In a recent interview on CNBC's Squawk Box , Donald Trump Jr. shared that his family turned to Bitcoin and crypto out of necessity. Speaking with co-hosts Joe Kernen and Andrew Ross Sorkin, he presented why the Trumps got into crypto and what pushed them in that direction, insisting that it was not an attempt to chase the prevalent trend.Kernen asked Trump Jr. about the headlines tying Bitcoin to the Trump brand and the broader MAGA movement. He questioned whether it was appropriate for President Donald Trump to have a meme coin tied to his name.The Trump's Entered Bitcoin and Crypto Out of NecessityIn response, Trump Jr. explained that their turn to crypto started after his family entered politics. Before that, banks in New York returned his calls and approved loans for real estate projects without hesitation. https://twitter.com/SquawkCNBC/status/1929895962408861834However, once his father became president, those same institutions stopped answering. The Trumps found themselves shut out of the banking scene . According to him, the financial system turned on them overnight, and they couldn't get basic financing even with solid business records and assets.He said that was when he and his brother realized something important: the system was not built to be fair. Before politics, they had access to everything because of their name and resources. Afterward, they experienced the kind of financial roadblocks that everyday Americans face all the time. This opened their eyes. Notably, they saw crypto as a way to work around a system that suddenly turned against them.Blockchain Has Some Real BenefitsSpeaking further, he added that blockchain technology also has real advantages. As a real estate developer, he questioned why basic processes like title insurance still cost so much and take so long. He saw clear ways crypto could make those transactions faster and cheaper. For him, the decision wasn't about jumping on a trend, it was about survival and innovation. He described it as a necessary pivot after getting locked out of traditional finance.Sorkin then asked whether the Trump-linked meme coin could let foreign or domestic actors secretly send money to those in power. Responding, Trump Jr. distanced himself from the coin, saying he wasn't part of that project and instead focused on more serious areas like stablecoins and Bitcoin mining.Trump Jr: TRUMP Meme Coin a "Proof of Concept"Still, he defended the meme coin as a "proof of concept," arguing it shows how the crypto world recognizes that traditional finance doesn't treat everyone equally.Interestingly, Kernen compared the meme coin controversy to past scandals involving Hunter Biden's art and the Clinton Foundation. He suggested that, like those cases, the meme coin could open the door to influence buying. Trump Jr. acknowledged those concerns but pointed out the anonymous nature of crypto makes it hard to link transactions directly to political power. He said the coin proves how quickly the public is losing trust in traditional systems.When asked about criticisms from crypto insiders, Trump Jr. insisted that no one he spoke to had voiced any concerns. Instead, many thanked him for helping bring attention and credibility to the space. He said crypto attracts a wide range of people, including libertarians, conservatives, and those simply looking for more financial freedom, and that the support hasn't come from just one side of the political aisle.To wrap up, Sorkin asked if crypto could one day threaten the U.S. dollar. Trump Jr. said he believes the opposite. He pointed out that stablecoins like USD1 actually support the dollar's dominance. He explained that these coins now buy more Treasuries than many foreign governments do, helping maintain U.S. borrowing power. In his view, stablecoins might end up being the key to keeping the dollar strong in the long run.The Trump Family's Involvement in CryptoNotably, the Trump family has made major moves in crypto. In Q4 2024, World Liberty Financial, a decentralized finance platform inspired by Trump Sr., launched, raising $550 million through token sales. In mid-January 2025, just before the inauguration, Donald Trump launched the TRUMP meme coin while Melania Trump launched MELANIA . Reports say Trump-affiliated groups hold 80% of both coins. At the end of March, Trump Jr. and Eric Trump revealed they had taken a minority stake in American Bitcoin, a mining company created with Hut 8. Also, WLFI introduced the USD1 stablecoin , backed by a $2 billion investment from an Abu Dhabi firm through Binance. Then last month, Trump Media and Technology Group announced a $2.5 billion plan to build a Bitcoin treasury.
