- The former president supported a recent family crypto project – The Defiant Ones.
- This move has drawn varying opinions from the crypto community.
Former US President Donald J. Trump has backed a crypto project, The Defiant Ones, which was recently announced by his sons Donald J. Trump Jr. and Eric Trump.
The former president showed his support for the project on Truth Social. His statement, which was also shared on X (formerly Twitter), read,
“For too long, the average American has been squeezed by the big banks and financial elites. It is time for us to take a stand together.”
Trump’s move provokes mixed reactions
Trump’s move provoked mixed reactions. Some users believe that the Trump family crypto project has resonated well with the concept that he is the pro-crypto presidential candidate.
“Trump is the only American politician who actually launches projects in Crypto. NFTs, DeFi, etc. We can be sure that a Trump presidency would be a good time for our industry.”
Undoubtedly, the former president has made his pro-crypto stance public. Not only is he pro-crypto, but he is also increasingly seen as pro-business, as recently highlighted by FundStrat’s Tom Lee.
According to Lee, markets believe that “Trump’s chances of winning are higher” than the polls suggest. Lee added that further market conviction could boost small-cap stocks and Bitcoin [BTC].
“As the market becomes more convinced of that, you will see cyclicals, small caps and Bitcoin do better because those are clear policy differences.”
However, Trump’s approval of the cryptocurrency ‘The Defiant Ones’ also caused negative reactions. One user warned others, urging them to focus on BTC rather than any sign that could launch the Trump family’s crypto project.
“And a shitcoin is going to change that? I don’t think so. If you’re reading this, don’t fall for it. Look at Bitcoin instead.”
Another one user also warned the community about the upcoming The Defiant Ones project, noting:
“This is not DeFi. It’s just another pawn move in the political system. It is the opposite of everything Bitcoin and crypto stand for. This consolidates power, but does not decentralize it.”
Despite mixed views on the project, at the time of writing there were few details on which to offer constructive criticism.
The team stated that more details would be announced on Telegram of the official project channel soon.