The son of the President says that the Trump family went all-in on crypto out of necessity, not because it’s an emerging trend.
In a new interview with CNBC, Donald J. Trump Jr., son of U.S. President Donald J. Trump, says the family got into crypto after being “debanked” in New York City for political reasons.
“The reason we got into crypto and we’re all in on crypto and we’re doing American Bitcoin and we have World Liberty Finance and USD1 was because there was a time… where I could call any single banker in New York City, they’d pick up the phone [and] I’d be able to get a loan for whatever real estate project I was doing across the street.
Then we got into politics, and all of a sudden, they wouldn’t take your call. You couldn’t get financing. We were debanked. And what I realized, and my brother realized because we were the recipients of every subpoena imaginable, was that, you know what? We were just the top of this sort of pyramid scheme that we didn’t realize we were a part of, that the financial system was totally undemocratized because we had a certain balance sheet…”
After experiencing what the family believes was a political persecution, he says that the Trumps decided to turn to crypto as a way to avoid being “turned off” in the future.
“The regular guy was messed up. Now we were all of a sudden in the shoes of the regular guy that wouldn’t be able to take advantage of the markets. And we said, what’s the solution for that? The answer is crypto. These decentralized platforms where you’re not beholden to this, where you create efficiencies. As a guy that did real estate, [I asked] why am I paying points in and out for title insurance? That could be done on the blockchain. So we got into crypto not because it was like, ‘hey, this is the next cool thing.’
We got into it out of necessity. We got into it because we understood just how quickly we could be turned off.”
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