Trump Family Launches Murky Crypto Startup: Is Barron Trump Really the “Visionary” Behind It?
Donald Trump has never been shy about diving into controversial business ventures, but his latest foray into the cryptocurrency world with his three sons—Donald Jr., Eric, and Barron—has sparked both intrigue and skepticism. The newly launched company, World Liberty Financial, claims to have Barron Trump, the youngest son of the former president, as a “visionary” in the space. However, Barron was conspicuously absent from the company’s livestream launch, leading many to question his actual involvement.
In an era of high-stakes investments and significant risks associated with cryptocurrencies, some wonder if this is a genuine opportunity or just another attempt to cash in on the crypto hype. Let’s dive into what we know about the Trump family’s latest business venture and whether investors should be concerned.
The Role of Steve Witkoff and Trump’s Alleged Crypto “Visionary”
Real estate mogul Steve Witkoff, a longtime friend of Donald Trump, reportedly pushed for Barron Trump’s involvement in World Liberty Financial, believing it would protect the teenager from the rampant fraud and instability in the crypto world. Witkoff, whose crypto knowledge seems limited (referring to “memecoins” as “me-me-coins”), lobbied for Trump’s youngest son to gain business experience in the venture.
However, Barron’s absence from the company’s livestream debut raised eyebrows, especially given that promotional materials describe him as a key player and “visionary” within the startup. Barron’s real level of involvement remains unclear, with critics suggesting that his name may simply be a marketing tool to attract investors.
A Dubious Team: Who Are Chase Herro and Zachary Folkman?
Witkoff’s enthusiasm aside, there are real concerns about the people behind World Liberty Financial. Chase Herro and Zachary Folkman, the brains behind the company, have a checkered history in the business world, particularly in the e-commerce and crypto sectors. Their involvement in get-rich-quick schemes such as “From Broke to Millionaire in 14 Days” has raised doubts about the legitimacy of their latest venture.
In addition to their controversial business dealings, Herro and Folkman have a questionable legal track record. From theft charges to lawsuits over credit card debts, the duo has left a trail of financial and legal troubles. They’ve even been involved in a failed crypto project, Dough Finance, which was hacked earlier this year, resulting in a $2 million loss for its users.
Herro’s personal life has also been a source of concern. Reports suggest that his former girlfriend left him after he allegedly pressured her into an abortion, citing that she would “look fat” in a lawsuit. Furthermore, Herro has admitted to missing the birth of his second child because he was “tripping on acid” in Puerto Rico at the time. This erratic behavior, combined with his and Folkman’s shaky business history, casts doubt on their ability to steer a successful crypto company.
A Past Filled with Failures: The TerraUSD and Dough Finance Fiascos
Herro’s judgment in the crypto world has been anything but solid. In April 2022, he reportedly hosted a seminar at the home of Jordan Belfort, the convicted fraudster famously portrayed in The Wolf of Wall Street. During this seminar, Herro praised TerraUSD, calling it “one of the coolest assets in history.” Less than a month later, TerraUSD collapsed overnight, wiping out billions in investor funds.
Herro and Folkman’s track record doesn’t inspire much confidence in World Liberty Financial’s future. Both have jumped between projects, many of which seem to focus on high-risk, high-reward ventures that promise quick returns—exactly the kind of ventures that attract novice crypto investors but often result in financial ruin.
A Controversial Launch and Industry Skepticism
The launch of World Liberty Financial comes at a time when skepticism surrounding crypto startups is at an all-time high. With the volatile nature of digital currencies, regulatory scrutiny, and numerous high-profile hacks, many investors are approaching new crypto projects with caution.
John Reed Stark, a former official with the U.S. Securities and Exchange Commission (SEC), weighed in on the launch, calling it “a bunch of nonsense” and a “terrible opportunity for investors.” Stark’s remarks reflect a growing concern among industry experts who see little in World Liberty Financial that differentiates it from the numerous other crypto ventures that have popped up—and failed—in recent years.
Moreover, Trump’s relative silence on the specifics of the crypto venture during interviews has done little to quell concerns. In fact, Trump himself was a longtime crypto skeptic before this latest business endeavor, making his sudden embrace of cryptocurrency even more suspect.
Trump’s Sons: From Crypto Skeptics to Entrepreneurs?
While Trump’s involvement in World Liberty Financial may seem opportunistic, the inclusion of his three sons—particularly Barron—is an interesting twist. Donald Jr. and Eric have both expressed their interest in cryptocurrencies recently, even as their father remained skeptical of the digital asset space for years. Yet, despite the Trump family’s newfound interest in crypto, their startup lacks transparency, and there are growing concerns over whether they are leveraging the Trump brand to attract investors rather than creating a solid business model.
Barron Trump, though marketed as a key figure in the venture, has not publicly commented on his involvement. Whether he will play an active role remains to be seen, but his absence during the launch event and the murky history of his business partners do little to inspire confidence.
Conclusion: Is World Liberty Financial the Next Big Thing or Another Crypto Disaster?
For Bitcoin enthusiasts and crypto investors, World Liberty Financial presents a conundrum. While the Trump name carries weight in many circles, the lack of transparency, coupled with the controversial backgrounds of those behind the company, casts serious doubt on its potential for success. The cryptocurrency world is no stranger to scams, hacks, and failures, and this venture appears to have all the warning signs.
Potential investors should approach with caution. As with any investment, especially in the volatile world of crypto, due diligence is essential. World Liberty Financial may promise big returns, but given the track record of its founders and the Trump family’s hasty pivot to crypto, this could very well be another disaster waiting to happen
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