Eric Trump, the second son of President Donald Trump and the co-executive vice-president of the Trump Organization, has defended his family’s embrace of cryptocurrencies, citing it as a “perfect hedge” for their real estate portfolio. Eric Trump also addressed criticisms of the family’s alleged profiteering from the presidency.
What Happened: Eric Trump, in an interview with the Financial Times on Friday, defended the family’s business practices against accusations of profiting from the presidency. He also highlighted the family’s growing focus on cryptocurrency, describing it as a “perfect hedge” for their real estate portfolio.
Despite critics arguing that the Trump family has profited from politics, Eric Trump countered, “If there’s one family that hasn’t profited off politics, it’s the Trump family.” He said that the family has spent nearly $500 million defending itself from various allegations.
“…we [would have] had many more zeros behind our name had my father not run in the first place,” added Eric Trump.
Following Donald Trump’s ban from Meta’s META Facebook and Twitter, the family ventured into the social media industry with the creation of the Truth Social network under Trump Media & Technology Group Corp DJT. Eric Trump also mentioned that the family’s crypto holdings could rival its real estate portfolio, describing it as a “very profitable venture”.
Eric Trump also revealed that he is working on “several” hotel projects in India, with a group connected to India’s richest man, Mukesh Ambani, recently paying a $10 million “development fee” to the Trump Organization.
Why It Matters: Eric Trump’s comments come in the wake of the Trump family’s increasing involvement in the crypto industry. This shift was influenced by the family’s experience with widespread de-banking during Donald Trump’s first presidential term, which led them to explore blockchain technology.
The family’s crypto ventures have since become a significant source of income, with Donald Trump Jr. defending his father’s financial gains from a family-owned cryptocurrency company.
However, the family’s plans to expand their real estate portfolio have faced challenges, such as the uncertainty surrounding their proposed deal to manage a luxury hotel in Tel Aviv, Israel, due to ongoing regional tensions. Despite this, Eric Trump remains optimistic about the family’s real estate ventures, including potential opportunities in China and Israel. However, he thinks against the current political and global trade backdrop, the timing may not be right.
On a year-to-date basis, shares of Trump Media & Technology Group Corp slumped 47.62%.
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Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
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