From Real Estate Giant to "Crypto Sphere" Pioneer: How Eric Trump, Son of the U.S. President, is Leading His Family into the Cryptocurrency World?
For Eric Trump, who once called himself a "bricks-and-mortar guy," venturing into the abstract world of cryptocurrency seemed unimaginable. However, according to a recent exclusive interview with The Wall Street Journal, it was a "cutoff" from the traditional financial system that led him to become the core evangelist and leader of the Trump family’s cryptocurrency ventures.
"Pushed by Banks": An Unexpected Transition from Real Estate to Crypto
In the interview, Eric Trump revealed that the catalyst for this shift was the "debanking" crisis the family business faced in early 2021.
He stated that shortly after the U.S. Capitol riot, several banks that had business ties with the Trump family closed hundreds of the family’s corporate accounts without providing a clear reason. He believes there were political motives behind this move.
"At that moment, I realized how fragile the financial system is and how easily it can be used as a weapon against you," Eric said. Reports indicate that this experience profoundly fueled the Trump family’s interest in the crypto world—a decentralized field long viewed by its advocates as free from bank control.
Today, the Trump family has built substantial interests across multiple areas, including Bitcoin mining and cryptocurrency token investments. The equity value of one of its companies, World Liberty Financial, was recently estimated at $4.5 billion.
At 41, the executive vice president of the Trump Organization now stands at the forefront of the family’s business transformation. He not only manages approximately 25 hotels, golf courses, and commercial real estate projects worldwide but also devotes significant energy to building the family’s crypto portfolio.
A Vast Cryptocurrency Portfolio
Under Eric Trump’s leadership, the Trump family’s cryptocurrency portfolio has expanded rapidly, covering Bitcoin mining, the acquisition of various crypto tokens, and more.
At the core of this portfolio is the flagship crypto firm World Liberty Financial. The company has launched a token called WLFI and a stablecoin pegged 1:1 to the U.S. dollar.
Reports note that in March, World Liberty announced it had sold $550 million worth of WLFI tokens to investors, including cryptocurrency billionaire Justin Sun.
The Trump family’s crypto business also includes American Bitcoin, a Bitcoin mining company established in partnership with publicly traded firm Hut 8. Documents show Eric Trump is a co-founder and chief strategy officer of the company, holding a 9.3% stake.
Additionally, the $TRUMP meme coin—launched three days before Trump’s inauguration—saw its market value soar to nearly $15 billion at one point. Though its value has since dropped significantly, it remains both controversial and influential.
From "Skeptic" to "Evangelist"
Once skeptical of Bitcoin, like his father, Eric has now become a firm supporter. Anthony Scaramucci, founder of investment firm SkyBridge Capital and a former advisor during Trump’s first term, commented: "He’s not a casual crypto enthusiast. He’s read the Bitcoin white paper and done a tremendous amount of homework."
Eric has even defended the controversial memecoins, arguing they are "powerful gateways" to attract new people into the crypto world.
He envisions: "If I want to refinance Trump Tower, why can’t I tokenize that asset and let billions of people around the world invest in it?"
Caught in the Vortex of Conflicts of Interest
However, this large-scale business layout, coupled with his father’s return to the White House, has raised serious ethical and legal concerns.
Norm Eisen, White House ethics chief during the Obama administration, commented on this: "This is the essence of corruption, because the person ultimately responsible for regulating this industry—President Trump—has enormous financial interests in multiple aspects of the industry."
Critics argue that President Trump will inevitably influence his own wealth when formulating industry policies.
In response, White House Press Secretary Karoline Leavitt stated that the media’s "ongoing attempts to fabricate conflicts of interest are irresponsible," and emphasized that "the President and his family have not, do not, and will not engage in any conflicts of interest." Eric Trump himself also claimed that his business activities are "completely unrelated" to Washington politics.