According to reports, The Trump Organization—the holding company for former US President Donald Trump’s business ventures—would be moving to present a novel cryptocurrency initiative. Eric Trump, the former president’s son and executive vice president of the organization, revealed in an interview that the novel venture would deal with “digital real estate” and it would be possible to lend or borrow money through the platform.
The announcement comes at a time when the Trump family has been vocal about their enthusiasm for cryptocurrencies on social media. Eric Trump recently took to X, formerly Twitter, to express his excitement for DeFi, stating, “I’m in love with Crypto/DeFi. Stay tuned for the big announcement.”
I really fell in love with Crypto/DeFi. Stay tuned for the huge announcement…@Attract @realDonaldTrump @DonaldJTrumpJr
— Eric Trump (@EricTrump) August 6, 2024
Disrupting Customary Banking
According to Eric Trump, this novel cryptocurrency The initiative could be a game-changer for the banking and finance sectors, bringing financial independence to people who don’t have access to classic services. He said there are a lot of problems and inequalities in the current system, so he’d like to see a model where loan approval decisions are made algorithmically, rather than based on politics.
“It’s fair. It’s a security that anyone can have immediate access to. I don’t think people understand how revolutionary this could be for the banking and financial sector,” Trump said.
Pro Trump Cryptocurrency News
This happens when Trump’s Team Gets Involved in CryptocurrenciesAdditionally, the former president has recently attempted 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 Past Skepticism
The tone on cryptocurrencies has clearly changed for Trump since he moved into the White House. Back in 2019, he openly condemned cryptocurrency, stating, “I’m not a fan of Bitcoin and other cryptocurrencies that are not money, that have their value based on thin air.”
So far, his campaign has raised over $4 million in various cryptocurrencies from donors in 12 states, including some states that are in the midst of the campaign.
Once all the details fall into place, the Trump Organization is expected to reveal more details about its novel bitcoin project. “I think at some point, everyone wants to have a degree of financial freedom and a landscape where we’re not constrained by the norms of the big banks,” explained Eric Trump, expressing his excitement about the transformative power of DeFi on the economy.
With the 2024 presidential election approaching, the scramble for votes and campaign funds from America’s frontline fintech users is on. That could draw extra attention to the Trump Organization’s foray into cryptocurrencies from both its admirers and critics.
Featured image from Medium, chart from TradingView
