The Trump Organization appears to be on the verge of a significant foray into the world of cryptocurrency. According to a recent exclusive interview with the New York Post, Eric Trump has revealed plans for a major crypto-related initiative in the coming weeks.
Eric Trump is the third child of former U.S. President Donald Trump and his first wife, Ivana Trump. Born on 6 January 1984, Eric plays a significant role in his family’s business as the Executive Vice President of the Trump Organization. In this capacity, he oversees a wide range of the company’s activities, including real estate management, development, and the operation of luxury hotels, golf courses, and other properties across the globe. Notably, Eric has been instrumental in expanding Trump Golf from just a few properties to a portfolio of 19 golf courses internationally.
Aside from his business responsibilities, Eric Trump has also been involved in philanthropy, primarily through the Eric Trump Foundation, which he founded in 2007 to support St. Jude Children’s Research Hospital. However, the foundation faced scrutiny in later years for its financial practices, including allegations that funds intended for charity were redirected to Trump family businesses, an issue that attracted considerable media attention and controversy.
In addition to his business and philanthropic activities, Eric Trump was also a prominent figure in his father’s political campaigns. He was actively involved in both the 2016 and 2020 presidential campaigns, often appearing at rallies and serving as a key spokesperson. Recently, a legal ruling barred him from serving as an officer or director of any New York corporation, including the Trump Organization, for two years. This ruling was part of broader legal challenges faced by the Trump Organization in New York.
Eric Trump, in his conversation with the Post, described cryptocurrency as “digital real estate,” emphasizing its equitable nature and accessibility. “It’s collateral anyone can get access to and do so instantly,” Trump stated, highlighting the potential for this technology to disrupt traditional banking and finance sectors.
The 40-year-old executive sees crypto and decentralized finance (DeFi) as powerful tools that could accelerate the U.S. economy. He pointed out a startling statistic, claiming that “essentially over half this country right now cannot be banked,” suggesting that crypto could provide financial services to those currently excluded from traditional banking systems.
Trump’s vision for cryptocurrency extends beyond mere investment opportunities. He believes that blockchain technology could revolutionize lending practices, potentially allowing for near-instantaneous loan approvals based on “math, not policy.” This, he argues, could dramatically speed up the process of getting money into people’s accounts.
The Trump Organization president didn’t shy away from critiquing the current financial system, describing it as manipulable and discriminatory. He hinted at his family’s personal experiences with “financial discrimination,” using this as a backdrop to emphasize the need for change in the financial sector.
While the exact nature of the Trump Organization’s crypto initiative remains under wraps, Eric Trump promised to reveal all “the moment everything is final and ready to go.” This air of mystery has fueled speculation about what the company might be planning.
The announcement follows a cryptic post on X (formerly Twitter) earlier this month, where Trump expressed that he had “fallen in love” with the new tech and told his followers to “stay tuned” for a special announcement.
I have truly fallen in love with Crypto / DeFi. Stay tuned for a big announcement…@Trump @realDonaldTrump @DonaldJTrumpJr
— Eric Trump (@EricTrump) August 6, 2024
Featured Image via Pixabay