When Trump posted a related video, he mentioned a decentralized finance (DeFi) project called World Liberty Financial, which is a cryptocurrency project that his son has been promoting recently. A month ago, Trump made several promises to the crypto community, including making the United States the first country to classify Bitcoin as a strategic reserve asset.

Former U.S. President Trump, who is running for president, once again raised the banner of promoting cryptocurrency, using the crypto community to rally votes for himself.

On Thursday, August 29, Eastern Time, Trump posted a short video on the social media platform X, formerly known as Twitter. In the video, Trump said:

"This afternoon, I will announce my plan to ensure that the United States becomes the global cryptocurrency capital."

The video did not provide specific explanatory information, only anonymously claiming in the video: 'They want to crush you. They want to crush your businesses. We will not let this happen.'

While posting the video, Trump's post @ a decentralized finance (DeFi) project called World Liberty Financial. This is a project that Trump's son has been promoting recently.

DeFi is viewed as a branch of the cryptocurrency field. The traditional financial system is centralized, while DeFi, as the name suggests, provides a decentralized option. It utilizes public blockchain networks for transactions, allowing so-called smart contracts to replace centralized service providers such as custodians, central clearinghouses, or escrow agents. Smart contracts are instructions in the form of computer code. This code is stored on a public blockchain and executed as part of the system's consensus rules. Supporters of DeFi claim that such projects will achieve financial democratization.

When Trump @ World Liberty Financial on Thursday, the public was unclear about what this organization specifically does. The organization has launched a channel on the social media platform Telegram, currently with over 52,000 subscribers. The latest post on the channel cheers Trump for mentioning the organization in a post on X, calling for everyone to show support and advance DeFi together.

Some media commented that Trump's current attitude towards promoting cryptocurrency represents a 180-degree turnaround from the past, as he once considered cryptocurrency a criminal scam during his presidency. Trump's supportive attitude towards the cryptocurrency industry has prompted some industry executives to stand by him, including venture capitalists Marc Andreessen and Ben Horowitz.

About a month ago, at the Bitcoin 2024 conference, Trump also made a series of eye-catching promises to the crypto community:

Make the United States the first country to classify Bitcoin as a strategic reserve asset and allow the federal government to retain its current holdings of approximately 210,000 Bitcoins;

Dismiss the current chairman of the U.S. Securities and Exchange Commission (SEC), who is seen as having a hostile attitude towards the cryptocurrency industry;

Establish a Presidential Advisory Committee on Bitcoin and Cryptocurrency to formulate U.S. cryptocurrency policy;

Encourage power plants to strengthen electricity supply for Bitcoin mining and explore synergies between the cryptocurrency industry and the electric vehicle industry.

Wall Street Journal noted at the time that Trump's shift in stance not only highlighted the growing importance of cryptocurrency in the U.S. political landscape but also reflected new ideas in economic policy from Trump's camp. Cryptocurrency is becoming a 'must-fight' territory in the election, with some U.S. officials proposing more radical cryptocurrency support policies and suggesting official purchases of Bitcoin, while Trump only promised to maintain the U.S. government's existing Bitcoin holdings. The crypto community does not seem satisfied with this pledge; on the day he made the above promises, Bitcoin experienced a V-shaped market.

The crypto community has recently been capitalizing on Trump's 'hot topics.' As of this Tuesday, four series of non-fungible tokens (NFTs) related to Trump have been released. The latest batch of NFTs launched on Tuesday includes images of Trump dressed as a superhero and holding symbolic Bitcoins, priced at $99 each. Trump's company, CIC Digital LLC, has earned $7.2 million by licensing his image for NFTs, and the company's cryptocurrency wallet holds at least $1 million worth of Ethereum.