Donald Trump Jr. explained why his family’s investments in cryptocurrency made “total sense” after they faced opposition from banks, which he argued used to regularly work with the Trump family.
President Donald Trump and his family have become more involved in digital currency in recent months, with the president attending a dinner hosting 220 investors of his $TRUMP meme coin last month. Before Trump’s involvement in politics, the president’s eldest son explained that he could get a loan from any banker he called, but this changed when the Trump family was “debanked” once his father ran for president.
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“And what I realized, and my brother realized, because we were the recipients of every subpoena imaginable, was that, you know what? We were actually 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 and whatever, we could kind of do whatever we wanted,” Trump Jr. explained on CNBC’s SquawkBox. “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.”
Trump Jr. further explained that the “necessity” for crypto was the family’s drive to get involved in it, stating it made “total sense” since the family had been the recipient of their financial support being “shut off.”
When asked about his father’s meme coin, Trump Jr. said that many “highly libertarian people” have thanked the Trump family for making cryptocurrency a priority, which the president’s son predicted is the future of banking “almost without question.” He also deemed his father’s meme coin as “proof of concept” that cryptocurrency is the cure to the problems posed by the banking systems.
Trump Jr.’s praise for cryptocurrency echoes that of his brother, Eric Trump, who recently argued that cryptocurrency holders cannot be “canceled” financially. He also said that banks exerting their power by “canceling businesses” opened his eyes to crypto, as the Trump family is currently suing Capital One over claims the banking company terminated over 300 of the Trump Organization’s accounts “without cause.”
Democratic lawmakers have scrutinized the president’s meme coin. Rep. Jamie Raskin (D-MD) asked for the names of the 220 attendees of Trump’s crypto dinner, claiming that this would shed light on what attendees received in exchange for “putting tens of millions of dollars into our president‘s pocket.”
Last week, Vice President JD Vance attended the Bitcoin 2025 conference, during which he stated that crypto has “a champion and an ally in the White House” via Trump. He also warned that future overregulation could send crypto investment and innovation overseas, and told attendees that crypto’s future would ultimately be “decided by the people.”