Eric Trump, son of US President Donald Trump and executive vice president of the Trump Organization, shares his plans to launch a U.S. dollar-backed stablecoin through World Liberty Financial, alongside raising a warning for the banks to adopt crypto.
The global banking sector faces obsolescence, according to Jr. Trump, who addressed the audience from Dubai, UAE, in a strong warning. From his CNBC interview with Dubai Trump Organization Jr. Trump declared both the existing financial system and antiquated status, along with cryptocurrency and blockchain technology, as the financial industry’s future.
The United Arab Emirates (UAE ) establishes its position as a worldwide leader in crypto innovation at the same time when Trump delivers his comments. The UAE obtains digital asset businesses and blockchain conferences along with investors through supportive regulatory policies and business-friendly approaches. When Eric Trump makes regular trips to the crypto region, he extends support for decentralized financial systems.
“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,” Eric Trump said on Tuesday, referring to the global international messaging network for financial transactions.
Trump explains his focus on crypto development because he believes that traditional banks weaponize their power to support rich clients while disregarding regular citizens. The banking system has become a tool for discrimination against persons who lack political power or financial means.
Eric Trump made another strong forecast while attending the Bitcoin MENA 2024 conference in Abu Dhabi, which predicted that bitcoin would reach a value of $1 million during the late months of 2024. Bitcoin remained at about $94,978.29 as of now, showing a bullish market movement despite fluctuating broader market prices.
The support from the Trump administration for crypto has led the Trump family to delve into digital assets through meme coin initiatives while raising managerial questions while advancing their understanding of updated financial possibilities.
