The Trump Organization is preparing to make a major entry into the cryptocurrency market, with company chairman Eric Trump announcing a major upcoming initiative in the burgeoning sector.
Speaking in a private statement, Trump said he was optimistic about the potential of cryptocurrencies and related technologies and signaled a new strategic direction for the family business.
Speculation began earlier this month when Eric Trump, the younger son of former President Donald Trump, hinted at a special announcement on X (formerly Twitter), stating that he was “in love” with this new DeFi and cryptocurrency technology and urging his followers to “stay tuned.”
Trump said the new cryptocurrency project would be themed around “digital real estate,” adding: “Collateral that anyone can access and do instantly. I don’t know if people realize how big a shake-up this is for the banking and financial world. Hopefully we can help change that.”
Eric Trump, 40, believes that crypto and decentralized finance (DeFi) could be a powerful catalyst for the U.S. economy. He noted that a significant portion of the population is currently unbanked and facing rejection from traditional financial institutions. He envisions a system where blockchain technology and loan approvals are based on algorithms rather than policies, allowing for near-instant decisions and rapid access to funds.
“Essentially, more than half of this country can’t bank right now,” Trump said. “With this technology, they could have the ability to get approved or denied by a lender almost instantly, based on math, not politics. The money could be in their account in minutes, not months.”
Trump has criticized the current financial system for its bureaucratic inefficiencies and its openness to manipulation. “The system in its current form can be manipulated. And it is. All the time,” he warned. Reflecting on his family’s experiences with financial discrimination, he said a more inclusive and streamlined financial environment is needed.
While the details of the Trump Organization’s cryptocurrency venture are still being kept under wraps, the company’s president said an announcement would be made as soon as everything is finalized: “I think at some point we all want some kind of financial independence and a world where we don’t have to play by the big banks’ playbook. That day is coming soon.”
*This is not investment advice.
