TLDR
Eric Trump, son of former President Donald Trump, announced the Trump Organization will soon launch a cryptocurrency initiative.
The project may involve “digital real estate” and could allow people to lend or borrow funds.
Eric Trump expressed enthusiasm for cryptocurrency and decentralized finance (DeFi) on social media.
The full details of the project have not been revealed, with Eric Trump saying it will be announced when “everything is final and ready to go.”
Eric Trump claims the project aims to provide financial access to those typically excluded from traditional banking systems.
The Trump Organization, the company owned by former U.S. President Donald Trump, is preparing to launch a cryptocurrency initiative, according to recent statements by Eric Trump. As the executive vice president of the Trump Organization, Eric Trump has been teasing the project in interviews and on social media, though specific details remain unclear.
In an interview with the New York Post on August 14, 2024, Eric Trump described the upcoming project as “digital real estate.” He suggested that the initiative could allow people to lend or borrow funds, potentially offering an alternative to traditional banking services.
“It’s equitable. It’s collateral anyone can get access to and do so instantly,” Trump told the Post. “I don’t know if people realize what a shake-up that is for the world of banking and finance.”
The announcement follows a series of social media posts by Eric Trump and his brother, Donald Trump Jr., hinting at a major crypto-related announcement. On August 7, Eric Trump posted on X (formerly Twitter) that he had “truly fallen in love with Crypto / DeFi,” and advised followers to “stay tuned for a big announcement.”
Friends: Beware of fake tokens! The only official Trump project has NOT been announced! You will hear it here first. https://t.co/33wfKyaMVB
— Eric Trump (@EricTrump) August 8, 2024
While the Trump Organization has not provided a specific timeline, Eric Trump stated that the project will be publicly announced “the moment everything is final and ready to go.” This lack of concrete information has led to speculation about the nature of the project.
Eric Trump emphasized the potential for cryptocurrency and decentralized finance (DeFi) to provide financial services to those who may be excluded from traditional banking systems. “Essentially over half this country right now cannot be banked,” he claimed in the Post interview. “Meaning they will be rejected for most loans from most institutions.”
He suggested that crypto technology could enable faster loan approvals based on “math, not policy,” potentially allowing money to reach borrowers’ accounts “in minutes, not months.”
The Trump family’s interest in cryptocurrency comes at a time when digital assets and blockchain technology are gaining attention in various industries. However, the crypto market has also faced significant volatility and regulatory scrutiny in recent years.
Eric Trump framed the project as a response to what he sees as problems in the current financial system. “The system as it stands now can be manipulated. And it is. All the time,” he said. He also referred to what he called “financial discrimination” faced by his family, though he did not provide specific examples.
The announcement has generated interest in the crypto community, with some speculating about the potential impact of a Trump-backed cryptocurrency project. However, Eric Trump and Donald Trump Jr. have warned followers to be wary of fake tokens claiming to be associated with their project.
“The only official project will be announced directly by us, and it will be fair for everyone,” Donald Trump Jr. posted on X. “Don’t be fooled—stay tuned for the real deal.”
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