Eric Trump was speaking just hours after ringing the Nasdaq (NDAQ) bell for American Bitcoin’s (ABTC) public debut when he said crypto could be the key to keeping the U.S. dollar alive.
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“Mining bitcoin here, and being financially independent and running a kind of financial revolution out of the United States of America…I think it arguably saves the U.S. dollar,” Eric said.
The remarks hit at a sensitive time. The dollar has been sliding, dragged lower by Donald Trump’s escalating trade war and constant attacks on the Federal Reserve. The Fed cut rates this week under pressure from the president, but instead of calming markets, it deepened investor doubts about the dollar’s long-term stability.
The Trump Family Goes All-In on Crypto
Eric isn’t just talking up digital assets. The Trump family has built a web of crypto ventures that range from a Truth Social Bitcoin ETF to memecoins like $MELANIA and $TRUMP.
He defended the meme tokens, calling them “fun” and suggesting they work because people want to bet on personalities, celebrities, or brands. “They want to buy, you know, a kind of small piece of them, via digital currency,” he said.
The family’s turn to crypto is also personal. Eric blasted Wall Street, saying none of their projects relied on banks. “It’s almost like the ultimate revenge against the big banks and modern finance,” he said, referencing the Trump Organization’s legal fight with Capital One (COF). “You realize you just don’t need them. And frankly, you don’t miss them.”
Stablecoins Collide with Washington’s Strategy
The stablecoin market is where the family’s ambitions and Washington’s strategy collide. Banks have long feared coins like Tether and Circle (CRCL) could siphon off deposits. Now, with Congress passing major crypto legislation in July, stablecoin issuers are being steered toward buying Treasuries.
Eric co-founded World Liberty Financial Inc. (WLFI) last year, which issues the USD1 stablecoin. The project has major family backing. Donald Trump held 15.75 billion WLFI tokens at the end of 2024, worth over $3 billion at current prices.
Eric downplayed the idea that their push was about profit. “If my father cared about monetising his life, the last thing he would have done is run for president, where all we’ve done is un-monetise our life,” he said.
Eric’s Key Message
To sum up, Eric was reinforcing his view about how crypto, especially stablecoins and Bitcoin mining, could draw global capital into America, shore up the dollar, and reduce reliance on Wall Street.
Whether you see it as savvy strategy or political spin, the Trumps are trying to align the fate of the dollar with the rise of crypto. And they’re betting billions on that future.
At the time of writing, Bitcoin is sitting at $117,414.
