UAE: Donald Trump son says Bitcoin will bring about financial revolution
By releasing the "left behind" from the old bank system, Bitcoin will be the currency of financial revolution. So says Eric Trump, son of the US president-elect Donald Trump. At the Bitcoin Mena summit in Abu Dhabi, he dubbed the crypto "the future" and said his father will be crypto president.
"I think [Bitcoin] is the future," he told a room full of onlookers. "I honestly think this is the start of a financial revolution not only in America, but really around the world. Bitcoin I believe it’s an uncanny change to the way we approach money, wealth and future".
The two-day summit which started Monday at the ADNEC Centre Abu Dhabi has seen thinkers and crypto professionals addressing questions around Bitcoin such as what’s next for the currency, mining options, and ways to make the most of it.
He also talked about how Bitcoin would "even the playing field" across the world. "The existing financing model is inefficient and expensive," he added. "It is not the answer for hundreds of millions of people in the world. Bitcoin is not just another coin. It is an answer to all this. It is a new financial system, distributed. It's transparent. It's empowering. It lets people accumulate wealth without having to count on the very finance system, which has retreated 99 per cent of humanity in the world."
Crypto capital
He said his father would make America the crypto-crazy world. "You’re going to get the most cryptophobic president in US history," he said. "I can tell you with 100% certainty, America is going to be a world leader in the digital revolution. There’s a guy you’ve got that was the first president to speak at a Bitcoin conference. The first president to take crypto seriously".
For the first time ever, Bitcoin hit $100,000 last week and Eric said he called his dad. ‘I go, Pops, we just got the time everyone was hankering for,’ he said. "Bitcoin hit 100,000 and like all good Trump, after about 15 seconds, a tweet came up. ’So, as I said earlier, imagine for the first time an American president who is going to try to make America the crypto capital of the world."
Disruption
He also added that the crypto currency would destabilize the old order. ‘You don’t need tens of thousands of bankers, you don’t need gigantic tower blocks around the globe selling credit cards and old forms and high-fee fees,’ he said.
"There is nothing that gets done in those buildings that you cannot do better on blockchain. That’s why this technology is the biggest bugbear of the contemporary financial system".
Banks were outmoded, he said, and they had to work better. "Why is it 90 or 120 days for a young couple to get mortgaged for a house?" he said. "Why do banks 9-to-5 five days a week? I can be on my phone now and I can buy and sell Bitcoin at midnight on a Saturday evening."
He also said he loved living in the area, because he was a builder. "I’m doing a huge hotel in Dubai right now," he said. "We’re having one in Abu Dhabi and that’s gonna be super cool. We are doing projects all over the region but the UAE is the developer’s fantasy land because they don’t say no to anything. I mean, you always get like to kind of go beyond and no place’s getting faster. Nowhere has been more interesting to work than in the UAE. They let you construct it if you wanna, if you can conjure it, they let you do it".
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