The global banking systems are on the brink of transformation, according to Eric Trump. In a recent interview with CNBC, Eric Trump—an American businessman and the second son of President-elect Donald Trump—emphasized the inefficiencies of traditional banking systems and the potential of blockchain technology to surpass them.
Speaking at the Bitcoin Conference in Abu Dhabi, Trump highlighted the limitations of conventional banking processes, such as the time-consuming nature of home loan approvals, stating:
“If you live in America, you want to go out and get a home loan, it takes you 90 days. By then, the house is already sold, and your dream is gone. Blockchain can do this faster, better, and at a fraction of the cost.”
Blockchain: A Game-Changer for Finance
Trump believes that blockchain technology can streamline financial services by eliminating cumbersome paperwork and reducing costs. Its ability to provide secure, transparent, and efficient solutions positions blockchain as the future of global finance.
The Need for Sensible Regulation
Eric Trump also expressed concerns about America falling behind in the crypto race if it fails to adopt clear and transparent regulations. He shared his father’s commitment to creating a crypto-friendly environment that allows innovation to flourish.
“We will have a clear road map, and hopefully the rest of the world follows. America should lead by example and become the crypto superpower of the world,” Trump stated.
A Role for Elon Musk in Government Efficiency
The conversation also touched on Elon Musk’s potential involvement in the new administration. Trump hinted that Musk, alongside Vivek Ramaswamy, may co-lead a Department of Government Efficiency (DOGE) to foster innovation and reduce bureaucratic hurdles.
Trump and Decentralized Finance
Both Eric Trump and Donald Trump Jr. are key figures in the decentralized finance (DeFi) platform World Liberty Financial, underlining their commitment to the crypto industry.
As crypto and blockchain gain momentum worldwide, Eric Trump’s vision underscores the need for innovation and regulatory clarity to secure America’s position as a leader in financial technology.
