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- Eric Trump has predicted that a massive crypto upsurge could be recorded from next year as adoption skyrockets.
- Eric has also hinted that his family got involved in the asset class after US banks attempted to cancel their accounts despite years of working with them.
Eric Trump, the son of US President Donald Trump, has hinted that the crypto market is poised for explosive growth from the next 12 to 18 months. According to him, the recent upsurge is just the beginning, meaning it is not too late for new investors to enter the market. This statement follows his previous prediction that Bitcoin could hit $1 million, as mentioned in our previous news brief.
Eric’s Comment on the Rising Institutional Crypto Interest and His Family’s Involvement
Speaking remotely to an Upbit crypto event organized in Seoul, South Korea, Eric, the executive vice president of the Trump Organization, expressed his deep interest in the asset, comparing it to its traditional counterpart. To him, Bitcoin perfectly serves as a hedge against inflation, and its fixed supply makes it superior to gold and other assets.
lI mean again, the growth of this industry in the next 12, 18 months is going to be explosive and the next decade is going to be, we’re going to look back and say we were the pioneers of rewriting modern finance.
His presentation did not end there. Eric practically explained why crypto stands tall, and the import of his message focused on speed and cost-effectiveness. According to him, a $200 million BTC transaction would be completed in seconds and at a cost of just 60 cents. Meanwhile, traditional banks would charge 3% of the same amount and finalize the transaction processing in weeks.
Eric also pointed out how some heavyweight financial institutions have been forced to embrace the change amid the skyrocketing demand and the threat to their business model. Specifically, the likes of JPMorgan and the Bank of America have created digital asset divisions to not be left behind.
Warning to Countries and Institutions
The digital asset “craze” is also sweeping across countries, as Eric warns that countries that refuse to embrace it would fall behind in the “global financial race”. His comments, interestingly, transcend mere expression to action. According to a BBC report, the Trump family has started publicly trading and they hold around $5 billion in crypto. As also highlighted in a recent CNF update, Eric once confirmed that he and his father hold a lot of Bitcoin.
It is also reported that the family gets a share of revenue generated from World Liberty Financial (WLFI) sales, and they have made more than $500 million in the process. Meanwhile, Eric has clarified that the motivation behind their embrace of crypto came from being debanked by the “traditional financial institutions during the political controversies.”
According to him, they have had extensive years of relationship with US banks; however, they attempted to cancel their accounts, forcing them to explore cryptos.
The family’s involvement in crypto has not been without criticisms as California Rep. Maxine Waters earlier argued that the president’s venture could “raise an alarm on the political influence on the US monetary system,” as noted in our previous post.
Massachusetts Senator Elizabeth Warren has also accused the president of engaging in strategic ventures to enrich himself, as discussed earlier.
