Trump’s son: Cryptocurrency will “save the dollar”
At a critical moment when the US dollar faces multiple pressures and its status as a global reserve currency is being challenged, Trump's son Eric Trump believes that the digital assets boom can revitalize the dollar's dominance.
On September 18, according to the Financial Times, Eric Trump recently stated that the digital asset boom will channel "trillions of dollars from weak currencies around the world" into the US.
This remark comes as the dollar has fallen sharply this year, with Trump's trade policies and repeated attacks on the Federal Reserve undermining investor confidence in the global reserve currency.
It is noteworthy that Eric Trump's views echo the policy direction of his father. Trump has pledged to make the US the world's "digital asset capital" and implement a loose regulatory environment, pushing cryptocurrencies like Bitcoin to historic highs.
The report said Eric Trump also described the family's digital asset business as the "ultimate revenge" on traditional financial institutions. Reportedly, the Trump family has extensive interests in the digital asset sector, including the Truth Social Bitcoin ETF, two meme coins, and Bitcoin investment businesses related to Trump Media & Technology Group.
Digital Assets as a Support for the Dollar
Eric Trump elaborated on the logic of how digital assets can support the dollar's status.
He said that engaging in Bitcoin mining in the US, thereby achieving financial independence and launching a "financial revolution originating in America," these "can arguably save the dollar."
His core logic is that a US that is friendly to digital assets will become a safe haven for global capital. When investors seek to move funds out of 'unstable currencies,' the US crypto market will provide an attractive option, thus indirectly supporting demand for dollar-denominated assets.
The backdrop for this view is the multiple pressures facing the dollar. The scale of US debt is expected to further expand due to Trump's landmark tax policy, intensifying market concerns about the country's fiscal situation. Since taking office, Trump has advocated substantial rate cuts and previously stated that "a weak dollar makes more money than a strong dollar."
Eric Trump believes that by attracting global capital into the US digital asset market, new support can be provided for the dollar.
Again, it is notable that Eric Trump’s views echo his father’s policy direction. Trump has vowed to make America the world's "crypto capital," and encourages a "light-touch" regulatory environment for digital assets. This stance has driven Bitcoin and other token prices to historic highs.
Challenges to the Traditional Financial System
The Trump family has extensive interests in the digital asset sector, including the Truth Social Bitcoin ETF, two meme coins, and Bitcoin investment businesses related to Trump Media & Technology Group.
Eric Trump co-founded World Liberty Financial Inc (WLFI) last year, a digital asset company backed by his family that operates the USD1 stablecoin, which is pegged to the US dollar.
According to financial disclosure documents, Trump held 15.75 billion WLFI tokens at the end of 2024, worth over $3 billion at Wednesday’s trading price.
Eric Trump emphasized that when building multiple crypto companies, he did not rely on America's top financial institutions for help. He called this the "ultimate revenge against big banks and modern finance," adding, "You realize you simply don’t need them, and frankly, you won’t miss them either."
This remark was made a few months after the Trump Organization filed a lawsuit against Capital One Bank, accusing it of closing Trump’s accounts in 2021 for political reasons, which the bank denied.
US banking executives are concerned that stablecoins, which are typically pegged 1:1 to the dollar, could siphon funds out of traditional banks if they offer better yields.
White House officials hope that, inspired by Congress passing the first major digital asset regulatory bill in July, stablecoin issuers like Tether and Circle can step in to buy a substantial portion of the trillions of dollars in US Treasury bonds issued each year.
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