Eric Trump, son of former U.S. President Donald Trump, shares his views on cryptocurrency and the reasons that led the Trump family to support it.
Closure of Bank Accounts and Its Impact
Eric Trump informed The Wall Street Journal that following the Capitol incident in 2021, banks cut ties with the Trump Organization. As a result, many accounts were closed, forcing them to seek new lenders. He noted that this incident reaffirmed how vulnerable the financial system can be.
Lawsuits and the Future of Banks
The Trump Organization has filed a lawsuit against Capital One, claiming the bank closed accounts for political reasons, causing significant financial damage. Eric Trump cautioned that banks refusing to integrate cryptocurrency could become obsolete within the next decade. He also expressed interest in tokenizing real estate assets such as Trump Tower.
Expanding Presence in the Crypto Industry
The Trump family is actively developing their cryptocurrency initiatives. Donald Trump launched his own memecoin, TRUMP, and in 2024 introduced the World Liberty Financial project, which issues a USD1 stablecoin. The Trump brothers also established American Bitcoin, raising $220 million to acquire BTC and mining equipment.
The Trump family demonstrates an increasing interest in cryptocurrencies, which may point to a desire to leverage new financial technologies for business and potential political returns in the future.
