Eric Trumps Crypto Push: “Accumulate Bitcoin” and “Replace SWIFT”

In a recent interview, Eric Trump emphasized the global rush to accumulate Bitcoin, stating that everybody in the world is trying to hoard Bitcoin right now. He mentioned two primary races in the Bitcoin ecosystem. The first one is the accumulation race, led by figures like Michael Saylor (co-founder of MicroStrategy), and the second one is the mining race, which he wants to dominate through his company, American Bitcoin.

Additionally, in another interview, Trumps second son criticized traditional financial systems, labeling SWIFT as a disaster and advocating for the adoption of blockchain technologies, cryptocurrencies, and stablecoins. He warned that banks failing to adapt to these innovations risk obsolescence within a decade.

SWIFT, short for Society for Worldwide Interbank Financial Telecommunication, is a network that facilitates secure and standardized messaging for international money transfers.

Trump continued saying that his company American Bitcoin will rival MicroStrategy. He stated: “We will accumulate a tremendous amount of Bitcoin, but I also want to be the person who produces BTC at the cheapest price.”

His comments come at the time when Bitcoin is keeping a steady price at around $103,735.

Market Manipulation Concerns

The Trump familys active participation in the cryptocurrency sector is no secret, and coupled with supportive federal policies, it indicates a joint effort to integrate digital assets into the US financial system. While these developments do present opportunities for innovation and economic growth, they also raise questions about potential conflicts of interest and the need for transparent regulatory frameworks.

Due to the familys involvement in various crypto related affairs, accusations of market manipulation come up from time to time, with Senator Elizabeth Warren often pointing out such actions.

Specific Token Launches and DeFi Company Under Scrutiny

For instance, early this year, Donald Trump launched the $TRUMP memecoin through CIC Digital LLC, a Trump-owned entity that retained 80% of the token‘s supply. The coin’s value skyrocketed to over $75 before plummeting to around $12, leading to big losses for many investors.

Shortly after, his wife Melania launched a token where investigations revealed that 24 wallets acquired $2.6 million worth of $MELANIA tokens just before its public announcement, later profiting approximately $100 million. Consequently, this raised suspicions of insider trading.

Then there is World Liberty Financial, a decentralized finance company established by the Trump family. The company had and has notable foreign investments and crypto dealings, yet again prompting concerns over possible conflicts of interest and the influence of foreign entities on US policy.