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Eric Trump Claims Several US Banks Closed His Accounts Without Notice, Turns to Cryptocurrency
ByAinvest
Thursday, Aug 14, 2025 12:18 am ET1min read
Eric Trump claims several major US banks closed hundreds of his accounts without notice, prompting him to turn to cryptocurrency. The banks in question include Capital One, JPMorgan Chase, Bank of America, and First Republic Bank. Trump has not provided further details about the closures or his decision to use cryptocurrency.
The Trump family has turned to cryptocurrency as a solution following the closure of hundreds of their accounts by major US banks. The closures, which affected Capital One, JPMorgan Chase, Bank of America, and First Republic Bank, reportedly occurred without notice, prompting the Trump family to explore alternative financial solutions.Donald Trump Jr. recently discussed the family's decision to enter the cryptocurrency space on Fox & Friends. He stated, "We got into crypto because we didn’t have a choice. Every major banking institution, the people that, two weeks before we were debanked, we could’ve called and gotten a loan in five seconds. They disappeared. We were left high and dry" [1].
The Trump family's crypto venture, World Liberty Finance, has recently secured a significant investment from ALT5 Sigma. The technology firm has agreed to purchase $1.5 billion worth of shares in World Liberty Finance's digital coin, $WLFI. This deal marks a substantial step forward for the Trump family's crypto business and signifies their intent to disrupt the traditional banking system [2].
The Trump family's move into cryptocurrency is part of a broader trend among publicly traded companies integrating altcoins into their balance sheets. Companies like BitMine and SharpLink Gaming have also announced plans to increase their cryptocurrency holdings. However, these moves come with inherent risks, including market volatility and regulatory uncertainty [2].
The Trump family's involvement in the cryptocurrency space raises questions about the potential impact on the broader financial system. While the integration of cryptocurrencies into traditional finance could offer new opportunities, it also presents challenges, including the need for robust regulatory frameworks and consumer protection measures.
References:
[1] https://finance.yahoo.com/news/don-jr-says-family-got-134119065.html
[2] https://www.cryptopolitan.com/eric-trump-alt5-sigma-invests-1-5b-in-wlfi/
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