Eric Trump Says Cancel Culture Pushed Him Toward Bitcoin

Eric Trump, Executive Vice President of the Trump Organization and son of former President Donald Trump, made headlines at the Token2049 conference in Dubai with a bold declaration: "Woke cancel culture" forced his hand in embracing cryptocurrency. His remarks not only illustrate a personal pivot toward digital assets but also reflect a broader narrative of political resistance, economic independence, and technological transformation.

Table of Contents

• The Catalyst: Banks Allegedly ‘Canceled’ the Trump …

• Crypto as a Response to Financial Censorship

• Trump Family’s Deepening Involvement in Crypto

• From NFTs to Mining: Diversified Crypto Ventures

• Criticism and Ethical Concerns

• Conclusion

• FAQs

The Catalyst: Banks Allegedly ‘Canceled’ the Trump Family

Eric Trump claimed that near the end of his father's first presidential term, major banks abruptly closed accounts held by him and other Trump family members. He attributed these closures to political bias, calling them a product of “woke cancel culture.”

“Some of the biggest banks in the world came after us like animals because of politics,” Eric Trump told the crowd in Dubai.

This experience, he said, opened his eyes to what he believes is a deeply flawed financial system—one susceptible to ideological influence and weaponization against dissenting voices.

Crypto as a Response to Financial Censorship

Trump's banking woes pushed him to explore cryptocurrencies, which he now sees as a bulwark against centralized control. He drew parallels between his experience and what he described as an ongoing effort by U.S. regulators to undermine crypto companies—dubbed “Operation Choke Point 2.0.”

“Sometimes they say the enemy of your enemy is your friend,” he said, describing how he came to see cryptocurrency as a necessary alternative to traditional finance.

This personal narrative aligns with a common crypto ethos: decentralization as protection from institutional overreach.

Trump Family’s Deepening Involvement in Crypto

The Trump family’s embrace of crypto has accelerated since that revelation. Donald Trump, once a vocal critic of Bitcoin—calling it a “scam”—has undergone a stark transformation. In 2024, while campaigning, he began advocating for crypto adoption and support for Bitcoin miners. He even released a meme coin on the Solana network named TRUMP, which briefly held a market cap of $14 billion.

Eric Trump, meanwhile, has taken more operational steps. He co-founded World Liberty Financial, a decentralized finance (DeFi) project on Ethereum, and helped launch the USD1 stablecoin. Just recently, he announced the coin’s expansion to the Tron blockchain alongside Tron founder Justin Sun.

From NFTs to Mining: Diversified Crypto Ventures

The Trump family's crypto activity extends beyond coins. Donald Trump previously released NFT collections on Polygon, signaling his willingness to capitalize on blockchain tech in various forms.

Eric Trump is also venturing into crypto mining. His latest project, American Bitcoin Corp, is a partnership with Hut8, a Canadian crypto mining firm, with plans to go public. He described the current state of crypto adoption as being in its “dial-up phase,” suggesting vast potential still untapped.

“I’m telling you, the countries that move quickly are going to win this revolution,” Eric predicted.

Criticism and Ethical Concerns

The Trumps’ growing entanglement with crypto has not gone unchallenged. Critics argue that these ventures raise serious ethical and legal questions, particularly in light of Donald Trump’s return to political office. One major controversy centers around a $2 billion investment from Abu Dhabi's MGX fund into Binance, which was reportedly facilitated using Eric Trump’s USD1 stablecoin.

Robert Weissman, co-president of Public Citizen, warned:

“This is far more than a conflict of interest. It is foreign policy for sale and justice for sale.”

Conclusion

Eric Trump's turn toward cryptocurrency reflects a broader convergence of political identity, economic autonomy, and technological disruption. Framed as a resistance to institutional suppression, his embrace of Bitcoin and blockchain technology may shape not only the Trump brand’s future but also the public’s perception of crypto as a political tool.

Whether this pivot is viewed as a principled stance or opportunistic branding, one thing is clear: the Trumps are betting big on crypto—and they’re not backing down.

FAQs

Why did Eric Trump say he turned to cryptocurrency?

Eric Trump stated that major banks closed his family’s accounts due to political reasons, which he attributed to “woke cancel culture.” This experience led him to explore crypto as a decentralized and censorship-resistant financial alternative.

What is “Operation Choke Point 2.0” that Eric Trump referenced?

Operation Choke Point 2.0 is a term used by some crypto advocates to describe efforts by U.S. banks and regulators to limit access to banking services for crypto companies. Eric Trump sees this as part of a broader pattern of financial exclusion.

Is the Trump family involved in cryptocurrency projects?

Yes. Eric Trump co-founded World Liberty Financial, launched the USD1 stablecoin, and announced a mining venture called American Bitcoin Corp. Donald Trump has released NFTs and a meme coin on Solana.

What controversies surround the Trumps’ involvement in crypto?

Critics argue that the family’s crypto ventures may present conflicts of interest, especially with Donald Trump’s return to public office. A $2 billion investment into Binance using the Trump-linked stablecoin has drawn particular scrutiny.

How has Donald Trump’s stance on Bitcoin changed?

Initially critical of Bitcoin, calling it a scam, Donald Trump has since become more supportive. During his 2024 campaign, he pledged to strengthen the U.S. crypto industry and released his own crypto token.

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