Donald Trump has ventured into the realm of digital currencies, lending his name to a cryptocurrency endeavour.
The former President of the United States and current presidential contender took to Truth Social to announce the launch of The DeFiant Ones, a crypto-related venture, as reported by The Verge. The Truth Social post acknowledges that “the average American has been squeezed by the big banks and financial elites,” but offers scarce details on what The DeFiant Ones entails, how it operates, and how it aims to benefit average Americans.
It could be anything from a fully-fledged digital currency to a trading platform or simply a website focused on crypto. At this juncture, it’s impossible to discern, but as The Verge noted, Trump’s son Eric recently told the New York Post that DeFiant might exist to support those who are “unbanked,” or lacking any kind of savings or checking account at a bank or credit union. According to the FDIC, 5.9 million Americans were unbanked as of 2021.
While that could be a commendable purpose for DeFiant, there’s a lengthy and chequered history of Donald Trump not being particularly truthful or responsible with finances. Those who choose to invest in DeFiant, if that is indeed an option, may be taking a risk.