Eric Trump, son of the President-elect and executive vice president of the Trump Organization, is solidifying his stance on cryptocurrency as a cornerstone of his father's incoming administration.
Speaking exclusively with Benzinga‘s Bibhu Pattnaik, Eric emphasized plans to work alongside his father, Donald Trump, to position the United States as the global hub for cryptocurrency.
During his remarks, Eric criticized the current administration's handling of crypto, accusing regulators like SEC Chair Gary Gensler of waging a "holy war" against the industry.
“The crypto community in America was under total attack by Gary Gensler and so many other people. Biden was nowhere to be found. Kamala [Harris] was nowhere to be found. They didn’t understand what crypto was. And frankly, they waged holy war against the community. And then all of a sudden my father comes in,” Eric told Benzinga.
He underscored Donald Trump's support for crypto, citing his appearance at a Bitcoin conference as a pivotal moment for the industry.
"My father wants to make America the crypto capital of the world. And he’s been very transparent about that. And the crypto community loves him in America. You know that as well as anybody. He spoke at the first Bitcoin conference and said ‘I stand behind you. I stand behind this community. I love this community,” Eric said.
Outlining a vision of a pro-crypto presidency with "sane regulation" and possible tax incentives for crypto investors, Eric added, “I think there should be sane regulation. You know, and that’s what everybody wants. We’re going to make crypto great. My father said, ‘I’m going to have it on the balance sheet of the United States. I’m going to try and make some of it tax-free under certain parameters.”
Eric expressed optimism about Bitcoin and other digital currencies, describing himself as "very bullish."
While he declined to make specific predictions about Bitcoin's future value, he highlighted his own holdings, which include Bitcoin, Ethereum, Solana, and Sui.
"I love Bitcoin," he said, adding that blockchain technology has the potential to outperform traditional banking, which he described as "antiquated" and inefficient.
“I love Bitcoin. And listen, I’m not going to predict it because I think it’s a really bad thing if somebody in my spot starts predicting where something’s going to go. But I will say I’m very bullish on Bitcoin and I’m bullish on crypto,” Eric said.
He stressed the need for decentralized finance (DeFi) to modernize outdated financial systems, calling it a necessary step for economic innovation. "Modern banking has left 99% of people behind," Eric said, championing blockchain as a transformative technology.
“I think that modern banking is antiquated as hell. I think modern banking has been cool to a lot of people. I think modern banking has left 99% of the people behind. It’s slow. It’s inefficient. It’s costly. And there’s nothing that’s done in modern banking that can’t be done better on blockchain. And we’re all in the crypto world. I think we’re going to do very well in the crypto world. And I think you’re going to have a great ally,” Eric said.
“I saw the weaponization of government firsthand in the United States. And frankly, you know, what they did to the Bitcoiners is very much the same thing that they did to our family. They waged war on them for absolutely no reason whatsoever other than to undermine an industry that for some reason that they didn’t like. So no doubt there is no support, less support for the previous government. And I think a lot of people saw that. I think people saw what they were doing to us. And I think people saw what they were doing to that community. And they moved to my father’s face,” Eric further added.
As the Trump campaign gears up for a potential 2024 presidential bid, cryptocurrency appears set to play a significant role in shaping the platform.
Eric's comments not only highlight his commitment to the industry but also signal how the Trump family aims to leverage crypto in future political and economic policies.
Read Next
Trump Aims To Make US ‘Crypto Capital Of The Planet’: ‘We’ll Get It Done’
Image: Wikimedia Commons
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
