Eric Trump, the second son of President Donald Trump, has a bold prediction: he believes that cryptocurrencies and blockchain technology are on the verge of surpassing traditional banking. During the recent Bitcoin Conference in Abu Dhabi, Trump shared his thoughts on the matter, describing the current banking system as “antiquated.” He pointed out the lengthy process of securing a mortgage, which can take up to 90 days—long enough for the property of your dreams to slip through your fingers. In contrast, blockchain technology promises a more streamlined and rapid approach to such financial transactions.
Furthermore, Trump highlighted that blockchain can perform all the functions of traditional banks, but with greater speed, efficiency, and cost-effectiveness.
### Trump’s Perspective on Cryptocurrency
It’s no surprise that Eric mirrors his father Donald Trump’s enthusiasm for cryptocurrency. Since the initial stages of his re-election campaign, Donald Trump has been a vocal advocate for crypto. Not only did he accept campaign donations in cryptocurrency, but he also made appearances at various industry events, assuring fair regulations and aspiring to transform the United States into the “crypto capital of the planet.”
Donald Trump believes that cryptocurrency represents the future of global finance. He foresees a worldwide acceptance of this digital currency and argues that the U.S. should spearhead this transformation. As he once articulated, “If crypto is going to define the future, I want it to be mined, minted, and made in the USA.”
### The Market Effects of Trump’s Crypto-Friendly Policies
Crypto investors likely observed the market’s recent uptrend. Established currencies like Bitcoin and Dogecoin, along with new players in presale such as Flockerz, have seen remarkable gains. Bitcoin’s valuation surged past the $100,000 mark, with a notable spike occurring on November 6 when it seemed that Trump might win the election. On that day alone, Bitcoin’s value surged by $6,000. By December 5, it exceeded $100,000 in total valuation.
Dogecoin experienced a similar trajectory. Following Trump’s victory, its price more than doubled, rising from $0.16 per token to nearly $0.38. Today, on December 11, it’s valued at just over $0.39, marking one of its best years since 2021.
Meanwhile, Flockerz, still in presale, has already raised an impressive $4 million. Experts anticipate that once the token launches, significant investors could see returns of around 4000 times their initial investment.
### Pursuing the New American Dream
Many analysts credit Trump’s electoral success as a catalyst for this recent market surge. His promises to relax crypto trading restrictions, cut taxes, implement supportive policies, and appoint a crypto-enthusiast chairperson to the SEC have invigorated new investors with confidence to finally enter the market. Seasoned investors, too, are eager to expand their portfolios. However, it’s crucial to remember that these insights don’t constitute financial or investment advice—due diligence is essential before investing.
If the market continues to expand at this rate, Eric Trump’s prediction may well come to pass: cryptocurrency could indeed overtake traditional banking systems as the future of finance.
