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Highlights
- Donald Trump Jr. stated that they got into crypto because they were debanked.
- He explained how his family couldn't access the traditional financial system after Donald Trump declared to run for president.
- Trump Jr. also declared that they got into crypto out of necessity and not because it was the next cool thing.
- The president's son is also confident that stablecoins would save the dollar's dominance.
Donald Trump Jr. has broken the silence on why exactly he and the Trump family, led by US President Donald Trump, got into crypto. This comes at a time when the president has come under fire for his involvement in the TRUMP meme coin and other crypto activities, with US Democrats accusing him of corruption.
Donald Trump Jr. Comments On Why The Trump Family Got Into Crypto
In a CNBC interview, Donald Trump Jr. stated that the Trump family got into crypto because of debunking. He revealed how he had easy access to the traditional financial (TradFi) system, but that all changed when his dad, the current US President, declared his intention to run for president again.
He further remarked that he and his brother, Eric Trump, realized they were at the top of a sort of pyramid scheme and that the financial system was “totally undemocratized.” Trump Jr. added that they were in a similar position to regular individuals who have no access to the financial system.
This led to their involvement in cryptocurrency, as they saw decentralized finance (DeFi) as the solution to the cracks in the TradFi system. The president’s son declared that their involvement in crypto was out of necessity and not because it was the next “cool thing.” He also highlighted how crypto has created an egalitarian system.
Donald Trump Jr.’s statement comes just as Trump Media closed its $2.32 billion Bitcoin treasury deal. The company raised $2.44 billion from stock and senior notes sales, of which it intends to use around $2.32 billion of the proceeds to accumulate BTC.
The Trump Family’s crypto activities include America Bitcoin, a BTC mining company which Eric Trump cofounded, World Liberty Financial (WLFI), which they back, and the USD1 stablecoin.
The President’s Involvement In The Meme Coin
Donald Trump Jr. also commented on the president’s ties to the TRUMP meme coin. He stated that the coin is different, as one can’t really influence it, since no one knows exactly where it is coming from. The president’s son also noted that he is not involved in the top Solana meme coin and is instead focused on the mining and stablecoin business.
As CoinGape reported, Rep French Hill recently mentioned that Trump’s involvement in the TRUMP coin has complicated crypto legislation. The lawmaker explained that his Democrat colleagues are now more focused on the president’s ties to crypto rather than providing a regulatory framework for the industry.
Meanwhile, Trump Jr. also affirmed during the interview that crypto won’t undermine the dollar’s dominance. He alluded to stablecoins, which he remarked would be the “savior of dollar hegemony and not a detractor.”
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