Donald Trump Jr. Admits Felon Dad Turned To Crypto Because Banks Wouldn't Loan Them Money

Donald Trump Jr. said the Trumps had no choice but to turn to crypto because banks would not loan them money.

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Crypto has been lucrative for the Trump family. Critics of cryptocurrency have long called it a haven for money laundering and illegal activity. Donald Trump Jr. tried to dress up the family, turning to crypto in one of his political conspiracy theories, but he told CNBC the real reason why the Trumps got into crypto.

Trump Jr. said:

 The reason we got into crypto, and we're all in on crypto and we're doing American Bitcoin and we have World Liberty Finance and SD one was because there was a time, and probably I'd been on this show, yeah, where there was a, I could call any single banker in New York City, they'd pick up the phone.

I'd be able to 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 your call. Right? You couldn't get financing. We were de-banked and what I realized, and my brother realized 'cause we were the recipients of every subpoena imaginable, was that, you know what?

We were actually just the top of this sort of pyramid scheme that we didn't realize we were a part of, that the financial system was totally un-democratized because we had a certain balance sheet and whatever. We could kind of do whatever we wanted. The regular guy was messed up. Now we were all of a sudden.

In the shoes of the regular guy that wouldn't be able to take advantage of the markets. And we said, what's the solution for that? The answer is crypto. You know these decentralized platforms where you're not beholden to this, where you create efficiencies as a guy that did real estate, you know, why am I paying points in and out for title insurance that could be done on the blockchain?

So we got into crypto not because it was like, Hey, this is the next cool thing. We got into it out of necessity. We got into it because we understood just how quickly we could be turned off even.

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Donald Trump Jr. left out the most important part of the story. The Trump family couldn’t get a bank loan because their business and the family itself was found to have been engaging in widespread in the state of New York that involved lying on bank loan applications.

Bankers are not liberals. The Trumps were not debanked because of their politics. They were debanked because of the New York fraud convictions.

No banker in their right mind would take a look at what the state of New York found and give the Trumps or their business a loan.

Crypto seems to be working out great for the Trumps right now, but it is a shady and unregulated world, and it would not be shocking if it led to more legal problems down the road for the Trump family.

For those who think that Trump and his family have faced zero consequences, their inability to get a bank loan is a big one.

What do you think about Trump not being able to get a loan? Share your thoughts in the comments below.