Florida bank says it has closed Trump's accounts

[Hydrogen]

wait, there are several advantages to Trump as a former president.
2. Trump is also still paid, of $ 200,000 / YEAR.

Trump owes more than $100 million in debt to deutsch bank that he pays interest on.

If the APR on his loan is 1%. Its $1 million dollars. If the APR is 0.5% he owes $500,000.

How does he pay down the interest off a $200k year salary.

Also why are many making these uninformed impulsive comments without taking 5 seconds to do basic math needed to put things into perspective.

[Coyster]

Trump is a 'typical' businessman, and he has earned his billions via Fiat, I don't think he'll just all of a sudden grow a thick Interest in cryptocurrencies, enough for him to liquidate his assets into the decentralized system, even if that looks good like a good option atm. Donald Trump's relationship with the banks and quite a lot of sectors in the U.S have definitely seen better days, but that doesn't mean there aren't others that'll still love to be patronized by him.

The news is only big for users of dex cryptocurrencies cause it somewhat pinpoints the aspect of control/freedom of funds Bitcoin guarantees it's users, unlike with the traditional system, as the case of Trump just explicates for all to see.

[HeRetiK]

Answer to the first question: NO.  Answer to the second: yeah, probably.  Trump is a billionaire and has good relationships with lots of banks, and I don't think he's ever going to have a problem with money.  And this sounds like some banks are trying to distance themselves from Trump because of the violence at the Capitol--but memories are short, and those banks might very well reverse their positions in the future after things have cooled down.

Deutsche Bank was already trying to distance themselves from Trump in late 2020, the Capitol riots were just the nail in the coffin. Or, knowing Deutsche Bank, a welcome excuse to finally cut ties for good.

Generally speaking it's rather interesting to see how many companies are turning their backs on Trump now that he's not the president of the United States anymore. It's almost as if they either feared legislative retaliation or wanted to profit from his political capital...

Trump owes more than $100 million in debt to deutsch bank that he pays interest on.

If the APR on his loan is 1%. Its $1 million dollars. If the APR is 0.5% he owes $500,000.

How does he pay down the interest off a $200k year salary.

Also why are many making these uninformed impulsive comments without taking 5 seconds to do basic math needed to put things into perspective.

Not just more than $100 million, more than $300 million. And while fiat loans are cheap these days I wouldn't be sure about what rates Trump gets given his track record.

[wxa7115]

Could Trump's 1st response be to seek out liquidity in cryptocurrencies. Or would he be more likely to simply seek out other banks to do business with?

Twitter stock trended downward after temporarily suspending Trump's twitter account.

Could something similar happen to Banks United, Professional Bank, Signature Bank and Deutsche Bank.

If they close Trump's accounts & barr him from doing business with the bank industry?

Does this news affect supporters of cashless societies for better or worse.

I am not a fan of Trump however the persecution that he is being object of should be very worrying, if they can do that to him, can you imagine what they can do to anyone that does not have the power he holds?

This is why a cashless economy in which all transactions go through centralized parties is a terrible idea for those of us that love freedom, bitcoin is the last obstacle in the path of those that want to get complete control of the society which is why whenever I think of bitcoin failing I get worried about the world that we will get to see if that happened.

[Hydrogen]

Not just more than $100 million, more than $300 million. And while fiat loans are cheap these days I wouldn't be sure about what rates Trump gets given his track record.

Trump is known for being a real estate mogul.

I would guess $300+ million in debt to deutsch bank, are outstanding 15 to 30 year mortgages he pays on real estate his hotels and businesses are located on.

Its a rhetorical question. I get that this is an uncomfortable topic many would prefer to forgot or pretend doesn't exist. Its uncomfortable for many to see how Trump is being treated in the knowledge the rest of us could someday be treated the same. Many would prefer to pretend this doesn't affect Trump at all, and by proxy doesn't affect them at all.

But I have to ask in the unlikely event Trump's 200k / year in liquidity actually can save his billion dollar net worth. And that the person who posted can actually explain this.

I am not a fan of Trump however the persecution that he is being object of should be very worrying, if they can do that to him, can you imagine what they can do to anyone that does not have the power he holds?

This is why a cashless economy in which all transactions go through centralized parties is a terrible idea for those of us that love freedom, bitcoin is the last obstacle in the path of those that want to get complete control of the society which is why whenever I think of bitcoin failing I get worried about the world that we will get to see if that happened.

Don't forget that attacking Trump and backing him into a corner, where he may not have much to lose, could be a poor strategy for whomever makes these decisions.

Yes, they can do it. But what will the backlash be?

Their attacks on Trump are what forced him to run for President in 2016. The IRS audited him every year for like 10 years. Until Trump got pissed off and ran for President.

They might have been better off not attacking Trump and letting him bang supermodels and film reality tv shows all day.

[bitmover]

Could Trump's 1st response be to seek out liquidity in cryptocurrencies. Or would he be more likely to simply seek out other banks to do business with?

Twitter stock trended downward after temporarily suspending Trump's twitter account.

Could something similar happen to Banks United, Professional Bank, Signature Bank and Deutsche Bank.

If they close Trump's accounts & barr him from doing business with the bank industry?

Does this news affect supporters of cashless societies for better or worse.

I think this is deadly serious. This is a high bet. Closing trumps accounts, banning trump from twitter...

Twitter is clearly an attack against freedom of speech. Be a leftist, say what we like, or we will ban you.

Now those banks... I am not a big fan of trump, but this guy is certainly very inteligent and has a lot of resources. If he decides to move to cryptocurrency, he will be unstoppable, and he would certainly be a great ally against banks and central banks oligopoly.

As bitcoin ideal is libertarian, and that ideal fits in trumps political views, this may become big!

[Hippocrypto]

Trump is a 'typical' businessman, and he has earned his billions via Fiat, I don't think he'll just all of a sudden grow a thick Interest in cryptocurrencies, enough for him to liquidate his assets into the decentralized system, even if that looks good like a good option atm. Donald Trump's relationship with the banks and quite a lot of sectors in the U.S have definitely seen better days, but that doesn't mean there aren't others that'll still love to be patronized by him.

The news is only big for users of dex cryptocurrencies cause it somewhat pinpoints the aspect of control/freedom of funds Bitcoin guarantees it's users, unlike with the traditional system, as the case of Trump just explicates for all to see.

Not really going to patronize him literally but somehow used his business category as an inspiration for others to become excellent in life. Trumps legacy has been proven not just being a president, but financially he'd able to withstand his freedom of earning profit out of his strategies in doing business. Whether it's from fiat source or whatsoever cryptocurrency investments.

[bryant.coleman]

Now after the social media platforms and Google, it is the turn of bankers to go after Trump? Why can't these people simply mind their own business and stay away from politics? If they want to enter politics, then let them do that legally. No one bars them from making a donation to any political party, or to put up a candidate in the elections. But closing down bank accounts, just because of political difference is outright silly. People in general doesn't have a good opinion about the bankers. it will be better for them not to exacerbate the hatred. 

[kpierce77]

Closing social media accounts unilaterally and without solid evidence, I think it's too much and now they are also closing their bank accounts. Btw, I don't think Trump would choose a difficult path like liquidating his assets to crypto, that's quite risky, at least for now. It's just that, I think they have treated him too much and shouldn't have gone that far

[Febo]

How does he pay down the interest off a $200k year salary.

He ask for donations to help him pay legal expanses to fight for stolen elections. There he gets many millions USD, So he can repay his debts easily. Nooen knows how much money he channelled to his and his friends accounts in last 4 years.

[RondoAnyar]

Trump should have started HODLing some Bitcoin when he became president. He could say fuck you to the banks by passing his coins around and show the public, “Look at me, you cannot censor me, I am using Bitcoin, screw you”. 

the move sure would be phenomenal. if trump does that it will be very controversial in the US there will be a lot of waves of agreeing and disagreeing if Trump has bitcoin it will definitely be shocking news

[Sithara007]

Trump should have started HODLing some Bitcoin when he became president. He could say fuck you to the banks by passing his coins around and show the public, “Look at me, you cannot censor me, I am using Bitcoin, screw you”. 

the move sure would be phenomenal. if trump does that it will be very controversial in the US there will be a lot of waves of agreeing and disagreeing if Trump has bitcoin it will definitely be shocking news

I don't agree. If Trump would have endorsed Bitcoin while he was the president of the United States, then there is no doubt that it could have been hugely beneficial for BTC and the other cryptocurrencies. But he has made his unceremonious exit from the presidency, and nowadays he is seen as someone who represents anarchy and violence. Under these conditions, I am afraid that an endorsement from Trump can actually do more harm to Bitcoin instead of good.

[romero121]

How does he pay down the interest off a $200k year salary.

He ask for donations to help him pay legal expanses to fight for stolen elections. There he gets many millions USD, So he can repay his debts easily. Nooen knows how much money he channelled to his and his friends accounts in last 4 years.

For sure he could've channelled specific sum of amount to his friends and family accounts. By profession he's a businessman and he has good number of luxury hotels and other buildings. So he can easily complete his debt selling those. He's one of a kind who has a different perspective about things when majority have similar opinion.

[Wind_FURY]

Could Trump's 1st response be to seek out liquidity in cryptocurrencies. Or would he be more likely to simply seek out other banks to do business with?

wait, there are several advantages to Trump as a former president.
1. get protection for life from the resident bodyguard.
2. Trump is also still paid, of $ 200,000 / YEAR.
3. Travel costs are borne by the state.
4. Office facilities and correspondence free of charge.
5. Get access to intelligent information.

even though without it all, Trump can still live in luxury from his wealth. and it turns out that Trump's bank account is closed.

Would it be very improbable if Trump actually bought Bitcoin, told the public that he did it, and to tell the banks to screw themselves? Trump has always found many different ways to attract attention, and he’s a business man. It’s a win-win.

[bryant.coleman]

For sure he could've channelled specific sum of amount to his friends and family accounts. By profession he's a businessman and he has good number of luxury hotels and other buildings. So he can easily complete his debt selling those. He's one of a kind who has a different perspective about things when majority have similar opinion.

When people are ready to donate money, why he should spend his personal wealth? Even during his 2020 campaign, if I am not wrong he didn't spend any of his own money. And according to Forbes, his current wealth is measured at $3.1 billion. He can easily wipe out the debt with some of his personal wealth, but I guess he is not stupid to do that. Anyway, most of that wealth is not in liquid form.

[davis196]

1.Trump hates Bitcoin and the crypto industry.
2.Trump is about to get impeached,even after his presidency ended,which means that he might lose all the benefits of a former president.
3.Trump is about to get sued for tax fraud.
4.I believe that Trump has more debts than assets,so he is broke.I assume that he has a few millions here and there and some real estate left,but he will never become a billionaire again.

In conclusion:We definitely don't need a guy like Trump in the crypto world:
1.Because he is broke and everyone in the world hates him.Except mid west red necks...
2.Because the federal government will smash the crypto industry with a big hammer,the moment they find out that Trump had bought cryptocurrencies.

[sana54210]

1.Trump hates Bitcoin and the crypto industry.
2.Trump is about to get impeached,even after his presidency ended,which means that he might lose all the benefits of a former president.
3.Trump is about to get sued for tax fraud.
4.I believe that Trump has more debts than assets,so he is broke.I assume that he has a few millions here and there and some real estate left,but he will never become a billionaire again.

In conclusion:We definitely don't need a guy like Trump in the crypto world:
1.Because he is broke and everyone in the world hates him.Except mid west red necks...
2.Because the federal government will smash the crypto industry with a big hammer,the moment they find out that Trump had bought cryptocurrencies.

I agree with all points but the trump hates crypto ones. Trump hates whatever hates him back, if you say you hate trump then trump hates you, if crypto world hates trump that means trump will hate crypto community back, if you say crypto people love trump, then trump will love them back.

It is a simple persons situation I know but trump is the simplest man you will ever see, he is an egotistical narcissistic person who will love people who love him and hate people who hate him, say a good thing to him and he will say a good thing to you. Aside from that point of the message, all others are right, and the scariest part is, if all banks and others decide not to work with him and he is forced to put all his money into crypto so that he could embezzle funds easier, that means government will be a lot harsher on crypto just to get to him.

[slapper]

A single event like this can not make an enormous impact on the cashless society. This process requires much more endeavors in order to convert our current situation to the new era. Moreover, Trump is hated by many people and if he uses bitcoin, it can cause negative consequences.

Thus, I love to see how bitcoin is slowly adopted by people who have enough knowledge and inspiration to make their first step toward the cryptocurrency world. Slow but sure.

[jaysabi]

There was a post by nullius inviting Trump to use Bitcoin. Though you'd have to be on something like Gab or any other platform that going to allow him to communicate.
We all pretty much on one thing. These evil banks have no business declaring themselves suddenly on the right side by closing Trumps' account. As if they will do it for the millions of other entities they enable to maintain an iron-grip on the poor, raw material sources of the world and drain wealth towards their wealthy patrons.

Bitcoin would never work for Trump because all wealth is tied to extreme use of leverage.  That's not uncommon in the real estate industry, most real assets are highly levered.  But Trump losing access to the banking system at large will be a death knell for him personally because he can't refinance his loans and he definitely doesn't have the cash to pay them off.  He'll be forced into bankruptcy when his $340m Deutsche Bank loan is due, or else he'll be forced to sell a boatload of assets at fire sale prices to raise the money needed to pay the loan off.

[AndySt]

Bitcoin would never work for Trump because all wealth is tied to extreme use of leverage.  That's not uncommon in the real estate industry, most real assets are highly levered.  But Trump losing access to the banking system at large will be a death knell for him personally because he can't refinance his loans and he definitely doesn't have the cash to pay them off.  He'll be forced into bankruptcy when his $340m Deutsche Bank loan is due, or else he'll be forced to sell a boatload of assets at fire sale prices to raise the money needed to pay the loan off.

I think that under the modern system of capitalism, it is generally difficult or almost impossible to conduct any business without the availability of borrowed funds, even in the form of bank loans, even in the form of investing business angels in startups. Trump already had quite strained relations with the political establishment at the beginning of the presidential term, but in the process of fulfilling his powers, Trump seemed to have begun to establish relations with the Republican party apparatus, but recent events and Trump's behavior again brought all progress to naught. Therefore, if Trump does not change his line of conduct, then indeed he may be left without his wealth and also without a political future.