Eric Trump says his family’s plunge into the crypto world wasn’t about chasing profits—it was about survival.
In an interview with CNBC, the middle son of former and current U.S. President Donald Trump claimed the Trump Organization faced unprecedented blacklisting following political backlash, prompting a pivot to digital assets. “We were probably the most canceled company on Earth,” Eric said. “That’s what pushed us toward crypto.”
With traditional banking relationships deteriorating—most notably after the Capitol riot in January 2021—Eric and his brother Donald Jr. turned their attention to a decentralized future. The family’s latest ventures include World Liberty Financial, a stablecoin project aimed at rivaling Tether, and American Bitcoin, a mining company co-founded with Hut 8 CEO Asher Genoot.
“We saw the writing on the wall,” Eric explained. “Banks were shutting down accounts, crypto users were being debanked, and regulators were coming after everyone. So we took the risk others were too afraid to take.”
The Trump Organization’s relationship with legacy finance grew more strained after multiple convictions in 2022 for tax fraud and falsifying business records. More recently, the organization sued Capital One for allegedly closing over 300 accounts due to political bias.
Yet, amid these corporate setbacks, the Trump family’s crypto presence has grown rapidly. President Trump and First Lady Melania Trump launched their own meme coins earlier this year, generating billions in token value and reenergizing the family’s financial brand. Now, Eric and Don Jr. are betting on blockchain infrastructure through World Liberty Financial and American Bitcoin.
Though tied to the first family, Eric claims he has no role in government policy: “I don’t want anything to do with government,” he said. “But I do want to see a regulatory framework that allows crypto to flourish in the U.S. We better win the crypto race, because the rest of the world isn’t waiting.”
American Bitcoin is positioning itself to grow quickly, and may even go public. According to Genoot, the firm is separating from Hut 8’s larger infrastructure portfolio to focus exclusively on mining. “We’re putting the majority of our assets into American Bitcoin,” Genoot said.
Despite criticism and controversy, Eric insists their crypto push is about more than money. “It was about finding independence. Crypto gave us a path forward when the system turned its back on us,” he said. “I fell in love with the industry—and I’m all in.”
