Eric Trump (President Donald Trump's second son) predicts that crypto and blockchain will soon overtake traditional banking systems.
At the recent Bitcoin Conference in Abu Dhabi, Trump said that the current banking system is very 'old.' If you want a loan for your dream house, it will take at least 90 days. But by then, your dream home may be sold. However, blockchain can solve this issue with the faster and more efficient process.
He also said that blockchain can do everything a traditional banking system can do, only faster, better, and at a cheaper price.
Trump's Position on Cryptocurrency
Eric Trump seems to share his father's vision. Since the beginning of his re-election campaign, Donald Trump has been very vocal about his support for crypto. He accepted donations for his crypto venture, appeared at several industry events, promised to promote the crypto industry with fair regulations, and promised to make the US the crypto capital of the planet.'
That's because he believes that crypto is the future of the world. Slowly but surely, all countries will adopt this new currency, so the US better be leading the revolution.
“If crypto is going to define the future, I want it to be mined, minted and made in the US,” he said.
Impact of Trump's crypto-friendly approach on the overall market
Crypto investors may have noticed that over the past few weeks, the market has been rising. Many popular currencies, such as Bitcoin and Dogecoin, and a few new entries on presale, such as Flockerzhas been gaining ground at rocket speed.
Bitcoin recently crossed the $100K valuation mark. The spike started on November 6th when it seemed that Trump would win the election. In one day, the value of Bitcoin increased by $6K. A week later, his net worth hit $90K; on December 5, Bitcoin crossed $100K.
The same thing happened with Dogecoin. After Trump's victory, its per-token price more than doubled, going from $0.16 per token to almost $0.38. today (December 11), it is listed at just over $0.39. It is one of the best years since 2021.
Flockerz, currently in pre-sale, has managed to raise $4M so far. According to experts, when the token is finally launched, the big investors may become millionaires overnight because they expect it to yield 4000x.
Chasing the American Dream (New).
Analysts believe that Trump's victory in the presidential election is one of the reasons for this sudden growth. Trump has promised to ease restrictions on crypto trading, lower taxes, create favorable policies, and even appoint a crypto-friendly chairman to the SEC.
This has given new investors much needed confidence to finally dip their toes in the market. Experienced investors are also looking to increase their investments. However, please remember that this is not financial or investment advice and it is essential that you do your own research before investing.
So if the market continues to grow at this pace, Trump's prediction will come true – crypto will become the future and will overtake traditional baking systems.
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