Donald Trump’s new crypto token, WLFI (World Liberty Financial), launched on October 15th, quickly selling over 220 million tokens in the first 20 minutes to around 1,700 unique wallets. Despite some issues with the launch website, about 344 million tokens were purchased by nearly 2,900 investors within the first hour.

Prior to the launch, Trump declared his goal to make America the “crypto capital of the world,” despite his past skepticism of cryptocurrency. He posted on social media that @WorldLibertyFi was working toward this vision, offering investors the chance to be part of a “historic moment.”

What is the difference between Bitcoin?

WLFI is a governance token, which allows users to borrow, lend, and earn interest. Aimed at raising $300 million, the project attracted 100,000 accredited U.S. investors, who were already whitelisted before the launch of this decentralized finance (DeFi) platform.

Unlike Bitcoin, WLFI is non-transferable and doesn’t yield returns. Also, 63% of its token supply is set aside for accredited investors with a net worth of $1 million or more. Materazzi added that for now, this project is for high-net-worth individuals, making it inaccessible to most retail investors. However, when it becomes publicly available, early movers could see large gains or losses.

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Trump’s view on crypto has evolved, as he previously expressed concerns about its volatility and potential for illegal use. Back in 2019, he stated that he was not a fan of Bitcoin or other cryptocurrencies, emphasizing that the U.S. dollar is the only real currency.

While WLFI is built on the Ethereum blockchain and designed to attract both institutional and retail investors, Materazzi warned of the risks. He mentioned that volatility could lead to unpredictable outcomes, but for those willing to take the risk, it might offer big rewards.

Materazzi also noted that Trump’s involvement isn’t about a passion for blockchain but rather a strategy to ensure U.S. dominance in the global crypto market. Another expert, Anastasija Plotnikova, pointed out that WLFI’s launch raises questions about potential conflicts of interest and the use of personal business ventures in political campaigns. However, she believes Trump’s endorsement could speed up mainstream acceptance of cryptocurrency.

In summary, Trump’s WLFI crypto token is an ambitious move in the DeFi space, attracting accredited investors with the potential to shape the U.S. crypto market while raising some ethical concerns.