Eric Trump Predicts Crypto Will Surpass Traditional Banking Systems
Eric Trump, son of President Donald Trump, predicts that crypto and blockchain will soon surpass traditional banking systems. At the recent Bitcoin Conference in Abu Dhabi, he described the current banking system as “antiquated,” citing that obtaining a loan for a dream house can take at least 90 days, during which the property may be sold. He emphasized that blockchain offers a faster and more efficient process.
Trump stated that blockchain can perform all functions of traditional banking but faster, better, and at a lower cost.
Trump’s Stance on Cryptocurrency
Eric Trump appears to align with his father's views. Since the start of his re-election campaign, Donald Trump has openly supported cryptocurrency. He accepted crypto donations, attended industry events, pledged to promote fair regulations for the crypto sector, and aimed to position the USA as “the crypto capital of the planet.”
He believes that cryptocurrencies represent the future, asserting that every country will eventually adopt this new currency, and it is preferable for the USA to lead this transformation. He remarked, “If crypto is going to define the future, I want it to be mined, minted, and made in the USA.”
The Impact of Trump’s Crypto-friendly Approach on the Overall Market
Recently, crypto investors have observed a rising market. Notable currencies like Bitcoin and Dogecoin, along with new presale entries such as Flockerz, have gained significant momentum. Bitcoin recently surpassed the $100K valuation mark, experiencing a notable spike starting on November 6, coinciding with Trump's election prospects, where its value increased by $6K in one day. By December 5, Bitcoin crossed the $100K threshold.
Dogecoin's price also surged after Trump's victory, climbing from $0.16 to nearly $0.38 per token. As of December 11, it is listed at just over $0.39, marking one of its best years since 2021.
Flockerz, currently in presale, has raised $4M. Experts predict significant returns, estimating potential gains of 4000x upon its launch.
Chasing the (New) American Dream
Analysts attribute part of the recent market growth to Trump's election victory. He has promised to ease restrictions on crypto trading, reduce taxes, implement favorable policies, and appoint a crypto-friendly SEC chairperson.
This environment has encouraged new investors to enter the market, while seasoned investors are looking to expand their holdings. However, conducting personal research before investing is essential. Should the market continue on this trajectory, Trump’s prediction regarding crypto overtaking traditional banking systems may materialize.