After these high-quality gold sneakers and his God Bless the USA Bible, Donald Trump’s cryptocurrency World Liberty Financial (WLFI) immediately appeared to me as another way to extract more money from his followers. But when YouTuber Coffeezilla analyzed the project in detail, what he found was even funnier than I expected.
First (though not surprisingly), WLFI is completely pre-mined. 20 billion coins, representing 35% of the total, are sold for $0.015 each. Another 65% of coins are allocated for protocol development and internals.
This means they are valuing the WLFI project at around $900 million, quickly bringing it into the same ballpark as something like Bitcoin SV (perhaps rightfully so). However, in reality, it has sold less than 1 billion to date, making it close to a market cap of 14 million, which is very similar to projects like Pikaboss or Boba Oppa— I’ve never heard of them.
It is equally unsurprising that WLFI does not achieve anything new or exciting (borrowing and borrowing from the existing Aave protocol), or that it is not differentiated in any meaningful way, or that one of the founders of the project already has a bad track record in this space.
But what I didn’t expect, is that WLFI is not transferable. Well, for now, at least, you can’t send these letters to anyone. Can you just buy them, and, I guess, sell them again later? Is it possible? This sounds more like OneCoin – a popular scam that was cryptocurrency in name only – than any serious altcoin I’ve ever heard of.
Although Nikolaus and Calli believe that the former president really accepted Bitcoin, I don’t think he changed his mind about cryptocurrency at all from three years ago… I think he wants to get into this scam.
Watch the full episode of Coffeezilla here:
This article is a Take it. The views expressed are entirely those of the author and do not reflect those of BTC Inc or Bitcoin Magazine.