Donald Trump launched his World Liberty Financial cryptocurrency project last night on a live social audio room on X (formerly Twitter). And it was, as some had speculated, a complete failure.
The announcement was made from a room at Trump’s Mar-a-Lago resort, alongside Farokh Sarmad, co-founder of the aptly named Rug Radio.
Trump had already announced the announcement on August 29, and over the next two weeks many commentators predicted that the launch would not go well.
Indeed, Nic Carter has been viewed over 170,000 times for his call for Trump to cancel the launch, while CoinDesk linked four members of World Liberty’s team to the robust cryptocurrency project Dough Finance. Bloomberg, meanwhile, exposed World Liberty’s marijuana and “get rich quick” course vendor Chase Herro, who spoke on the social audio space yesterday.
Timeline of Trump’s DeFi announcement
The first topic of conversation during the announcement was the recent assassination attempt at Trump’s Mar-a-Lago golf course. For a while, Farokh and Trump exclusively discussed non-cryptocurrency-related topics.
It was only when the number of listeners reached over 170,000 concurrent listeners that the duo finally turned to crypto, specifically Trump’s NFT collections.
Incredibly, however, the conversation ended shortly afterward without any mention of World Liberty Financial by Trump.
After a brief break, and after Trump left the room from which Rug Radio was broadcasting, associates and family members joined the conversation. Although Farokh mentioned the project once more, details were scarce.
Read more: Did Martin Shkreli Violate His Parole By Launching DJT Coin With Barron Trump?
More than an hour into the interview and with the audience dwindling to fewer than 90,000, Trump’s son Donald Jr. revealed that the project would somehow involve real estate.
Another 10,000 simultaneous listeners left and Farokh moved on to another family member.
Shortly after, someone mentioned that stablecoins would somehow be involved. There are still 5,000 left.
According to Don Jr., all stablecoins are somehow backed by US Treasuries.
With fewer than 75,000 listeners and 90 minutes into the show, Farokh tried to get close to Trump’s youngest son, Baron, 18. However, the teenager had already left.
In short, the launch was a complete disaster. So much so that World Liberty Financial didn’t even bother to post the details on its Telegram channel.
Just two hours into the meandering show, there were fewer than 47,000 listeners remaining, down 72% from its peak of more than 170,000. By the time someone announced that World Liberty Financial would be issuing a “non-transferable” governance token in the future, exclusively for accredited investors, there were less than 40,000 left.
Nothing happened. No tokens were launched and few participants understood what the project was about.
It turned out that the predictions of a flop came true.
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