Ethereum News Today: Trump family turns to crypto after major U.S. banks close accounts without notice

Eric Trump, son of former U.S. President Donald Trump, has claimed in multiple interviews and social media posts that several major U.S. banks, including Capital One, JPMorgan Chase, Bank of America, and First Republic, abruptly closed hundreds of his accounts without prior notice [1][2][3]. The closures occurred in the absence of formal communication from the banks, leaving the Trump family with limited access to traditional banking services. In a recent interview with FOX, Eric Trump stated that the family had no alternative but to turn to cryptocurrency as a financial solution [4].

The decision to pivot to cryptocurrency appears to have been driven by necessity rather than opportunism. Eric Trump mentioned a specific instance in February where he advised investors to buy Ethereum (ETH) at a particular price point, suggesting a calculated and strategic engagement with the crypto market [5]. Critics have observed that the Trump family did not accidentally enter the crypto space but rather used their public platform to promote and benefit from it [6].

This situation has sparked broader discussions about the interplay between political influence and financial access within the U.S. banking sector. While no bank has officially confirmed the extent of the account closures, the statements by Eric Trump and Donald Trump Jr. highlight a growing trend of high-profile individuals relying on digital assets when traditional financial systems become inaccessible. It also underscores the evolving role of cryptocurrency as a tool for financial independence among those excluded from traditional banking.

The lack of transparency from the banks regarding the account closures has raised questions about due process and the potential for politically motivated decisions. However, concrete details about the reasons behind the closures remain speculative, and no official statements from the banks have been provided. The Trump family’s increasing engagement with cryptocurrency reflects a broader shift in how some individuals approach financial services in an increasingly digital world.

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Source:

[1] Gate.com (https://www.gate.com/post/status/13028430)

[2] Facebook (https://www.facebook.com/cointelegraph/posts/-latest-eric-trump-said-major-us-banks-including-capital-one-jpmorgan-bank-of-am/1075666984740129/)

[3] YouTube (https://www.youtube.com/watch?v=FRgS4JN9i70)

[4] NewsBreak (https://www.newsbreak.com/the-independent-517119/4172****25790-don-jr-says-his-family-got-into-crypto-after-banks-refused-to-do-business-after-jan-6-nonsense)

[5] Facebook (https://m.facebook.com/cointelegraph/photos/-latest-eric-trump-referenced-his-february-call-to-buy-eth-at-2900-asking-critic/1075700418070119/)

[6] NewsBreak (https://www.newsbreak.com/alternet-332687158/4173****60852-notice-they-don-t-deny-it-trump-s-sons-hammered-for-excusing-profits-from-presidency)