Trump Jr. Cites De-Banking as Catalyst for Crypto Embrace

Donald Trump Jr., the eldest son of former U.S. President Donald Trump, recently shared his experiences of being "de-banked, de-insured, de-everything" due to his involvement in the political sector. Speaking at an event in Las Vegas, he described the situation as brutal, highlighting the challenges faced by those who enter the political arena. This experience, he said, has made him more aware and supportive of the conservative movement, often referred to as being "orange-pilled." The term "orange-pilled" is a reference to the color associated with Donald Trump and his political ideology, indicating a shift in perspective towards a more conservative viewpoint.

Trump Jr. revealed that he and his younger brother Eric were instrumental in helping their father understand the potential of crypto and blockchain technology. Initially, neither of them were early adopters of bitcoin or crypto, but their experiences with being marginalized by financial institutions and insurance companies opened their eyes to the fragility of the traditional financial system. "We were real estate guys, we were hard assets, we built buildings — [bitcoin] was a bit nebulous," he said. "But once we got into that political sector…we were getting de-banked, we were getting de-insured, we were getting de-everything. It was brutal."

Trump Jr. and his brother Eric were the ones who were getting subpoenaed in nonsense lawsuits, dealing with getting de-banked, and facing other challenges. They saw first-hand the issues that arise from being involved in politics. Once they started explaining the potential of crypto and blockchain technology to their father, he quickly understood and embraced it. Trump Jr. mentioned that his father cares about doing what’s right for the country, and the democratization of finance is a fundamental goal for him.

The Trump family’s crypto ventures, including the TRUMP memecoin and World Liberty Financial, have faced criticism for being opaque and allegedly presenting conflicts of interest. However, since Trump took office, there has been a renewed push for new regulations and the passage of crypto legislation, as well as the apparent end to the so-called regulation-by-enforcement practiced by regulators during Joe Biden’s administration. With stablecoin legislation seemingly around the corner, potentially followed by a comprehensive market structure bill and strategic bitcoin reserve legislation, Trump Jr. said the improved regulatory clarity for the industry will be a boon for bitcoin.

Trump Jr. also expressed his amusement at other candidates, including Democratic nominee and former Vice President Kamala Harris, jumping on the bitcoin bandwagon. "I would pay money, a lot of money, maybe my entire crypto wallet, to have Kamala Harris explain blockchain technology," he said. "That would be the greatest word salad in the history of Kamala Harris word salad."

The experience of being marginalized by financial institutions and insurance companies is a stark reminder of the power dynamics at play in the political arena. It underscores the importance of resilience and determination in the face of adversity. For Trump Jr., this experience has only served to reinforce his commitment to his beliefs and his family's political legacy. It remains to be seen how this will shape his future actions and the broader political landscape.