By Priyanka Deshpande
CNBC-TV18.com
Published September 14, 2024
Former US President Donald Trump will launch World Liberty Financial, a crypto platform controlled by his sons, Donald Jr. and Eric, in a televised address just 50 days before the US elections.
The address will take place 50 days before elections, an extraordinary use of dwindling campaign time to promote a personal business.
Social media platform X will host his address on Monday September 16, 8 pm EDT from his Mar-a-Lago home (which is Tuesday September 17, 5.30 am IST).
Trump promoting this venture aligns with his history of mixing business with politics, having marketed personal products during his 2024 presidential campaign.
Some notable items included limited edition Trump-branded sneakers featuring his logo and campaign imagery, photo books capturing moments from his presidency and rallies, and custom Trump-branded Bibles aimed at his religious supporters.
“We are embracing the future with crypto and leaving the slow and outdated big banks behind,” Trump said in a video posted on X.
As part of his campaign, Trump has vowed to make US the ‘crypto capital of the planet’, raising concerns that he could use federal influence to benefit his family’s business.
Trump was initially critical of cryptocurrencies during his presidency, but he has shifted his stance and now supports the sector.
Trump now proposes that the US create a strategic reserve of Bitcoin, positioning it as a national asset.
Trump has vowed to block the Federal Reserve’s proposed Central Bank Digital Currency (CBDC), a digital form of money.