In a recent interview with CNBC in Abu Dhabi, Eric Trump, businessman and son of President-elect Donald Trump, expressed his strong support for the advancement of crypto and blockchain technology.
He argued that these innovations have the potential to outperform traditional banking systems, which he called outdated.
During the discussion, Trump highlighted the inefficiency of current banking practices, citing the lengthy process of obtaining a home loan in the United States: “If you live in America and you want to get a home loan, this takes you 90 days. At that point, the house is already sold,” he remarked, emphasizing the need for a faster and more efficient system.
Trump suggested that blockchain technology could perform all the functions of the modern banking system, but with greater speed and lower costs.
He noted that his father’s administration is poised to implement transparent, common-sense regulations for the crypto industry, which he believes will position the United States as a leader in this market by evolution.
He also pointed out that other countries are increasingly adopting cryptocurrency, warning that the United States risks being left behind if it does not take proactive steps on regulation. According to him, recent victories by pro-crypto candidates in Congress could lead to a more favorable regulatory environment.
Additionally, Eric Trump mentioned Elon Musk’s expected role in the new administration, particularly in promoting innovation and business efficiency.
He expressed hope that the government would adopt a more hands-off approach to encourage growth in the business sector.
