Former President Donald Trump has officially launched a new cryptocurrency venture called World Liberty Financial, aiming to position the U.S. as the 'crypto capital of the planet.' During a livestream event with influencer Farokh Sarmad, he acknowledged his limited understanding of cryptocurrency, crediting his sons for educating him on the topic. This move marks a significant shift for Trump, who previously criticized Bitcoin as a 'scam,' but has since embraced the industry following the success of his NFT projects. Trump expressed concerns about the Biden administration's approach to crypto, labeling it as 'extremely hostile,' and emphasized the need for the U.S. to act swiftly or risk falling behind China. While details on World Liberty Financial are scant, it is reported that a majority of the company's equity will be held by Trump family members and insiders. Critics have noted the potential conflicts of interest surrounding Trump's new venture as he seeks to appeal to crypto enthusiasts ahead of the 2024 election.