In a striking speech at the Token2049 conference in Dubai, Eric Trump – Executive Vice President of the Trump Organization and son of President Donald Trump – stated that the 'woke cancel culture' has pushed his family into the world of cryptocurrency.
From bank victim to crypto supporter
Eric Trump revealed that at the end of President #TRUMP 's first term, many major banks around the world simultaneously canceled his family's accounts. According to Eric, the reason was nothing other than that his family 'spoke against the system,' causing them to be isolated and hunted for political reasons.
From this experience, Eric began to explore and embrace cryptocurrency as an alternative to the traditional financial system that he calls 'outdated and obsolete.'
The Trump family and a series of moves in the crypto market
Changing perspective: President Donald Trump once called Bitcoin a 'scam' and only supported the USD. However, when he began his 2024 campaign, he changed his stance, showing strong support for the cryptocurrency industry and committing to support Bitcoin miners.
Coin & NFT release: Before his inauguration in early 2025, $TRUMP released a meme coin on Solana and several NFT collections on the Polygon network.
Controversial stablecoin project: Eric Trump and his associates launched World Liberty Financial, a DeFi project operating on Ethereum. Recently, their USD1 stablecoin was announced to be used in a $2 billion investment in Binance – sparking criticism over conflicts of interest when a sitting president is involved in foreign money flows and personal crypto projects.
New Bitcoin mining company: Eric Trump also recently announced a new joint venture with Hut8 called American Bitcoin Corp, a Bitcoin mining company planning to go public.
Ambition for retaliation and 'crypto revolution'
Eric stated clearly: 'I truly believe that crypto will make the big banks regret what they did to my family.' He also described the current phase as the 'dial-up' era of the cryptocurrency revolution, emphasizing that countries that know how to seize opportunities will be the winners.
Connecting with the crypto market:
The fact that a high-profile figure in the American presidential family publicly criticizes the traditional financial system and turns to cryptocurrency is not only symbolic but also a significant motivator for the crypto market. In particular, the stablecoin#USD1 related to the investment in Binance could bring new attention to this exchange, but it also poses legal and political risks.
Risk warning: Investing in cryptocurrencies always carries high risks and may not be suitable for everyone. The market is highly volatile, and projects related to individuals or politics can present both opportunities and legal risks. Consider carefully before investing.