Former President Donald Trump’s son Eric Trump has been in the news a lot lately. In his own way he’s lobbying deeply for digital currencies and railing hard against the old banking regime’s practice. He is often in the UAE to open up new Trump-branded real estate developments. During such trips, he likes to tout new cryptocurrency initiatives sprouting across the Gulf region, too.
Eric Trump gave an inspirational speech at this year’s Bitcoin MENA 2024 conference held in Abu Dhabi. Speaking about the future of banking and the importance of digital currencies in that future. In his latest blog post on U.S. innovation, he cautioned that incumbent banks are doomed to disappear unless they embrace the future of finance. “If banks don’t change the way they operate, they will be extinct in 10 years,” he stated, emphasizing the need for modernization in the face of technological advancements.
Eric Trump’s recent advocacy for cryptocurrencies seems to be based in part on the same belief that our current financial system is broken. He noted it was “broken,” shining a spotlight on its inefficiency and high costs. As he elaborated on his perspective, he noted, “The modern financial system is broken, it’s slow, it’s expensive.” This figure reflects the growing sentiment among those who are looking for alternatives to traditional banking.
In the closed door talks, Eric Trump went further, railing against the international messaging system for cross-border financial transactions—which includes non-U.S. He referred to it as “a total catastrophe.” This statement implies that our current systems are not just broken but primed for disruption by blockchain technology. He argues that all the things we’re doing now through traditional financial institutions could be done better with blockchain-based solutions.
Eric Trump’s interest in cryptocurrencies has grown significantly, particularly after realizing that the banking system has been “weaponized against the vast majority of people.” This understanding has driven him to actively seek opportunities for public good within the crypto space. He co-founded World Liberty Financial, a platform aimed at facilitating digital currency transactions and recently announced plans to launch a U.S. dollar-backed stablecoin.
In a strange turn of events for the cryptocurrency market, Eric Trump has teamed up with Hut 8 CEO Asher Genoot. Together, they have launched a new US-based bitcoin mining company called American Bitcoin. The firm’s new venture, which has already received $1.5 billion in investments, seeks to leverage the unprecedented demand for bitcoin and other digital assets. Eric Trump’s son has been making some grand proclamations about the future value of bitcoin. He predicts that its price may rise to $1 million by December.
And it might make sense that his family’s deep involvement in promoting cryptocurrency would do that, given his sentiments. Donald Trump has his eyes on the Gulf to be their crypto beachhead. This upcoming visit will deepen their commitment to this new developing financial space.
Eric Trump’s business interests in cryptocurrency extend beyond just investing. They illuminate the big idea behind his ambition to remake a future where digital currencies rule the roost in the world’s financial capital. He fervently, yet dreamily, articulates his vision. He advocates for a system that prioritizes inclusivity and minimizes dependence on existing banking frameworks.