A little over 40 years ago, Pablo Escobar became one of the most powerful men in Colombia as he set up his Medellin Cartel. Today, his brother Roberto Escobar is carrying on the family business and is looking to impeach Donald Trump. His reasons for wanting to do so are not yet clear – it could have something to do with Trump’s border wall making it harder to import cocaine in the US, but that’s another story for another time.
Roberto Escobar and the Medellin Cartel have already tried to raise funds before, but unfortunately the GoFundMe account was banned due to censorship. This has prompted the cartel to seek a decentralized method of raising funds to achieve its goal of removing Trump from office – cryptocurrencies.
GoFundMe Project Gone Awry
Back in 2018, the Medellin Cartel has launched a crowdfunding campaign to secure funding in order to hire lawyers that could impeach Donald Trump. The campaign was wildly successful and raised more than $10 million in the first 10 hours. Yet, the success was short lived as GoFundMe quickly swarmed the project and removed the account from its site. This setback has pushed the cartel to seek other forms of fundraising opportunities, and the decentralization of the crypto world appears to be the standout choice.
Enter the Escobar Stablecoin
After raising millions in funding, who wants to see that pile of cash turn into pennies because of negative market sentiment? The Medellin Cartel has opted to create a stablecoin backed by the US Dollar for its cryptocurrency fundraising project. Escobar coin will have a 1 billion supply cap, be built on the Ethereum blockchain and will regularly report its financial state in order to comply with market regulations – unlike Tether. Escobar coin could quite quickly become one of the most popular stablecoins in existence if it garners the same level of support that the cartel’s GoFundMe cause did.
Trump Needs to be Careful
Trump already isn’t the most popular political figure, and if the cartel can gather enough funds Trump could be in some real trouble. There are already calls to impeach the president, and this movement in Colombia is only adding fuel to the fire. Trump is already fighting a war with China and has been blamed for the downfall of Bitmain with his hardline policies against Chinese technology – he cannot afford to fight this battle with the cartel too.
If the Medellin Cartel succeeds in creating its own ERC-20 stablecoin, it could become one of the most powerful organizations in the world. It would have the power and financial backing to strike the fear of god into virtually all politician’s eyes. Trump appears to be the first target, who will be next? Only time will tell!