As Eric has found a new opportunity to mint money following his father Donald Trump’s reelection to the White House, the First Son opened up about the Trump family’s latest business endeavors in an interview with CNBC.
“You realize that cryptocurrency was a lot faster, it was a lot more pragmatic, it was a lot more transparent, it was exponentially cheaper.”
The Trump Organization introduced a new ethics framework before Trump’s inauguration. According to the plan, Trump’s involvement in business choices and management decisions will be limited during his White House role.
In fact, Trump and his spouse Melania Trump introduced meme coins, increasing the family’s monetary wealth by billions of dollars.
Eric and his brother Donald Trump Jr. recently revealed plans to start a new bitcoin mining business called American Bitcoin, which they co-founded with Asher Genoot, the CEO of Hut 8, and to provide a US dollar-backed stablecoin with their new firm, World Liberty Financial.
When asked how the project would differentiate itself in a competitive sector, Eric merely said, “We’re gonna do it better, cheaper, faster, and we’re gonna do it with a lot of passion.”
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Eric Trump reveals why he entered cryptocurrency space
Eric further explained that he entered the cryptocurrency space as a form of defiance rather than a financial bet, and that his move started amid what he refers to as the “war on the industry.” He said that the US Securities and Exchange Commission was cracking down on exchanges, banks were canceling accounts, and cryptocurrency users were being “debanked” for merely possessing cryptocurrencies.
In 2022, a New York jury found two Trump Organization subsidiaries guilty of a number of offenses, approximately two years after the conclusion of Trump’s first term. They were convicted of conspiracy, tax fraud, and manipulating business records.
The Trump Organization filed a lawsuit against Capital One in Florida last month, claiming that the business “unjustifiably” closed over 300 of its bank accounts in the wake of the incident at the US Capitol on January 6, 2021.
Is Eric Trump playing any role in the White House?
Eric, who is co-founder of American Bitcoin, said all the sophisticated countries are “using their excess power to mine bitcoin.”
Despite the fact that his family is strongly associated with the current US administration’s pro-crypto position, Eric claimed he has no influence over policy and no communication with the White House. Notably, the cryptocurrency industry played a major role in funding his father’s presidency.
“I don’t have anything to do with the government, and frankly, I don’t want anything to do with the government,” Eric mentioned during the interview.
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