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At the recent Bitcoin conference in Abu Dhabi, Trump noted that the current banking system is quite “outdated.” If you want a loan for your dream home, it will take at least 90 days. But by then, your dream home may have been sold. However, Blockchain can solve this problem with its faster, more efficient process.
He also added that blockchain can do everything a traditional banking system can do, only faster, better and at a lower price.
Trump’s position on cryptocurrency
It seems Eric Trump shares his father’s vision. From the start of his re-election campaign, Donald Trump has been vocal about his support for crypto. He accepted donations for his crypto campaign, appeared at several industry events, promised to promote the crypto industry with fair rules, and promised to make the US “the crypto capital of the planet.”
That’s because he believes crypto is the future of the world. Slowly but surely, every country will embrace this new currency, so it’s better that the US leads the revolution.
“If crypto is going to define the future, I want it to be mined, minted and made in the US,” he had said.
The impact of Trump’s crypto-friendly approach on the overall market
Crypto investors may have noticed that the market has been on the rise in recent weeks. Many popular currencies, such as Bitcoin and Dogecoin, and a few new presale entries, such as Flockerzhave gained ground at rocket speed.
Bitcoin recently crossed the $100,000 valuation mark. The spike started on November 6, when it looked like Trump would win the election. In one day, the value of Bitcoin increased by $6,000. A week later the total value was $90,000; on December 5 Bitcoin passed the $100,000 mark.
The same thing happened with Dogecoin. After Trump’s victory, the price per token more than doubled, from $0.16 per token to almost $0.38. Today (December 11) it stands at just over $0.39. It is having one of the best years since 2021.
Flockerz, which is currently in pre-sale, has raised $4 million to date. According to experts, when the token is finally launched, big investors could become millionaires overnight as they expect it to deliver 4,000x returns.
On the hunt for the (new) American dream
Analysts believe that Trump’s victory in the presidential election is one of the reasons for this sudden growth. Trump has promised to ease restrictions on crypto trading, lower taxes, create favorable policies and even appoint a crypto-friendly chairman of the SEC.
This has given new investors the much-needed confidence to finally dip their toes in the market. Experienced investors also want to increase their investments. Please note, however, that this is not financial or investment advice and it is crucial that you do your own research before investing.
So if the market continues to grow at this rate, Trump’s prediction will come true: crypto will become the future and overtake traditional baking systems.