Proving that financial intelligence (or the lack thereof) is indeed not a strong suit in the Trump family, Eric Trump just cost his father, brother, and other investors $600 million with a risky bet on the crypto industry that backfired badly.
According to Bloomberg, American Bitcoin, which Eric helped launch and serves as chief strategy officer for, has lost 95 percent of its value since last September, making it nearly worthless.
Bloomberg estimates that the crypto crash has wiped out more than $600 million of Eric Trump’s stake in just 10 months. His brother, Donald Trump Jr., also “advises” the firm.
In April, as American Bitcoin was beginning to tank, Eric urged fellow investors to be patient, telling them at a crypto conference held in Las Vegas, “Just hold on, guys. Just hold on.”
Of course, none of this should surprise anyone who has done even a bit of research on crypto, which many seasoned investors have compared to the classic Ponzi scheme, where early investors are paid out with funds contributed by newer investors rather than actual profits.
Also, the entire Trump family is financially ignorant. Donald himself has gone bankrupt multiple times and had to be bailed out by his father, Fred, more than once. Donnie couldn’t even made a profit when he owned casinos, which are cash cows and almost always succeed, especially since, as the old saying goes, the house always wins.
As if hoping to suck up to his old man, Eric posted a flattering message on social media congratulating him on having a Florida airport named after him.
“I am deeply honored that at 5:01 a.m., Trump Force One will be the first plane to land at the newly renamed Palm Beach International Airport—now and forever President Donald J. Trump International Airport,” Eric wrote on Twitter/X.
“There is no person who has done more for Florida and our country, and no one more deserving of this incredible honor,” he went on. “As a son, and someone who flies out of this airport nearly every day, I will forever be proud to see the initials ‘DJT’ on my boarding pass. Congratulations Dad — I’m happy to have played a big role in making this happen.”
Nice try, Eric, but your daddy will never love you, especially since you just cost him over a half-billion bucks.
