Will Trump coin allow foreign adversaries funnel money to Donald Trump? Here's what US President's eldest son says

Donald Trump Jr

Donald Trump's eldest son Donald John Trump Jr recently responded about meme coins, and how any foreign adversary too can be sending money to the US President through his official $TRUMP coin due to its anonymous nature, and create influence on the White House.

While speaking to CNBC, Trump Jr distanced himself from the cryptocurrency. "I wasn't involved in the meme coin. I am more focused on stable coins, bitcoin mining and some of these things," he said.

He however added that meme coins in fact cannot create any influence because of its anonymous nature. "It is hard to influence if you don't know where the stuff is coming from," he said.

When asked if it was okay for his father to have a meme crypto coin, Donald Trump Jr. said, "There was a time when I could call any single banker in New York city and get a loan for whatever real estate project I was doing across the street. Then we got into politics, and all of a sudden, they wouldn't take our calls. We couldn't get financing, we were debanked."

He added that it was then that they realised that they earlier on top of an undemocratic pyramid structure, who could easily take advantage of the market. However, with increased scrutiny after entering politics, they were at par with the regular man.

"We were all of a sudden in the shoes of the regular guy that wouldn't be able to take advantage of the market. So we said, 'What's the solution for that?' And the answer was crypto," he said.

Trump Jr. added that the decentralized nature of cryptocurrency allowed them to finance their investments. "We got into crypto not because it was the next cool thing. We got into it out of necessity because we understood how quickly we could be turned off," he added.

Also read: When bitcoin is the business model, investors should beware

US President Donald Trump has actively batted for cryptocurrency since his presidential campaign times. His meme coin $TRUMP has skyrocketed nearly 827 percent in the past one year.

Trump's second presidency is also marked by another notable observation - he has published over 2,260 posts on Truth Social in just 132 days, more than three times his pace on Twitter during the same period in 2017, according to a Washington Post analysis.

Trump’s focus on Truth Social also has a financial motive. His majority stake in Trump Media is worth over $2 billion, and his relentless promotion of the platform helps drive user engagement. “When I put out a Truth, it is all over the place,” he bragged in 2022.