Eric Trump, executive vice president of The Trump Organisation, stated at the Token2049 event in Dubai on Thursday that cryptocurrencies will replace the established financial system and push large banks to the wayside. According to him, the current financial system is effective for the top 1% or 0.1% of people but ineffective for the rest of the globe.
I was unaware of the system’s fragility until my family became involved in politics. They will cancel you and pursue you as soon as you start speaking things that are against the rules. That’s the reason I’m in favour of cryptocurrencies,” he stated.
Because of politics, they attacked us like savages. It just so happened that they were targeting the cryptocurrency sector as well. Consequently, your adversary turns into a buddy. That also helped me see how outdated and flawed the current financial system is. In front of a room full of cryptocurrency fans, he questioned why it takes 90 or 120 days to obtain a loan from a bank you have been banking with for 25 years.
The US president used to be sceptical of cryptocurrency. He referred to Bitcoin and its counterparts as “not money,” “based on thin air,” and something that “can facilitate unlawful behaviour, including drug trade and other illegal activity” during his first term. After he left office, he even branded it a “scam.” The pivotal moment occurred in December 2022, one month after he announced his intention to run for president again, when he began selling non-fungible tokens featuring himself as a superhero.
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