the United States the first country to classify Bitcoin as a strategic reserve asset, and have the federal government retain the approximately 210,000 bitcoins it currently holds;
• Remove the current chairman of the U.S. Securities and Exchange Commission (SEC) who is seen as having a hostile attitude towards the cryptocurrency industry;
• Establish a Bitcoin and Cryptocurrency Presidential Advisory Committee to formulate U.S. cryptocurrency policy;
• Encourage power plants to strengthen electricity supply for Bitcoin mining and explore synergies between the crypto industry and the electric vehicle industry.

Wall Street News mentioned at the time that Trump's shift in stance not only highlights the increasing importance of cryptocurrency in the U.S. political landscape but also reflects new economic policy thinking within the Trump camp. Cryptocurrency is becoming a "battleground" in the election, with some U.S. officials proposing more aggressive cryptocurrency support policies, suggesting official purchases of Bitcoin, while Trump has only promised to maintain the current amount of Bitcoin held by the U.S. government, a promise that seems to have left the crypto community dissatisfied On the day he made the above commitment, Bitcoin experienced a V-shaped market trend.

Recently, the cryptocurrency circle has also been riding on the "hot topic" of Trump. As of this Tuesday, four sets of Trump-related non-fungible token (NFT) series have been launched. The latest batch of NFTs released on Tuesday includes images of Trump dressed in superhero costumes and holding symbolic Bitcoin, priced at $99 each. Trump's company, CIC Digital LLC, has earned $7.2 million by authorizing the use of his image for NFTs, and the company's cryptocurrency wallet holds at least $1 million worth of Ethereum