- Eric Trump’s “debanking” sparked his family’s embrace of crypto for financial independence.
- The Trump Organization turned to cryptocurrency, citing political bias in traditional banking.
- Eric Trump plans to tokenize Trump Tower, offering fractional ownership through blockchain.
Eric Trump’s “debanking” experience after the 2021 Capitol event went beyond a personal matter. The shutdown of multiple Trump Organization accounts led his family to embrace cryptocurrency, seeing it as a defense against alleged bias in traditional financial systems. This shift aligns with a larger political trend, especially among conservatives, who view crypto as a means of achieving financial independence.
After multiple banks severed ties with the Trump Organization, Eric Trump called the closures politically motivated. He explained that this forced his family to seek financial services from smaller regional banks. “I realized how fragile the financial system was,” Eric remarked, emphasizing how vulnerable the system is to political influence. This experience highlighted the need for alternatives, including cryptocurrency.
Eric Trump’s Crypto Move: A Political Response to Debanking
The incident of debanking has become part of a bigger political debate. It is particularly appealing to right-wing organizations, which claim that banks are being increasingly dictated by political preferences. The growing popularity of cryptocurrency is presented as a way to escape institutional control and gain financial freedom beyond the banking system.
Eric and the Trump Organization made a move in light of these challenges and went into crypto. The family started investing in such Bitcoin mining, tokens, and blockchain enterprises. Their largest investment includes World Liberty Financial (WLFI), at a value of $4.5 billion. Earlier this year, WLFI introduced its own token and a dollar-pegged asset, which further solidified the Trump Organization in the growing cryptocurrency sector.
Although Eric has claimed that his crypto businesses have nothing to do with the political activities of his father, critics have come out to raise red flags. “I literally have nothing to do with Washington, D.C”. However, with the family’s growing crypto involvement, suspicions arise about potential political motivations behind their investments.
Critics Challenge Trump Family’s Crypto Investments and Potential Conflicts
Norm Eisen, a former White House ethics chief, criticized the activities of the Trump family in the cryptocurrency industry. He claimed that their investments may be regarded as using their political contacts as a way of making money. Eisen called it the core of corruption due to potential conflicts of interest, given Donald Trump’s role in regulating cryptocurrency.
The White House has denied these allegations. Karoline Leavitt, White House Press Secretary, declared the claims to be irresponsible and affirmed that no conflicts of interest had occurred in the crypto investments of the president and his family. The administration maintains that the Trump family’s crypto investments are unrelated to political influence.
Related: Eric Trump’s Japan Crypto Push: Strengthening USD’s Global Grip?
Eric Trump launched the $TRUMP memecoin, which peaked at $14.5 billion before dropping to around $1.7 billion. He views memecoins as a way to attract new people to the crypto industry, despite doubts about their economic viability.
Looking forward, Eric has also suggested tokenizing Trump Tower, envisioning the ability to offer fractional ownership through blockchain. “They love New York. They love Fifth Avenue. They love Trump,” Eric remarked, indicating that blockchain technology could allow global investors to access luxury real estate. This idea demonstrates how the Trump family plans to merge real estate with cryptocurrency to expand their financial influence.
