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Donald Trump’s plan to launch the World Liberty Financial token has left many of his crypto backers disillusioned, with some openly voicing their dissatisfaction on social media days before the token’s official unveiling on September 18.
Trump’s Token Plan Faces Backlash
Many cryptocurrency users took to social media to voice their disapproval of Republican presidential candidate Donald Trump's announcement of plans to establish a token through his World Liberty Financial initiative, which was disclosed less than 24 hours ago.
Trump Jr., Eric, and dad Donald started hinting at a decentralized finance (DeFi) project on X in August, but they didn't say anything about it. The Republican contender made news on September 12 when he announced that on September 18, he would be hosting an X Spaces discussion regarding World Liberty Financial.
Nic Carter Labels WLFI a 'Huge Mistake'
Some Trump backers who were enthusiastic about cryptocurrency voiced their doubts about the X Spaces event in the days leading up to it. According to reports, Nic Carter, a partner at Castle Island Ventures, called the project a "huge mistake" and accused the candidate of "cashing in on his recent embrace of crypto in a kind of naive way" for his support.
Leaders at the X Spaces event said that the project's WLFI token would be launched but that it would not be classified as a security by the US Securities and Exchange Commission. Other than that, not much was divulged about the project. Some cryptocurrency users went on social media to say that Trump's association with the project had cost him their support.
On X, Mitchell Askew stated:
No Clear Plan From Trump on Crypto Strategy
Even while they didn't come out and say it, some X users who appeared to be on the Republican candidate's side did imply that the WLFI project's timing was poor and could have disastrous consequences.
“[...] before the voter who is not a staunchly single-issue Bitcoin or, more broadly, crypto voter, there are so many other issues [...] I can’t say that there’s proof of pivot,” Tonya Evans, a law professor at Penn State Dickinson and author of Digital Money Demystified, told Cointelegraph. “Those who are not single-issue voters have to take a second look at the reality. [Trump] did not speak clearly or well [about] the logistics of the plan. This was built up as the moment that we get a plan and not ‘concepts of a plan.’”
Regarding cryptocurrency voters who prioritize a single topic, Evans elaborated:
“I don’t see it [costing Trump any support]. I see some jokes. I see that segment of the industry a little more quiet than they were earlier, but I haven’t seen any virtue signaling or otherwise that they would make a different decision.”
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