US President’s Son Eric Trump Explains Why the Trump Family Turned to Crypto: Are They Unfairly Cancelled by Banks?

Trump Family Leans Into Crypto Amid Bank Cancellations

The Trump family’s growing interest in the cryptocurrency space is closely tied to the challenges they have faced from traditional financial institutions.

Eric Trump, the second-oldest son of the sitting president, shed light on why the family has doubled down on crypto investments during an interview with Maria Bartiromo on FOX Business.

Banks Refuse to Serve the Trump Family

Eric Trump revealed the catalyst for their crypto venture—what he described as the “weaponisation” of banks against the Trump family.

He explained,

“I never thought I’d fall into the world of crypto until every bank began cancelling us for absolutely no reason other than the fact that my father was in politics.”

Trump pointed out how financial institutions shut them down without justification, reinforcing the need for an alternative.

He added,

“We got canceled by everybody. They came after us viciously. It wasn’t until that time that I realised how important crypto was.”

Hut 8 Partnership Marks Family's Latest Crypto Move

This realisation is reflected in the Trump family’s expanding involvement in the cryptocurrency sector.

Recently, they forged a partnership with Hut 8, a major player in crypto mining, which has now taken a majority ownership stake in a mining operation backed by the Trump family.

Known as American Bitcoin, the project is part of their broader strategy to solidify their presence in the space.

Additionally, the Trump family has ventured into multiple crypto-related projects, including the World Liberty Financial DeFi protocol and the TRUMP and MELANIA memecoins.

They have also been involved in a series of NFTs, continuing to expand their influence within the industry.

A Change of Heart on Crypto from President Trump

Once a vocal critic of cryptocurrency, President Trump began to soften his stance during his 2020 re-election campaign.

At that time, his campaign garnered financial backing from prominent figures in the crypto industry.

Upon taking office, he directed lawmakers to draft policies to position the United States as a leader in the digital asset space, calling for the nation to become the “crypto capital” of the world.

Crypto: A Superior Financial System in Trump’s View

Eric Trump further articulated why he believes cryptocurrency is a superior system to traditional banking.

According to him, crypto’s benefits are clear, explaining,

“Crypto is cheaper, faster, more transparent, uncancelable, global. That’s what made me fall in love with Bitcoin, with DeFi, CeFi, and stablecoins.”

He also emphasised the potential of stablecoins, which he believes will help strengthen the U.S. dollar while radically transforming how finance and banking will evolve in the decades to come.

Eric Trump acknowledged the widespread demand for regulatory clarity within the crypto industry, noting,

“Everybody in the industry does—I think everybody wants guidelines. That’s part of the problem in the crypto industry. It’s always been so murky that people didn’t know what guidelines to follow.”

With increasing involvement in crypto ventures, the Trump family’s strategic shift represents not just a business move but a reflection of their growing disenchantment with traditional financial systems.

As they continue to expand in this space, their belief in the technology’s autonomy and resistance to censorship seems central to their ongoing crypto journey.

Like many cryptocurrency supporters, Eric Trump believes,

“Crypto is here to stay. It’s solving so many financial problems. It’s bringing parity to the markets—you better believe that. When we look out 10 years, the nature of finance and banking in this country will be very different.”