According to Cointelegraph, Eric Trump, an American businessman and son of Donald Trump, expressed his belief that modern banking systems are outdated and that cryptocurrency and blockchain technology will eventually surpass them. In an interview with CNBC's Dan Murphy on December 9 in Abu Dhabi, Trump shared his views ahead of his keynote speech at the Bitcoin Conference. He emphasized that blockchain technology can perform all the functions of traditional banking systems more efficiently.
Trump criticized the lengthy process of obtaining a home loan in the United States, highlighting that it can take up to 90 days, by which time the desired property may already be sold. He argued that blockchain offers a faster, cheaper, and more efficient alternative without the need for extensive paperwork. He noted that crypto lending has fewer stipulations compared to traditional lending methods.
Eric Trump also mentioned that his father, Donald Trump, recognizes the global embrace of cryptocurrency and warned that the United States risks falling behind if it does not take a leading role in regulation. With numerous pro-crypto candidates winning seats in Congress, Trump anticipates a more favorable regulatory environment for the industry. He expects the emergence of transparent and sensible regulations that will benefit the U.S., providing a clear roadmap for others to follow.
Trump expressed hope that the U.S. will lead by example and become a crypto superpower. He and his brother Donald Jr. are involved in the decentralized finance platform World Liberty Financial, although they are not directly employed by the company. Additionally, Trump mentioned that Elon Musk, CEO of X, is expected to play a significant role in the new White House, beyond his position as co-leader with Vivek Ramaswamy for the Department of Government Efficiency.
Trump emphasized the need for innovation and reducing governmental interference in business, expressing optimism that Musk will contribute to achieving these goals. He criticized the lack of innovation in recent years and expressed confidence that the situation will improve, with Musk playing a major role in driving change.