Eric Trump has announced plans to launch a dollar-backed stablecoin and warned banks to embrace cryptocurrency or face obsolescence. He claims the existing financial system is outdated, advocating for blockchain technology as the future. During his comments, he also predicted bitcoin’s value could reach $1 million by late 2024.
Eric Trump, the son of former US President Donald Trump and an executive at the Trump Organization, recently emphasised the need for banks to adopt cryptocurrency or risk becoming obsolete. Speaking from Dubai, he outlined plans to introduce a U.S. dollar-backed stablecoin through World Liberty Financial, indicating a definitive pivot towards the digital asset sector.
During an interview with CNBC, Trump claimed that the current financial system is outdated and warned that embracing cryptocurrency and blockchain technology is essential for the future of banking. He pointed to a growing trend in the UAE, which has positioned itself as a global centre for crypto innovation, supported by favourable regulations and a nurturing business environment.
While in Dubai, Trump has been a frequent visitor to the crypto scene, promoting decentralized finance. He expressed strong criticism of existing banking methods, stating, “There’s nothing that can be done on blockchain that can’t be done better than the way that the current financial institutions are working. SWIFT is an absolute disaster.” This comment underscores his belief that traditional banking is not meeting modern demands.
Trump also highlighted his concerns regarding the inequities within the banking sector, alleging that it often favours the wealthy while neglecting the needs of average citizens. He described the existing system as a mechanism for discrimination against those lacking financial clout or political power.
In a bold prediction made at the Bitcoin MENA 2024 conference in Abu Dhabi, Trump suggested that bitcoin’s value could soar to $1 million by late 2024. As of now, bitcoin is trading around $94,978.29, showing signs of a bullish market even amidst volatility in wider market conditions.
This ongoing push for a larger crypto presence comes as the Trump family explores opportunities in digital assets, including ventures into meme coins, all while navigating the complexities of the digital finance landscape. Overall, Eric Trump’s statements signal an intent to reshape the traditional financial framework in favour of a more tech-driven model.
