Eric Trump (President Donald Trump's second son) predicts that cryptocurrencies and blockchain will soon surpass traditional banking systems.
At a recent Bitcoin conference in Abu Dhabi, President Trump said that the current banking system is quite “outdated.”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 might be sold. However, blockchain can solve this problem with a faster and more efficient process.
He also added that blockchain can do everything the traditional banking system can do, faster, better and cheaper.
President Trump's position on virtual currencies
Eric Trump seems to share his father's vision. Since the beginning of his re-election campaign, Donald Trump has been quite vocal about his support for cryptocurrencies. He has accepted donations for his crypto campaigns, appeared at several industry events, and pledged to promote the crypto industry with fair regulation and to make the US the “crypto capital of the planet.” promised.
That's because he believes cryptocurrencies are the future of the world. It would be better for the United States to lead the revolution, because slowly but surely all countries will accept this new currency.
“If cryptocurrencies are going to define the future, we want them to be mined, minted and manufactured in the United States,” he said.
Impact of President Trump’s crypto-friendly approach on the overall market
Cryptocurrency investors may have noticed the market rising in recent weeks. Many popular currencies such as Bitcoin and Dogecoin, as well as some new entrants on pre-sale such as Flockerz, are gaining traction.
Bitcoin recently surpassed the $100,000 valuation. The surge began on November 6, when Trump appeared to be winning the election. Bitcoin's value jumped by $6,000 in one day. A week later, that total amounted to $90,000. On December 5th, Bitcoin surpassed $100,000.
The same thing happened with Dogecoin. After Trump's victory, the price per token more than doubled, from $0.16 to almost $0.38 per token. Currently (December 11th), it is listed at just over $0.39. We are having one of the best years since 2021.
Flockerz, currently in pre-sale, has successfully raised $4 million so far. Experts say that when the token is finally launched, large investors could become millionaires overnight with the expectation of a 4,000x return.
Chasing the (new) American dream
Analysts believe that Trump's victory in the presidential election is one reason for this rapid growth. President Trump has promised to ease restrictions on crypto trading, cut taxes, create favorable policies, and even appoint a crypto-friendly SEC chairman.
This has finally given new investors the much-needed confidence to step into the market. Experienced investors are also looking to expand their investment. However, please note that this is not financial or investment advice and it is important that you do your own research before investing.
So if the market continues to grow at this pace, Trump's prediction will come true. Cryptocurrency is the future and will overtake traditional baking systems.
