Eric Trump, VP of the Trump Organization, claims major US banks are unfairly targeting businesses, pushing him towards cryptocurrency. He argues this “cancel culture” highlights the need for alternative financial systems.
De-banking Claims
Trump alleges that several banks, notably Capital One and JPMorgan Chase, closed his accounts. He describes the experience as aggressive and disruptive, impacting numerous employees across his businesses. He states that he recently sued Capital One over this issue.
He says the banks gave short notice to shut down accounts, creating significant operational challenges.
Crypto as a Solution
Trump says these events led him to embrace cryptocurrency. He believes the incident exposed the power banks wield and their potential for politically motivated actions. He contrasts his traditional real estate background with his newfound interest in crypto, emphasizing that the experience opened his eyes to the potential of blockchain technology.
He argues that blockchain offers a more efficient, cheaper, and faster alternative to traditional banking systems, free from the alleged biases and arbitrary actions of major financial institutions. He believes crypto offers a solution to the problems he faced.
Political Motivation?
Trump suggests the de-banking was politically motivated, a form of “legal lawfare” targeting him due to his father’s presidency. He claims this wasn’t an isolated incident, but rather part of a broader pattern of banks targeting businesses they disapprove of.
