KT photo: Nasreen Abdulla
Bitcoin is poised to spark a financial revolution by empowering individuals excluded from the traditional banking system, according to Eric Trump, son of US presidential-elect Donald Trump. Speaking at the Bitcoin Mena summit in Abu Dhabi, he hailed the cryptocurrency as "the future" and suggested that his father would champion its cause as the "crypto president." "I firmly believe Bitcoin represents the future," he told an audience of enthusiastic attendees. "This marks the start of a financial transformation not only in America but globally. Bitcoin signifies a fundamental change in how we perceive money, wealth, and the future."
The two-day summit, which kicked off on Monday at the ADNEC Centre in Abu Dhabi, brought together thought leaders and cryptocurrency experts to explore various aspects of Bitcoin, including its potential, mining opportunities, and strategies for wider adoption. Eric Trump elaborated on how Bitcoin could "level the playing field" worldwide. "The conventional financial system is inefficient and costly," he noted. "It fails to meet the needs of hundreds of millions globally. Bitcoin isn't just another asset; it's a solution. It represents a new financial paradigm—decentralized, transparent, and empowering. It enables people to grow their wealth without relying on a system that has left 99 percent of the world behind."
Eric predicted that his father would position America as the global hub for cryptocurrency. "You're going to witness the most crypto-friendly president in American history," he declared. "America will lead the digital revolution. We have a president who is the first to address a Bitcoin conference and embrace crypto." Last week, Bitcoin reached $100,000 for the first time, and Eric revealed he called his father to share the news. "I told him, 'Pops, we've reached the moment everyone's been waiting for. Bitcoin hit $100,000,'" he recounted. "And, true to form, about 15 seconds later, a tweet appeared. Imagine having an American president committed to making the US the crypto capital of the world."
He also emphasized that cryptocurrency would disrupt the traditional financial system. "There's no need for countless bankers and towering skyscrapers processing credit applications and outdated paperwork, charging hefty fees," he said. "Nothing done in those buildings can't be improved with blockchain technology. This innovation represents the most significant disruption to the modern financial system." Eric added that banks need to modernize. "Why does it take 90 or 120 days for a young couple to secure financing for a home?" he asked. "Why do banks operate on a 9-to-5 schedule, five days a week? I can trade Bitcoin on my phone at midnight on a Saturday."
Eric, who works in the construction industry, expressed his enthusiasm for the region. "I'm currently working on a major hotel project in Dubai," he shared. "We're also planning one in Abu Dhabi, which we're thrilled about. We have projects across the region, but the UAE is a developer's dream. They never say no and always encourage pushing boundaries. There's no place growing faster or more enjoyable to work in than the UAE. If you can dream it, they let you build it."
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