- The former president backed a recent family crypto project – The Defiant Ones.
- The move has attracted divergent views from the crypto community.
As an analyst with over two decades of experience in the financial markets, I must say that the recent endorsement of The Defiant Ones crypto project by former U.S. President Donald J. Trump has certainly stirred a hornet’s nest within the crypto community.
Previously elected U.S. President Donald Trump Jr. and Eric Trump have unveiled a new cryptocurrency venture, which their father, Donald J. Trump, has expressed support for in recent times.
Previously, the ex-president expressed his backing for the initiative via Truth Social. This sentiment was likewise posted on X, formerly known as Twitter, in a message that read:
“It’s high time for the typical American, who’s been under pressure from major banks and wealthy financial groups, to unite and make our voices heard.”
Trump’s move elicits mixed reactions
Trump’s action garnered a variety of responses. Some people feel that Trump’s venture into cryptocurrency aligns with his image as a pro-cryptocurrency presidential contender.
“Among American politicians, Trump stands out as the one actively involved in cryptocurrency initiatives, including NFTs and DeFi. It’s plausible to assume that his presidency could prove beneficial for this sector.”
Without a doubt, the previous president has openly expressed support for cryptocurrencies. Not just pro-crypto, but his business-friendly views are gaining attention, as pointed out by Tom Lee of FundStrat.
Based on Lee’s statement, the markets seem to think that Trump’s chances of winning are more likely than what the polls suggest. Furthermore, if the market confidence in this view increases, it could potentially lead to a rise in small-cap stocks and Bitcoin [BTC].
As I observe and analyze the market trends, I believe that when investors become increasingly confident about certain policy differences, it’s likely we’ll witness a rise in the performance of cyclical sectors, small-cap stocks, and Bitcoin. These assets seem particularly sensitive to policy shifts due to their unique characteristics.
Nevertheless, Trump’s backing for the cryptocurrency “The Defiant Ones” sparked some unfavorable opinions as well. A user advised caution and suggested that people should prioritize Bitcoin over any potential token launched by the Trump family’s crypto project.
“So, you believe a questionable digital currency will turn things around? I’m skeptical. My advice? Avoid such schemes. Instead, consider exploring Bitcoin.”
Another user also cautioned the community on the upcoming The Defiant Ones project and noted,
As someone who has been deeply involved in the world of cryptocurrency since its early days, I can confidently say that this isn’t DeFi (Decentralized Finance). It’s merely another tactic being used within the political system, a move by those with power to maintain their grip. This action is the polar opposite of what Bitcoin and the entire crypto movement represents – it centralizes control instead of decentralizing it.
Regarding the project, at this point in time, there’s not much information available for either productive criticism or support, as opinions seem divided.
The team shared they will provide further information about the project on its official Telegram page shortly.
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2024-08-23 18:16