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Eric Trump (second son of President Donald Trump) predicts that crypto and blockchain will soon surpass traditional banking systems.
At the recent Bitcoin Conference in Abu Dhabi, Trump remarked that the current banking system is quite ‘antiquated.’ If you want a loan for your dream house, it’ll take at least 90 days. But by then, your dream house might be sold. However, blockchain can solve this issue with its faster, more efficient process.
He also added that blockchain can do everything that a traditional banking system can, only faster, better, and at a cheaper price.
Trump’s Stance On Cryptocurrency
It looks like Eric Trump shares his father’s vision. From the beginning of his re-election campaign, Donald Trump has been quite vocal about his support for crypto. He accepted donations for his campaign in crypto, appeared at several industry events, pledged to promote the crypto industry with fair regulations, and promised to make the USA ‘the crypto capital of the planet.’
That’s because he believes that crypto is the future of the world. Slowly but surely, every country will embrace this new currency, so it’s better that the USA leads the revolution.
‘If crypto is going to define the future, I want it to be mined, minted, and made in the USA,’ he had said.
The Impact of Trump’s Crypto-friendly Approach on the Overall Market
Crypto investors might have noticed that over the last few weeks, the market has been on the rise. Many popular currencies, such as Bitcoin and Dogecoin, and a few new entries on presale, like Flockerz, have been gaining ground at rocket speed.
Bitcoin recently crossed the $100K valuation mark. The spike started on November 6 when it seemed Trump would win the election. In a single day, Bitcoin’s value jumped up by $6K. A week later, its total value hit $90K; on December 5, Bitcoin crossed $100K.
The same happened with Dogecoin. After Trump’s victory, its per-token price more than doubled, going from $0.16 per token to almost $0.38. Today (December 11), it’s listed at just over $0.39. It’s having one of the best years since 2021.
Flockerz, which is currently in presale, has managed to raise $4M so far. According to experts, when the token finally launches, the big investors might become millionaires overnight as they expect it to give a 4000x return.
Chasing the (New) American Dream
Analysts believe Trump’s victory in the presidential election is one of the reasons for this sudden growth. Trump has promised to reduce restrictions on crypto trading, lower taxes, create favorable policies, and even appoint a crypto-friendly chairperson to the SEC.
This has given new investors the much-needed confidence to finally dip their toes in the market. Seasoned investors are also looking to increase their investments. However, bear in mind that this isn’t financial or investment advice and it’s critical you do your own research before investing.
So if the market does continue to grow at this pace, Trump’s prediction will come true – crypto will become the future and overtake traditional baking systems.
