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UAE: Donald Trump's son says Bitcoin will bring about financial revolution

Eric Trump also predicted that his father would be the crypto president

Published: Tue 10 Dec 2024, 9:44 PM

Updated: Tue 10 Dec 2024, 9:52 PM

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KT photo: Nasreen Abdulla

KT photo: Nasreen Abdulla

Bitcoin is going to bring about a financial revolution by giving liberty to those who are “left behind” by the traditional banking system. That is according to Eric Trump, son of US presidential-elect Donald Trump. Speaking at the Bitcoin Mena summit in Abu Dhabi, he called the cryptocurrency “the future” and predicted his father would be the crypto president.

“I believe [Bitcoin] is the future,” he said, addressing a room packed with spectators. “I truly believe that this is the beginning of a financial revolution not just in America, but truly around the world. I think that Bitcoin is a fundamental shift in the way we think about money, how we think about wealth and how we think about the future.”

The two-day summit which began at the ADNEC Centre Abu Dhabi on Monday has seen thought leaders and cryptocurrency experts discuss various topics surrounding Bitcoin including its future, mining possibilities and how to leverage it further.

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He further explained how Bitcoin would “level the playing field” around the world. “The traditional financing system is inefficient and expensive,” he said. “It doesn't serve the needs of hundreds of millions of people around the world. Bitcoin is not just another asset. It's a solution to all of this. It is a new financial paradigm that's decentralised. It's transparent. It's empowering. It allows people to grow their wealth without relying on the very financial system, which has left behind 99 percent of people in the world.”

Crypto capital

He predicted that his father would make America the crypto capital of the world. “You're going to have the most pro-crypto president in the history of America,” he said. “I can honestly say that America is going to lead the way in the digital revolution. You have a person who is the first president to ever speak at a Bitcoin conference. A first president to ever embrace crypto.”

Last week Bitcoin hit $100,000 for the first time and Eric said he called his father. “I go, Pops, we just reached the moment that everybody was waiting for,” he said. “Bitcoin hit 100,000 and in true Trump fashion, about 15 seconds later, a tweet popped up. So think, as I said before, think to have an American president for the first time that's committed to making America the crypto capital of the world.”

Disruption

He also said that the crypto currency would disrupt the traditional system. “There's no need for tens of thousands of bankers and massive skyscrapers all over the world pushing credit applications and antiquated paperwork, charging exorbitant fees, he said. “There is nothing that's done in those buildings that can't be done better on blockchain. That's why this technology is the greatest disruption to the modern financial system.”

He added that banks were antiquated and needed to function better. “Why does it take 90 or 120 days for a young couple to get financing for a home,” he said. “Why do banks work on a 9-to-5 schedule five days a week? I can go on my phone right now and I can trade Bitcoin at midnight on a Saturday night.”

He also said that as someone in the construction industry, he loved working in the region. “I'm doing a big hotel in Dubai as we speak,” he said. “We are about to do one in Abu Dhabi, which we're super excited about. We're doing projects all over the region but the UAE is the developer's greatest dream, because they never say no to anything. In fact, they always tell you to kind of push the limits and there's no place that's growing faster. There's no place that's been more fun to work in than the UAE. If you want to build it, if you can dream it up, they allow you to do it.”

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