The Trump Family’s Crypto Ambitions: A Business Evolution
The foray of the Trump family into the cryptocurrency realm was catalysed by a series of banking account closures, which Eric Trump views as a significant “weaponization” of the financial system post the January 6 Capitol attack. The Trump Organisation experienced the abrupt termination of numerous accounts by major banks, a move Eric characterised as a stark lesson in how precarious the financial landscape can be.
In an interview with The Wall Street Journal, he attributed these actions to political motivations, asserting parallels with the challenges faced by crypto firms under current regulatory environments, stating, “This whole system was weaponized against them, no different than it had been weaponized against us.”
The Trump Family’s Pro-Crypto Position
Since this pivotal moment, the Trump family has adeptly woven cryptocurrency into their business strategies. They have launched a variety of crypto initiatives, including a memecoin named TRUMP, which debuted just prior to Donald Trump’s inauguration as the 47th president, and a stablecoin, the USD1, introduced by World Liberty Financial in September 2024, with Trump listed as a co-founder.
Additionally, Eric and Donald Trump Jr. established American Bitcoin, a subsidiary under Hut 8, which successfully raised approximately US$220 million (AU$334 million) dedicated to Bitcoin and mining technology. As of August 2025, estimates suggest that Donald Trump’s total assets linked to cryptocurrency have soared to US$2.4 billion (AU$3.65 billion).
Eric Trump has taken a proactive stance in supporting this shift towards cryptocurrency. Following a lawsuit against Capital One over account terminations, he voiced serious concerns about traditional banks. He predicted that institutions unwilling to adopt cryptocurrency strategies risked becoming “extinct” within a decade. Furthermore, he has become a proponent of the tokenisation of tangible assets, questioning why valuable properties like Trump Tower could not be tokenised for broader investment opportunities.
“Why is it that if I wanted to refinance Trump Tower, I couldn’t tokenize this asset and put it on the street for billions of people around the world to otherwise invest in it?” he posed, highlighting his vision for capitalising on the potential of digital assets.
Critics argue that the Trump family is capitalising on the burgeoning crypto market to further enrich themselves, leveraging their political connections in the process. However, Eric Trump refutes these allegations, leaving the possibility open for further political aspirations, hinting that either he or another Trump could pursue the presidential candidacy in the 2028 elections.
Conclusion
The Trump family’s pivot to cryptocurrency epitomises an innovative adaptation in a fluctuating marketplace, reflecting not only entrepreneurial ambition but also a strategic response to perceived injustices in the traditional financial system. As they continue to expand their ventures within this digital frontier, the implications of their involvement will or may shape both public perception and the future regulatory landscape of cryptocurrency in the U.S. and beyond.
