Trump’s crypto gambit in Bitcoin, NFTs and DeFi intensifies ahead of election

Former United States President Donald Trump has put his personal brand on a wide range of products, from Trump gold sneakers to Trump Steaks and even a Trump-endorsed Bible.

Now, crypto has allowed the Republican Party presidential nominee to earn money through his personal brand while indicating his commitment to the blockchain industry. 

During his previous presidential term, Trump declared he was “not a fan of Bitcoin and other cryptocurrencies.” 

However, as he campaigns for the 2024 US presidential election, Trump has rebranded himself as a pro-crypto candidate, targeting the growing base of US crypto voters. 

Now, Trump seems ready to capitalize on this shift by promoting digital assets related to his campaign.

Trump’s DeFi platform

Trump’s latest crypto-related project is a decentralized finance (DeFi) platform. Eric Trump, Donald Trump’s son and executive vice president of the Trump organization, has been involved in promoting World Liberty Financial (WLFI), originally called The Defiant Ones. Trump’s son announced the launch of WLFI on Aug. 29 without further details.

Despite the announcement, WLFI remains a vague crypto venture that hasn’t shown any tangible progress. Trump recently released a video promoting the project:

.@worldlibertyfi pic.twitter.com/mwhVIzPJyq

— Donald J. Trump (@realDonaldTrump) August 29, 2024

WLFI has not yet delivered a roadmap for what to expect. For now, WLFI has an X account redirecting users to a Telegram channel that has quickly accumulated 230,000 subscribers. However, there has yet to been any substantial announcements or progress reports on the channel. 

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Despite warnings from WLFI’s official X account cautioning against scammers and clarifying that no airdrops are circulating since the project isn’t live yet, a scam has already gained traction. 

A fraudulent ad on Telegram claimed to offer a way to claim tokens from a supposed airdrop. Over 70,000 subscribers joined the fraudulent channel. 

In the original announcement on Truth Social, Trump claimed that the DeFi platform sought to address a pressing issue affecting the “average American,” who was being “squeezed by the big banks and financial elites,” and urged that it was “time to take a stand together.” 

Trump said the DeFi platform would utilize cutting-edge technology to offer high-yield crypto investments. Eric Trump said that WLFI aimed to eliminate the corrupt, costly and inefficient intermediaries imposed by traditional banking institutions.

The announcement marked a significant move by the Trump family into the financial technology sector, aligning with broader trends in decentralized finance and economic empowerment, according to them.

Trump’s money-making NFT collections

On Aug. 27, Trump launched his fourth collection of non-fungible tokens (NFTs) titled “America First.”

President Trump announces his NEW Digital Trading Cards- America First. Buy just 15 cards and get a piece of his “KNOCKOUT” Debate Suit. Buy just 75 cards or more and have a Gala Dinner with the President!
Don’t Miss Out! https://t.co/vrpHbxyrFG pic.twitter.com/TUYFLLD76f

— CollectTrumpCards (@CollectTrump) August 27, 2024

As of Sept. 2, the America First NFT collection has already earned Trump over $2.5 million. The total collection supply is 360,000 units marketed at $99 per mint, which could earn $35 million if it sells out.

Trump said that people who buy 15 or more NFTs would receive a physical card featuring a piece of the suit he wore during the CNN presidential debate with Joe Biden. 

It’s not Trump’s first rodeo with NFT collections. His first collection launched in December 2022, featuring 45,000 NFTs depicting him as a superhero-like person. He sold each NFT for $99, earning approximately $4.45 million in initial sales. 

In 2023, he replicated this success with a follow-up collection under similar conditions, raising $4.5 million, and later expanded the collection with his MugShot Edition NFTs.

However, it’s estimated that the total revenue could have been much higher, as NFTs earn 10% royalties from all secondary market sales.

Former First Lady Melania Trump also put out several NFT collections, but they didn’t achieve the success of her husband’s NFTs. Her latest tryout is Melania’s memoir book. Its collector editions cost $150 and come with a digital collectible. 

While the Trumps may be profiting from these crypto ventures, the real gain might come from the former president’s sudden transformation into a pro-crypto candidate in the 2024 elections.

Poll confirms Trump’s crypto advocacy is paying off

According to a poll released by Fairleigh Dickinson University on Aug. 30, 801 US voters who claimed to own digital assets indicated they were more likely to vote for Trump over the Democratic Party nominee, Vice-President Kamala Harris, in November’s US presidential election.

The nationwide poll between Aug. 17 and Aug. 20 revealed that Trump holds a 12-point lead over Harris among registered voters who own crypto. Conversely, Harris leads by 12 points among those who do not have digital assets. 

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Fairleigh Dickinson professor Dan Cassino concluded that Trump’s approach to the crypto community “seems to have paid off.”   

According to the FinTech Blockchain Global Market Report 2024, crypto ownership has risen to 40% among American adults, but Cassino stressed that society still does not realize exactly “how widespread crypto ownership is.”

Trump might gain votes from US minority groups that typically support Democrats, Cassino claimed. However, he noted that “historically, Republicans have struggled to connect with young people and people of color” and argued that “support for cryptocurrencies could serve as a wedge issue, potentially attracting voters who might otherwise lean Democratic.”