Anika Begay
The Trump Organization, the holding company for former U.S. President Donald Trump’s business ventures, has reportedly moved to introduce a new cryptocurrency initiative. In an interview, Eric Trump, the son of the former president and executive vice president of the organization, revealed that the new initiative would involve “digital real estate” and that money could be lent or borrowed on the platform.
The announcement comes as the Trump family has been vocal about their enthusiasm for cryptocurrency on social media. Eric Trump recently took to X, formerly of Twitter, to express his enthusiasm for DeFi, saying, “I’m in love with Crypto/DeFi. Stay tuned for a big announcement.”
I am really in love with Crypto/DeFi. Stay tuned for a big announcement…@Trump @realDonaldTrump @DonaldJTrumpJr
— Eric Trump (@EricTrump) August 6, 2024
Disruption of the traditional banking system
According to Eric Trump, this new cryptocurrency initiative could be a game-changer in the banking and financial sectors, bringing financial independence to people who cannot access traditional services. He said that there are many problems and inequalities in the current system, so he would like to see a model where loan approval decisions are driven by algorithms and not by politics.
“That’s right. It’s a guarantee that anyone can access instantly. I don’t think people realize how revolutionary this could be for the banking and financial sectors,” Trump said.
Pro Trump Cryptocurrency News
This comes at a time when Trump’s team is taking an interest in cryptocurrencies. The former president has also recently sought to engage with the cryptocurrency community by speaking at major events and accepting bitcoin, ether, USDC, and even memecoin as campaign donations.
Eric Trump said he fell in love with crypto. Image: Getty Images
Overcoming the skepticism of the past
Trump’s tone on cryptocurrency has clearly changed since he entered the White House. As recently as 2019, he openly denounced cryptocurrency, saying, “I’m not a fan of Bitcoin and other cryptocurrencies, which are not money and are based on nothing.”
His campaign has now raised more than $4 million in various cryptocurrencies from backers in 12 states, including some that are swing states.
Once all the details are in place, the Trump Organization is expected to reveal more details about its new bitcoin project. “I think at some point, everyone wants some degree of financial freedom and a landscape where we’re not limited by the regulations of the big banks,” Eric Trump explained, expressing joy at DeFi’s transformative power on the economy.
With the 2024 presidential race upon us, the race for votes and campaign funds from America’s front-line fintech users is on. That could bring particular attention to the Trump Organization’s foray into cryptocurrency from both its admirers and detractors.
Featured image from Medium, chart from TradingView
