What Happened to Trump’s Crypto Scheme after It Launched?
Donald Trump has been talking up his cryptocurrency project recently called World Liberty Financial. It launched its proprietary token earlier this week and then the website promptly crashed.
It is not unusual for young cryptos to have some growing pains right out of the gate, but investors were likely expecting a little more from the much ballyhooed crypto project that was supposed to show just how serious Trump is about supporting decentralized finance.
The token sales were meant to earn hundreds of millions of dollars, but that is not happening either. The site received heavy traffic and was unable to handle all of the attempted sales, with the support team saying that they were not expecting that level of response.
The new tokens, called WLFI, or World Liberty Financial, sold to about 3,000 unique wallets before the site shut down. By Wednesday, the number of unique addresses buying tokens on the site escalated to 9,300, which is impressive for a new token.
These tokens are selling for just $0.015 and the goal of the venture is to raise $300 million. The sales have already reached $12.5 million by the time of this writing. Twenty billion tokens have been allocated to be sold, but only about 4% of those have exchanged hands so far.
Will This Project Achieve Its Goals?
There are some factors at work against this token and the project’s ability to do as much as Trump and his team are expecting it to. The biggest of those is that the token is tied to a controversial political figure. There will be a number of investors who will simply not take the plunge because of what Trump represents and how divisive he is as a public figure.
Another factor holding the token back is that many are worried it may not last very long. Trump has talked about this project as something he will use going forward once he is elected president, but what happens to the project if he loses the election? That is still up in the air, and those investors who have already bought up tokens could be left with a worthless digital currency in a few weeks.
Many are surprised that this venture has already launched when Trump has not won the election at this point. There is concern that the project will simply fade out quickly if he does not get elected, and the timing of the project may be capitalizing on his highly visible profile at the moment and promise of the coming election.
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