According to reports, the Trump Organization—the holding company of former US President Donald Trump’s business ventures—would be moving on to present a new cryptocurrency initiative. In an interview, Eric Trump, the son of the ex-president and executive vice president of the organization, revealed that the new venture would deal with “digital real estate” and one would be capable of lending or borrowing money over the platform.
The announcement comes at a time when the Trump family has been vocal about their enthusiasm for cryptocurrency on social media. Eric Trump took to X, formerly Twitter, recently to express his excitement toward DeFi, stating, “I have fallen in love with Crypto / DeFi. Stay tuned for a big 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
Disrupting Traditional Banking
According to Eric Trump, this new cryptocurrency initiative may be the game-changer in the sectors of banking and finance, bringing financial independence to people who cannot access traditional services. He said that there were a lot of problems and inequities in the current system, so he would like to see a model wherein loan approval decisions would be driven algorithmically and not policy-driven.
“It’s fair. It’s collateral that anyone can access instantly. I don’t think people understand how revolutionary that could be for the banking and finance sectors,” Trump said.
Pro Trump Crypto News
This comes at a time when the Trump team is getting involved with cryptocurrencies. Also, the former President has recently tried to connect with the crypto community by speaking at major events and accepting bitcoin, ether, USDC, and even memecoins as campaign donations.
Eric Trump said he fell in love with crypto. Image: Getty Images
Overcoming Past Skepticism
The tone on cryptocurrencies clearly has changed for Trump since his move into the White House. As recently as in the year 2019, he openly denounced the cryptocurrency, stating, “I am not a fan of Bitcoin and other cryptocurrencies, which are not money, and whose value is based on thin air.”
At this moment, his campaign has raised more than $4 million in different cryptocurrencies from contributors in 12 states, including some battlegrounds.
Once all the details fall into place, it’s expected that the Trump Organization will reveal more details of their new bitcoin project. “I believe that at some point, everyone wants a degree of financial liberty and a landscape where we are not limited by the norms of major banks,” Eric Trump explained, expressing delight about the transforming power of DeFi on the economy.
With 2024’s presidential contest looming, the scramble is on for votes and campaign funds from the frontline fintech users of America. That may give special attention to the Trump Organization’s foray into cryptocurrencies from both its admirers and detractors.
Featured image from Medium, chart from TradingView