The Trump Organization, the holding company for former US President Donald Trump’s business ventures, is reportedly set to unveil a new cryptocurrency initiative. In an interview, Eric Trump, the ex-president’s son and executive vice president of the organization, revealed that the new venture would focus on “digital real estate” and would allow people to borrow or lend money through the platform.

The announcement comes as the Trump family has been vocal about their enthusiasm for cryptocurrency on social media. Eric Trump recently took to X, formerly Twitter, to express his enthusiasm for DeFi, saying, “I’ve fallen in love with Crypto/DeFi. Stay tuned for a big announcement.”

I have really fallen in love with Crypto/DeFi. Stay tuned for a big announcement…@Troef @realDonaldTrump @DonaldJTrumpJr

— Eric Trump (@EricTrump) August 6, 2024

Disrupting Traditional Banking

According to Eric Trump, this new cryptocurrency initiative could be a game-changer in the banking and finance sectors, bringing financial independence to people who don’t have access to traditional services. He said there are many problems and inequities in the current system, so he would like to see a model where loan approval decisions are driven algorithmically and not by policy.

“It’s fair. It’s collateral that everybody has immediate access to. I don’t think people understand how revolutionary that could be for the banking and financial industry,” Trump said.

Pro Trump Crypto News

This comes at a time when the Trump team is dabbling in cryptocurrencies. The former president has also recently tried to reach out to the crypto community by speaking at major events and accepting bitcoin, ether, USDC, and even memecoins as campaign donations.

Eric Trump said he fell in love with crypto. Image: Getty Images

Overcoming Past Skepticism

The tone on cryptocurrencies has clearly changed for Trump since taking over the White House. As recently as 2019, he openly condemned cryptocurrencies, saying, “I’m not a fan of Bitcoin and other cryptocurrencies, which are not money and whose value is based on thin air.”

To date, his campaign has raised more than $4 million in various cryptocurrencies from donors in 12 states, including several battleground states.

Once all the details fall into place, the Trump Organization is expected to reveal more details about their new bitcoin project. “I believe that at some point, everyone wants some level of financial freedom and a landscape where we’re not limited by the standards of big banks,” Eric Trump explained, expressing his excitement about the transformative power of DeFi on the economy.

As the 2024 presidential election approaches, the battle for votes and campaign funds from America’s frontline fintech users is on. That could bring special attention to the Trump Organization’s foray into cryptocurrencies from both its admirers and detractors.

Main image from Medium, chart from TradingView