The Trump family’s growing support for cryptocurrency stems from a critical event following the January 2021 Capitol attack, according to Eric Trump, son of U.S. President Donald Trump.
Banking System Weaponization Sparked Crypto Pivot
In an interview with The Wall Street Journal, Eric Trump revealed that hundreds of Trump Organization bank accounts were abruptly closed by multiple financial institutions after the Capitol incident. He described this as politically motivated and said it left the organization scrambling for alternatives:
“At that time, I realized how fragile the financial system was and how easily it could be weaponized against you.”
This experience led the Trump family to embrace crypto, as industry insiders warned that the Biden administration allegedly restricted crypto firms’ access to banking services through regulatory pressure.
Eric Trump compared the situation to the challenges faced by crypto companies under what some call “Operation Chokepoint 2.0,” where banks are accused of cutting off services to politically sensitive entities.
Legal Actions and Industry Pushback
Earlier this year, The Trump Organization sued Capital One, claiming the bank shut down accounts for political reasons, causing financial harm.
In a separate remark, Trump predicted that banks must adopt crypto or risk extinction within 10 years, emphasizing the disruptive potential of blockchain technology in traditional finance.
Trump’s Vision for Tokenization
Eric Trump also voiced support for real-world asset (RWA) tokenization, questioning why landmark properties like Trump Tower couldn’t be tokenized for global investment. Tokenization would allow billions of people worldwide to participate in real estate ownership via blockchain.
Trump Family’s Expanding Crypto Footprint
The Trump family’s ties to the crypto industry have grown significantly:
Donald Trump launched the TRUMP memecoin before his inauguration as the 47th president.
World Liberty Financial, offering the USD1 stablecoin, lists Donald Trump as co-founder emeritus.
American Bitcoin, founded by Eric and Donald Trump Jr., raised $220 million to purchase Bitcoin and mining equipment.
Reports suggest Donald Trump has accumulated over $2.4 billion from crypto ventures as of 2024.
Eric Trump dismissed accusations of profiteering from political influence and even hinted at the possibility of a Trump family member running for the presidency in 2028.
Disclaimer
This content is for informational purposes only and does not constitute financial, investment, or legal advice. Cryptocurrency trading involves risk and may result in financial loss.
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