Trump now announces a new and exciting crypto project stating that banks have taken advantage of the American people for too long.
Former President Donald Trump announced a new cryptocurrency project called “The DeFiant Ones” on Thursday.
However, he did not provide many specifics about the enterprise.
“For too long, the average American has been squeezed by the big banks and financial elites. It’s time we take a stand — together,” Trump published on his social media platform Truth Social, linking to a Telegram channel for the “Trump DeFi project.”
The cryptocurrency project’s channel was first created on August 6th, the same day that former President Trump’s son, Eric Trump, hinted at an upcoming announcement related to cryptocurrency and decentralized finance.
“I have truly fallen in love with Crypto / DeFi.
Stay tuned for a big announcement,” he wrote on the social platform X, tagging his father along with his brother, Donald Trump Jr., and the Trump Organization.
“We’re about to shake up the crypto world with something HUGE. Decentralized finance is the future — don’t get left behind,” Trump Jr. said in a post on X one day later.
The former president headlined a Bitcoin conference in Nashville last month, unveiling a series of crypto proposals.
“I am proud to be the first American president to address a Bitcoin event anywhere in the world,” he said during his appearance at Bitcoin 2024.
Meanwhile, the crypto community on X, formerly known as Twitter, rejoiced as Bitcoin was given a bigger a platform.
“If crypto is going to define the future, I want it to be mined, minted, and made in the USA,” Trump stated.
The former president’s shift on crypto comes amid growing frustration in the industry with the Biden administration’s approach to enforcement.
Kamala recently proposed increasing the crypto tax to 28% with speculation growing about Harris nominating SEC Chair Gary Gensler as Treasury Secretary.
Stock market and crypto market communities have both scrutinized Gensler since taking office.
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Also Read: Kamala Harris Is Now Proposing Raising Crypto Tax to 28%
Other Crypto News Today
75% of Bitcoin (BTC) has now been held for more than 6 months according to fresh on-chain data that has been released.
A recent analysis of Bitcoin’s blockchain activity reveals that a significant portion of the cryptocurrency, roughly three-quarters, has remained untouched for at least six months.
This data, gathered by the blockchain analytics platform Glassnode, indicates that a large amount of Bitcoin is being held long-term, suggesting a strong belief in the asset’s future value.
This trend is particularly noteworthy given the recent price decline of Bitcoin, which has fallen by 21% from its all-time high.
Just a week ago, only about 45% of Bitcoin was inactive for at least six months, showing a rapid increase in long-term holding.
This suggests that despite recent price fluctuations, many Bitcoin holders remain confident in the asset’s long-term potential.
The fact that a large portion of Bitcoin hasn’t moved in months suggests that many investors are treating it as a long-term investment, holding onto it with the expectation that its value will rise in the future.
This “hodling” behavior also has the effect of reducing the amount of Bitcoin available for trading.
With less Bitcoin available and demand remaining high, the price of Bitcoin could potentially increase.
Experts had recently touched on Bitcoin’s major drop, but the cryptocurrency has now recovered since it’s monthly lower levels.
At the time of this publication, Bitcoin (BTC) is trading at 59,036.50.
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Also Read: Here Is What Experts Are Now Saying About Bitcoin’s Plunge
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