World Liberty Financial Backs Stablecoin, not Bitcoin to 'Make America Great'

2024-10-15
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World Liberty Financial, a decentralized finance (DeFi) project backed by former President Donald Trump, believes that dollar-pegged stablecoins, not Bitcoin, are the most effective tool to “Make America Great.” According to the project, focusing on stable and secure crypto assets tied to the U.S. dollar is a more reliable approach than promoting volatile cryptocurrencies.  

Key Takeaways  

  1. Dollar-Pegged Stablecoins Over Bitcoin: World Liberty Financial promotes stablecoins as the best way to "Make America Great," emphasizing their stability and alignment with the U.S. economy.
  2. Bitcoin Deemed Impractical for Daily Use: Zak Folkman criticized Bitcoin for being unsuitable for regular transactions due to its volatility and complexity in real-world purchases.
  3. WLFI Token Sale to Raise $300 Million: The project plans to raise $300 million by selling 20% of its governance token WLFI, with a fully diluted valuation of $1.5 billion.  

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Focus on Stablecoins, Not Speculative Assets  

During a live stream on X Spaces, the team elaborated on their mission, explaining that stablecoins offer a safer and more accessible alternative. Zak Folkman, one of the project’s founders, emphasized that their goal aligns with Trump's vision of expanding financial opportunities while supporting the U.S. economy.  

Through stablecoins, we can make the dollar not just strong but ensure its role as the world’s reserve currency for the next 5,000 years,” Folkman said. He highlighted the value of dollar-backed stablecoins, pointing to their 1:1 redemption and stable value as key benefits.  

Read More: World Liberty Financial to Launch DeFi Platform on Aave Mainnet

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Bitcoin Criticized for Practical Use  

Folkman made a case against Bitcoin, arguing that it’s impractical for everyday transactions due to its volatility. "Nobody’s going to walk into a store and figure out how many Satoshis make $230—it just doesn’t make sense," Folkman said. He reiterated that speculative assets like Bitcoin aren't the answer to integrating cryptocurrency into mainstream commerce.  

Launch of Governance Token WLFI  

The Trump-endorsed DeFi project recently announced the upcoming sale of its governance token, WLFI, set for Tuesday. The initiative seeks to raise $300 million by selling 20% of the token’s supply, valuing the project at $1.5 billion. The team remains optimistic about the project's potential to reshape the U.S. financial landscape.  

Read More: World Liberty Financial to Raise $300 Million with Trump’s Support

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Mixed Reactions to the Initiative  

The project has sparked debates across the cryptocurrency space. Mark Cuban, a well-known advocate for digital currencies and frequent Trump critic, questioned the logic behind the initiative. In his brief comment, Cuban said, “I’ll let this stand on its own,” leaving room for speculation about the project's long-term viability.  

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FAQ

Q1: Why does World Liberty Financial favor stablecoins over Bitcoin?

A1: The team believes stablecoins, backed by the U.S. dollar, offer more stability and practicality for daily use compared to volatile cryptocurrencies like Bitcoin.

Q2: What is the main criticism of Bitcoin by the project team?

A2: Zak Folkman argued that Bitcoin’s volatility and complexity make it impractical for everyday purchases like groceries.

Q3: When is the WLFI token sale, and how much do they aim to raise?

A3: The sale is set for Tuesday, with the goal of raising $300 million by offering 20% of the token’s total supply.  

 

Conclusion

At the time of the report, Bitcoin was valued at $64,093.01, showing a 1.91% increase in the past 24 hours. With the WLFI token sale approaching, the crypto market is heating up, and now is the time to act! 

Whether World Liberty Financial’s stablecoin strategy takes off or faces challenges, Bitcoin remains a key player in the evolving landscape. Don’t get left behind—buy Bitcoin on Bitrue today and stay ahead in the game as these exciting developments unfold!

 

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