Eric Trump, executive vice-president of the Trump organization, delivered an ardent indictment of the global financial system during a panel of the Token2049 conference in Dubai, the appellant “broken”, exceeded and rigged against the average person.
Speaking alongside Zach Witkoff of World Liberty Financial and Justin Sun de Tron, Eric explained how personal experiences with the political backlash pushed him towards the crypto.
“It works very well for, you know, perhaps the highest 1% or the highest 0.1%, but it does not work for the rest of the world,” he said.
Eric said that his family has entered politics once, he saw how fragile and armed the system is.
“And the second where you start to say something that goes against the system, they will cancel you, they will ostracted you, they will come after you,” he added.
Crypto is a perfect hedge: Eric Trump
Trade real estate developer, Eric explained how he came to see cryptocurrency as the perfect coverage of hard assets.
“Real estate is illiquid. It is difficult to move. It is not really accessible, you know, at least on a large scale, for very little. It is very static in terms of place. ”
However, Eric said that the crypto is liquid, without border and accessible. “You realize that cryptocurrencies become the largest cover in the world to hard assets.”
But its strongest criticism was reserved for the inherited banking system, in particular the Swift network.
“Every Friday, I continue metal transfers that should be instantaneous. Why do you have 90 days to issue a loan when you have been with a bank for 25 years? ” Trump asked. “The fast system is broken – and the crypto will replace it.”
Trump argued that large banks are stuck in the past, based on paper and slow systems, while blockchain technology is evolving at lightning speed. “”
He also praised the world domination of the US dollar, calling him the most reliable and stable currency in the world, and positioned the WLFI initiative of World Liberty Financial as a digital effect of this trust.
Eric Trump rents the pro-Crypto position of the water
Trump also praised the pro-innovation policies of water. “I have been working on water since 2006, and they still arrive at” yes “-that’s absolutely,” he said.
“In Europe, it took seven years and millions of dollars to move a golf green due to a microscopic snail. Bureaucracy kills countries. “
Calling Europe “a lost cause” in innovation, Trump said that the future belongs to countries like the United States and the United Arab Emirates.
As indicated, experts claim that the United Arab Emirates are about to become a key destination for crypto and stable companies in search of newly implemented European Union (EU) in the Crypto-Active (Mica) regulation.
The regulatory framework, which took full effect on December 30, creates significant challenges for cryptographic companies in the 27 -members block, which has made a lot of way to consider moving, according to industry experts.
Among its strict requirements, small stablecoin transmitters must hold 30% of their reserves in commercial banks based on low -risk EU, while the main players like Tether are faced with a mandate to maintain 60% or more in similar institutions.
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