Eric Trump Ventures into Cryptocurrency Following Family Business Challenges
April 2, 2025
By MacKenzie Sigalos
In a recent interview with CNBC, Eric Trump, son of former President Donald Trump, revealed significant shifts in his family’s business strategy, citing their experiences as being "the most canceled company, probably on Earth." This sentiment has prompted him to pivot towards the increasingly popular world of cryptocurrency, which he believes offers a more promising and efficient avenue for business growth.
Shifting into Cryptocurrency
In the interview, Eric Trump explained that the difficulties faced by the Trump Organization—previously convicted of multiple financial crimes including tax fraud—prompted his family to explore new business opportunities. "It actually is what drove us toward cryptocurrency," he noted, highlighting the advantages of this digital financial landscape. He described cryptocurrencies as faster, more pragmatic, and considerably less expensive than traditional financial models.
The Trump Organization has faced various challenges in recent years, notably a jury’s guilty verdict on 17 counts related to tax fraud and falsifying business records. These developments came shortly after Donald Trump announced his candidacy for the 2024 election.
Launching American Bitcoin and World Liberty Financial
Among Eric Trump’s latest ventures is American Bitcoin, a cryptocurrency mining operation co-founded with Hut 8’s CEO, Asher Genoot. The initiative aims to capitalize on the burgeoning interest in Bitcoin mining and is designed to scale quickly, potentially leading to public offerings in the future.
Additionally, Eric Trump and his brother, Donald Trump Jr., are set to launch a stablecoin, backed by the U.S. dollar, through their newly established venture, World Liberty Financial. Although Eric did not specify how their stablecoin would distinguish itself in an already saturated market, he expressed confidence that their approach would be "better, cheaper, faster," and executed with "a lot of passion."
Navigating a Hostile Regulatory Environment
Eric Trump characterized his entry into the cryptocurrency space as a form of resistance against what he perceives as a "war on the industry." He noted that many individuals have felt the pressures from regulatory bodies such as the SEC and experienced issues with banks, including account closures for simply holding Bitcoin.
"I know almost everybody in the industry in some way, shape or form," he stated, reflecting on the relationships he has built since venturing into the crypto market a few years ago.
Separation from Government
While Eric Trump acknowledges the Trump family’s connection to the current administration’s favorable stance on cryptocurrencies, he emphasizes that he has no direct involvement with governmental policy or the White House. He maintains that he prefers to keep business and government separate, expressing a need for a robust regulatory framework that promotes cryptocurrency growth in the U.S.
"The entire Middle East is running very hard," he remarked, underscoring the importance of the U.S. maintaining its competitive edge in the global cryptocurrency race.
Conclusion
As the market for cryptocurrencies continues to evolve, Eric Trump’s efforts with American Bitcoin and World Liberty Financial reflect not only a response to personal and business challenges but also a shift towards uncharted territory within the financial sector. With significant investments and a vision to innovate, the Trump family looks to position itself at the forefront of the cryptocurrency industry, amid ongoing national and global debates surrounding regulatory frameworks and digital currencies.
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