The Intersection of Crypto and Politics
Crypto and politics share a striking resemblance in their dynamics. As Rushi Manche, the founder of the blockchain venture Movement, aptly puts it, “Crypto is an attention game.” This is particularly relevant when examining the activities of Donald Trump, who has mastered the art of garnering attention and is now actively engaged in selling memecoins. However, it’s not just Trump’s close associates who are benefiting from his crypto endeavors, which include the $TRUMP coin and World Liberty Financial (WLFI). Once a vocal critic of cryptocurrency, Trump has transformed into the industry’s most significant “key opinion leader” (KOL) — a trader whose investment choices are closely monitored by other investors when deciding their buy and sell strategies.
Trump’s entry into the crypto market has opened up a new playbook for aspiring token creators like Manche, who understand that inflating a token’s price can be as straightforward as associating it with a sitting president’s crypto portfolio. The primary platform for Trump’s blockchain trades is World Liberty Financial (WLFI), a decentralized finance (DeFi) initiative he launched alongside his sons last summer. After raising over $400 million through token sales, this company, which has yet to produce a tangible product, has already amassed a portfolio worth millions in various crypto assets. Recently, they announced the establishment of an official “strategic reserve” for their crypto investments.
These trading actions have sparked significant concerns regarding conflicts of interest, potential insider trading, and the overall influence dynamics within the digital asset sphere. Trump’s political adversaries are calling for investigations into his expanding blockchain empire. However, crypto entrepreneurs like Manche view World Liberty’s investments as a unique marketing opportunity that comes along once in a generation. “You need to have a product roadmap that makes sense,” Manche stated. “But equally important is having a strategy for your token.” And what better method to enhance the value of your cryptocurrency than by publicly linking it to the President of the United States?
Moving MOVE: A Young Visionary’s Ascent
At just 22 years old, Rushi Manche is poised to launch Movement L2, an Ethereum-based blockchain. Despite his youth, he has garnered a reputation in the industry as a savvy operator, having secured over $38 million in venture capital shortly after graduating college. With the anticipation of Donald Trump’s second term, Manche sought to cultivate relationships within Trump’s circle. On the eve of the inauguration, he attended the Crypto Ball, an event designed to connect leaders from the crypto sector with political insiders. During this event, he networked with influential figures such as Zak Folkman and Chase Herro, both key players in Trump’s World Liberty Financial.
On January 28, when news broke that World Liberty Financial had acquired approximately $2 million in Movement’s MOVE tokens, Manche seized the moment. He quickly took to social media, proclaiming, “We are proud to be the first altcoin, first modern blockchain platform, and first alternative [virtual machine] under the new administration. MOVE is Made in America.” Following this, he participated in media interviews throughout the day, framing the WLFI purchases as a positive indicator for Movement’s future: “It’s a strong sign that the President of the United States’s DeFi program is investing in MOVE,” he remarked to CoinDesk. “It reflects a vote of confidence and solidarity with the Movement ecosystem.” Rumors began swirling on social media about Elon Musk contemplating Movement as a potential partner for his Department of Government Efficiency (DOGE). Although Manche distanced himself from the rumor, claiming he only learned of it alongside the public, he did not discourage the speculation. “We can’t really discuss it much,” he told CoinDesk. “Our papers have never hit the DOGE desk,” but “we collaborate with various government agencies and institutions.” The price of MOVE surged by 20% within hours of the news breaking.
The World Liberty Financial Strategy
Manche is not alone in recognizing the advantages of aligning with the Trump blockchain brand. Donald Trump announced World Liberty Financial in mid-October, during the closing days of his presidential campaign. The company touts its mission to create a crypto lending platform that embodies American values, yet it has yet to launch a product. Shortly after its announcement, WLFI began the sale of its token, WLFI.
A disclaimer on the World Liberty website reveals that Donald Trump holds a majority stake in the venture through his company, DT Marks LLC, entitling him to approximately 75% of the proceeds from WLFI’s token sales. The token grants holders a vote on the platform’s future direction; however, trading is currently restricted, and sales are limited to non-Americans and accredited U.S. investors only. Due to these limitations, WLFI initially struggled to attract investment. What incentive is there to purchase a cryptocurrency that cannot be sold for profit? Many in the industry, including some of Trump’s staunch supporters, criticized the sale as a mere cash grab.
However, Justin Sun, a notable crypto entrepreneur from China, was among the first to highlight how WLFI could still appeal to a niche investor demographic. On November 27, he invested $30 million in WLFI tokens, becoming the project’s largest individual investor. Sun subsequently praised Trump and WLFI in a series of social media posts. Today, Sun is possibly best known for purchasing a banana taped to a wall for a staggering $6.2 million. Yet, the U.S. Securities and Exchange Commission — now under Trump’s administration — previously charged him with fraud and market manipulation, an ongoing case that casts a shadow over his reputation.
Meanwhile, Trump’s crypto company has invested millions in TRX, the native token of Sun’s TRON blockchain, as well as WBTC, a Bitcoin derivative suspected to have ties to Sun. World Liberty has also appointed Sun as an official advisor. Reports indicated that World Liberty Financial was exploring a deal: if a project buys at least $10 million worth of WLFI tokens (with a 10% fee), WLFI would reciprocate by purchasing an equivalent amount of the project’s native token. Movement Labs and Tron have both denied entering into such agreements.
World Liberty’s investment activities are expected to gain momentum with the establishment of a strategic reserve, although Alex Golubitsky, a lawyer for World Liberty Financial, declined to comment on whether WLFI’s investments constitute an official Trump endorsement. The Trump family seems acutely aware of their market-moving capabilities. On February 3, shortly after World Liberty Financial allocated a large portion of its tokens into ether (ETH), the native token of Ethereum, Eric Trump tweeted, “In my opinion, it’s a great time to add $ETH. You can thank me later.” He quickly edited the tweet, removing the line, “You can thank me later.”
The Art of Market Manipulation
In recent months, Rushi Manche has made deliberate efforts to ingratiate himself within Trump-world. He attended the Crypto Ball, an event that intertwined figures from the current administration with leaders from the crypto sector. Furthermore, he has frequently traveled to Washington, D.C., lobbying on behalf of the crypto industry with individuals like Zak Folkman and Chase Herro — the driving forces behind World Liberty Financial. On February 10, when WLFI made another round of MOVE purchases, Manche promptly executed the same strategy he had employed a week earlier.
Within minutes, reporters received a press release from Movement’s public relations team, stating that MOVE had become “one of the most significant holdings in Trump’s portfolio.” The release mentioned that Manche was “available to discuss what Trump’s investment means for the project, its role in advancing blockchain, and the broader implications for the crypto industry.” Once again, Manche took to social media, sharing a photo of himself with Donald Trump Jr., alongside a screenshot of World Liberty’s MOVE purchases. This image was taken at an event for Ondo, another project within World Liberty’s crypto portfolio.
In a lengthy post on social media, Manche asserted, “[P]olitics is the most important [go-to-market] play for crypto companies today.” He continued, “[M]y sense is that the next five years will be a space race for crypto hegemony – the teams that can solidify relationships with federal agencies, institutional capital, and global leaders are the ones that will endure.” The post ignited a heated debate; while some regarded Manche’s government-centric stance as a savvy business maneuver, others viewed it as a betrayal of crypto’s anti-establishment ethos, a shortsighted attempt to exploit Trump’s notoriety to inflate a token’s value ahead of a major product launch.
Undeterred by the backlash, Manche draws parallels between Movement Labs’ approach and that of established projects like Cardano and Ripple. These projects have maintained robust market positions, despite intense scrutiny, thanks to their deep understanding of how to capture and retain attention. “Sure, you have anons on Twitter calling them scams,” he remarked. “But look who’s winning.” He cited Ripple’s “XRP Army,” whose fervent support has kept the project relevant in the face of technical criticisms and regulatory challenges. Ripple’s XRP token has consistently ranked among the top in terms of price for nearly a decade, largely due to the community it has cultivated.
Similarly, he commended Charles Hoskinson, the outspoken founder of Cardano, for having “mastered the art of attention,” ensuring Cardano’s ADA token reached a wide array of investors. Hoskinson, he believes, has “contributed more to the space” than the very Ethereum developers who dismiss Cardano as “a broken blockchain.” “If you ask a taxi driver what they’re buying, they’ll tell you XRP, ADA — not even ETH,” Manche concluded. “That’s what the real people are talking about outside of our little bubble.” As for Movement’s direction, Manche’s strategy is crystal clear: align with Trump and capture attention, irrespective of the consequences. In his words, “Love me, hate me, just don’t forget me.”
