Eric Trump: Cryptocurrencies Are the Future and a Solution for Slow Banks
- Cryptocurrencies offer 24/7 accessibility and transactions globally.
- Bitcoin is a modern alternative to physical assets such as real estate.
- Trump administration pledges support for cryptocurrency market.
Eric Trump, executive vice president of the Trump Organization, stated at a recent event that cryptocurrencies represent the future of finance, highlighting the flaws of the traditional banking system. During his appearance at the Bitcoin MENA 2024 Conference, Trump emphasized the speed and accessibility of crypto, contrasting it with the slow and restrictive functioning of conventional banks.
🚨BREAKING: Eric Trump confirms President Trump's bold plan to make American cryptocurrencies like $ ALGO , $ ISLANDS , $ Xrp and $HBAR tax-free.
This could change everything… pic.twitter.com/3cNbQi58sm
— Armando Pantoja (@_TallGuyTycoon) December 11, 2024
“Banks are slow as hell, outdated and don’t work,” he said. He criticized the limited operating hours of financial institutions, which typically follow Monday-to-Friday, 9 a.m. to 17 p.m. schedules. By comparison, cryptocurrencies operate 24 hours a day, seven days a week, eliminating time barriers and facilitating fast transactions anywhere in the world.
Trump also highlighted the importance of decentralized cryptocurrencies, which eliminate intermediaries such as banks and lawyers. This reduces costs and simplifies processes, making access to investments more democratic. According to him, while real estate, his family's main area of activity, requires high investments and faces challenges such as illiquidity and vulnerability to physical damage, Bitcoin emerges as a viable and modern alternative.
“Bitcoin is transportable, it’s digital. There are no brokers, lawyers or title companies involved,” he said. He also noted that unlike a physical building, Bitcoin can be easily moved between global markets in search of better opportunities.
Furthermore, Eric Trump believes that cryptocurrencies have the potential to transform lives in developing countries. He explained that by providing a more accessible entry into the financial market, these technologies can enable people without much resources to build wealth and improve their lives.
During the event, he also stated that the administration of his father, Donald Trump, elected president of the United States, intends to adopt a more favorable stance towards the cryptocurrency market, avoiding excessive regulations and high taxes that would harm the sector. Eric Trump described his father as “the crypto president”, reinforcing the commitment to financial innovation and the growth of the Bitcoin market.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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