Zinger Key Points
- Trump’s World Liberty Financial significantly cut its fundraising target, aiming for $30 million instead of its original $300 million.
- World Liberty Financial raised just over $14 million since mid-October, struggling to meet its revised $30 million goal.
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As Bitcoin BTC/USD celebrated the 16th anniversary of its white paper on Halloween, former President Donald Trump took to social media, pledging to end what he described as "Kamala's war on crypto" if he is re-elected.
What Happened: In a tweet, Trump stated, "We will end Kamala's war on crypto, & Bitcoin will be MADE IN THE USA! VOTE TRUMP! #Bitcoin #FreeRossDayOne," promising a future where Bitcoin production and innovation flourish under his administration.
Trump's commitment to the cryptocurrency industry comes alongside ongoing challenges for his own crypto venture, World Liberty Financial.
Despite an initial fundraising goal of $300 million, the company recently revised its target down to $30 million after lagging sales of its WLFI token.
According to a SEC filing on Oct. 30, the company intends to "terminate" WLFI token sales upon reaching this more modest goal.
The campaign, which initially generated over $14 million in token sales, saw a decline in investor interest following initial enthusiasm on launch day.
DT Marks DEFI LLC, a Trump-owned entity, is set to receive 75% of World Liberty Financial's net protocol revenues only after reaching the $30 million fundraising mark.
Also Read: Trading Bitcoin During The 2024 Election: Here’s What You Should Know
However, reaching this level has proven challenging, with public filings showing that the WLFI token, a governance token over a yet-to-launch protocol, has struggled to attract sustained demand.
Some analysts suggest that the tepid response to the WLFI token may stem from concerns over the token's value proposition.
In a research note, Galaxy Digital highlighted the token's lack of mechanisms for accruing value and governance over an unestablished protocol.
World Liberty Financial's website continues to reflect the original $300 million target, with nearly 1 billion of the 20 billion WLFI tokens sold to date.
With Trump framing himself as a champion for cryptocurrency, his stance on digital assets may resonate with voters interested in pro-crypto policies as the election approaches.
His promises, along with broader industry discussions, will be further explored at Benzinga's Future of Digital Assets event on Nov. 19, where industry leaders will dive into the future of crypto regulation and innovation in the U.S. and beyond.
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