Trump launches new crypto venture, takes profit early, leaving supporters broke [View all]
source: msn news
Donald Trump, from inside the White House, has pushed a new crypto investment. This time, it’s dressed up as a “crypto treasury” firm. But just like the last two times, his base is paying the price.
The setup is simple: Trump cashes out early. Everyone else eats the loss. According to The Wall Street Journal, the strategy looks eerily familiar to anyone who’s watched his past financial ventures blow up in supporters’ faces.
The playbook hasn’t changed.
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Now comes a new pitch: a “crypto treasury” company modeled after what Michael Saylor pulled off with MicroStrategy, now renamed Strategy. Saylor’s model is simple: use company cash, debt, and equity to buy bitcoin nonstop. It now holds more than 3% of all bitcoin in circulation, worth $70 billion.
Trump’s family saw the hype and copied the structure, but swapped out bitcoin for a token called WLFI. The coin comes from World Liberty Financial, a company co-founded by Trump and his sons. As part of the fundraising, World Liberty took a stake in crypto firm Alt5 Sigma. The campaign is trying to raise $1.5 billion to buy WLFI tokens. Eric Trump, Trump’s son, now sits on Alt5’s board.
WLFI is scheduled to go live in September. But it doesn’t offer ownership, profits, or anything concrete. It gives holders just 5% of the vote in the governance of USD1, a dollar-backed stablecoin controlled by World Liberty. That’s it.
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I should feel sorry for all the T***p supporters who are getting burned by his schemes, but I just can't seem to find my sympathy bag. The only people I empathize with are their children. They didn't ask to be born to crazy parents who place their fanatic loyalty to a proven con man ahead of their obligations to their families.
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