Bitrabo Editorial
As the US elections approach in under three weeks, former President Donald Trump remains a strong contender, according to the betting markets. Data from Polymarket indicates that there’s about a 59% probability that Trump will defeat his Democratic opponent, Kamala Harris, in the upcoming November election. Trump now holds an impressive 18-point advantage, the largest margin he’s had since Harris entered the race, with her support falling to 40.8% according to their Presidential Election Winner 2024 polls.
Despite Trump’s climbing numbers, his cryptocurrency initiative has faced challenges. The token launch by World Liberty Financial experienced significant issues on Tuesday, as their website suffered from persistent glitches and was largely inaccessible throughout the day. Consequently, only approximately 4,300 unique wallets were able to acquire the token, far short of the 100,000 users expected to engage.
Trump’s Venture into Cryptocurrency
The launch of WLF’s token is seen as Donald Trump’s strategic move into the world of cryptocurrency, potentially aiding his campaign financing while also appealing to a younger, technology-oriented demographic. His team has been conceptualizing this project since August, dubbing it “The DeFiant Ones,” which reflects its anti-establishment ethos and ties to decentralized finance (DeFi).
World Liberty Financial aims to evolve into a crypto banking entity, and co-founder Zachary Folkman anticipates engaging over 100,000 investors. Yet, because of the technical failures, only about 4,300 token holders managed to participate, equating to just 4% of the intended registration.
The Road Ahead for WLF
The WLF proposal outlines plans to gather $300 million, aiming to establish a $1.5 billion valuation for its token post-launch. Folkman notes that 20% of the token supply is designated for its founding team, including Trump himself.
The WLFI coin operates under Regulation D, enabling it to raise capital initially without SEC registration. However, there are limitations, such as capping the size of sales and targeting only accredited investors.
Crypto’s Role in the Upcoming Elections
The buzz about cryptocurrency on platforms like Twitter/X, combined with the latest betting insights from Polymarket, suggests that crypto will play a significant role in this election season. Trump made a bold declaration back in May, asserting he would be the “crypto president” and has continued to share pro-Bitcoin sentiments. In contrast, Harris advocates for a more cautious approach, focusing on fostering “new and innovative technologies.”
According to Polymarket data, Trump’s narrative appears to resonate strongly this election cycle, as he leads with over $561 million in betting activity, compared to Harris’ $381 million.
Featured image from Council on Foreign Relations, chart from TradingView