In a surprising announcement, former U.S. President Donald Trump has embraced the cryptocurrency movement, declaring that "crypto is the future" in a video posted on X (formerly Twitter). This announcement comes just weeks before the upcoming U.S. presidential election, where Trump is leading the polls with a 56% chance of winning, according to the Polymarket betting platform.

The declaration has fueled a sharp rise in the bitcoin price, which is now nearing the $70,000 mark after previously sitting below $60,000. The surge was initially triggered by an unrelated earthquake in China but was further boosted by Trump’s endorsement of digital currencies. His move to promote blockchain technology aligns with a larger trend of political leaders and financial experts engaging with cryptocurrencies as digital assets gain more mainstream acceptance.

Launch of World Liberty Financial (WLFI)

Trump's new crypto initiative, World Liberty Financial (WLFI), aims to revolutionize the digital finance space by offering users access to a decentralized financial ecosystem. Within minutes of its launch, the platform reportedly sold 220 million WLFI tokens to over 1,700 unique wallets. Despite this initial success, sales totaled just $9 million, falling short of the projected $300 million.

The project is being marketed as a major step in Trump’s broader economic strategy, with plans to create a U.S. bitcoin strategic reserve should he be re-elected. The WLFI token, designed as a governance coin, allows holders to vote on the platform's future development, indicating a push toward community-driven growth.

Trump’s Crypto Advocacy Gains Momentum

In his video, Trump encouraged Americans to "embrace this incredible technology and lead the world in the digital economy." His sons, Don Jr. and Eric, are also playing prominent roles in the venture, with Trump himself titled "Chief Crypto Advocate" and his youngest son Barron dubbed the "DeFi Visionary." The family’s involvement underscores the Trump brand's deep dive into the blockchain world, aiming to capitalize on the current crypto hype.

Industry experts have mixed reactions to Trump’s sudden enthusiasm for crypto. Lorenzo Valente, a research associate at Ark Investments, noted that while the venture’s timing—so close to the election—raises eyebrows, the project’s hiring of experienced crypto advisors has somewhat alleviated skepticism.

The Political Impact on Bitcoin and Cryptocurrency

Trump’s shift toward pro-crypto policies is having a ripple effect. Kamala Harris, Vice President and Democratic presidential candidate, is now being pressured to adopt a more crypto-friendly stance. Earlier this year, Trump hinted at the potential of creating a U.S. bitcoin reserve if he returned to the White House, claiming that bitcoin could eventually surpass gold in value.

Meanwhile, Standard Chartered Bank's head of crypto research, Geoff Kendrick, has noted that Trump’s endorsement has increased market momentum. He projects that bitcoin could reach $125,000 per coin if Trump wins the election, compared to $75,000 under a Harris presidency.

World Liberty Financial: The Road Ahead

Despite falling short in its initial sales target, World Liberty Financial is positioning itself as a decentralized hub for borrowing, lending, and trading stablecoins. Cofounder Zachary Folkman announced on an X Spaces broadcast that WLFI would soon allow users to create and interact with liquidity pools, further expanding its offerings.

With the U.S. election fast approaching, the crypto market is watching closely as Trump’s continued advocacy for blockchain technology could have far-reaching implications. His push to relax crypto regulations, combined with his family’s active involvement in the space, suggests that digital currencies may become a focal point of the upcoming election cycle.

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