Eric Trump recently shared insights into why his family has embraced cryptocurrency, claiming they are among the most “canceled” companies worldwide. He emphasized that their shift toward crypto was not just a financial decision but also a reaction to what he described as a “war on the industry,” citing actions like bank account cancellations for crypto users. Alongside his brother Donald Trump Jr., he is co-founding a bitcoin mining venture called American Bitcoin and plans to launch a US dollar-backed stablecoin through World Liberty Financial. Despite his family’s ties to the current administration, Eric clarified that he has no role in government or policy-making and prefers to keep his business separate from politics.
Eric Trump, son of former President Donald Trump, recently spoke about why his family decided to explore cryptocurrency. He mentioned that they felt like “the most canceled company, probably on Earth,” which sparked their interest in the digital currency Market. In an interview with CNBC, Eric shared insights into their beliefs surrounding cryptocurrency, stating, “You realize that cryptocurrency was a lot faster, it was a lot more pragmatic, it was a lot more transparent, it was exponentially cheaper.”
The Trump family is venturing into this new domain by establishing a bitcoin mining business called American Bitcoin. They co-founded this enterprise with Asher Genoot, the CEO of Hut 8, aiming to also create a US dollar-backed stablecoin through their new firm, World Liberty Financial. Eric and his brother, Donald Trump Jr., are determined to make their business stand out in a competitive Market by focusing on efficiency and passion.
During the interview, Eric explained that their decision to get involved in cryptocurrency wasn’t purely financial. He views it as a form of defiance amidst challenges the industry faces, such as regulatory scrutiny and banking issues for crypto users. Eric criticized the US Securities and Exchange Commission for its crackdown, stating that many are being “debanked” simply for holding cryptocurrencies.
Despite the family’s ties to the current administration’s pro-crypto stance, Eric clarified that he does not have any influence over government policies and refrains from any governmental involvement. He emphasized, “I don’t have anything to do with the government, and frankly, I don’t want anything to do with the government.”
As they forge ahead in the cryptocurrency space, the Trump family remains determined to embrace new business opportunities while navigating the complexities of a rapidly changing industry.
Tags: Eric Trump, cryptocurrency, bitcoin mining, American Bitcoin, World Liberty Financial, Trump family, SEC, digital currency
What made Eric Trump’s family shift to cryptocurrency?
Eric Trump said they moved to cryptocurrency due to challenges with traditional banking and businesses during cancel culture. They wanted to explore options that offered more freedom and flexibility.
How does Eric Trump feel about cancel culture?
Eric Trump believes cancel culture can harm businesses and individuals. He feels it limits free speech and wanted to find ways to protect his family’s interests and values in the current environment.
What role did Eric Trump play in the White House?
During his father’s presidency, Eric Trump was involved in various initiatives and helped manage the Trump Organization. He focused on business development and public relations strategies.
Why is cryptocurrency important for the Trump family?
Cryptocurrency is important for them as it offers an alternative to traditional finance that can be less affected by cancel culture. They see it as a way to grow their assets while maintaining control.
Is the Trump family planning more investments in cryptocurrency?
While Eric Trump hasn’t shared specific investment plans, he indicated that they are interested in expanding their involvement in cryptocurrency as part of their overall financial strategy.
