In addition to his flashy gold sneakers and the “God Bless the USA Bible,” Donald Trump is now promoting a cryptocurrency called World Liberty Financial (WLFI) to extract even more funds from his supporters. Initially, I was intrigued, but after YouTuber Coffeezilla took a closer look at the project, the findings were even more alarming than I had anticipated.
Firstly, it’s worth noting that WLFI is entirely pre-mined. A whopping 20 billion coins, which represents 35% of the total supply, are being offered at a price of $0.015 each. The remaining 65% of the coins will be reserved for protocol development and insiders.
This pricing suggests a value of around $900 million for the WLFI project, putting it in the same league as cryptocurrencies such as Bitcoin SV (which seems oddly fitting). However, in reality, fewer than 1 billion coins have actually been sold, implying a market cap of just about $14 million, akin to lesser-known projects like Pikabos and Boba Oppa—names most people are unfamiliar with.
Moreover, WLFI does not introduce any innovative features or services (it simply allows lending and borrowing through the existing Aave protocol), lacks true decentralization, and has a co-founder with a troubling background in this sector.
What surprised me even more is that WLFI coins are not indefinitely transferable. That’s right—you cannot send these coins to anyone for the time being. Perhaps buyers might be able to sell them back later? This situation feels eerily similar to OneCoin, a well-documented scam that masqueraded as a cryptocurrency, rather than a legitimate altcoin.
Nikolaus and Cali seem to believe that Trump has genuinely accepted Bitcoin, but I question whether he has truly had a change of heart regarding cryptocurrencies in the past three years. It appears he may simply be looking to cash in on a potential scam.
For the full breakdown, check out Coffeezilla’s comprehensive episode here:
This article represents the author’s perspective. The views expressed do not necessarily align with those of BTC Inc or Bitcoin Magazine.
