Eric Trump: They Tried to Cancel My Family — So We Went All In on Crypto

And I believe that the crypto world is going to take over those big banks. I think it's going to leave them in the dust and I think it's going to change their modern plane.

Liberty Financial pigs get fat and hogs get slaughtered.

Eric Trump made headlines last week at Token 2049 in Dubai, appearing on stage with Justin. Sun Media like the New York Times and CNBC focused on a $2 billion investment tied to Trump's crypto venture and his bold claim that that banks could be extinct in 10 years. He also announced bitcoin payments for a new real estate project and gave heavy praise to Ethereum. Before the talk, the stage was sealed off with metal barricades and Secret Service agents lined the perimeter. UAE officials were given front row seats and the session started 20 minutes late. Eric Trump made one thing very clear. Blockchain isn't just the future. It's here to disrupt everything now. See it for yourself and make your own conclusions.

It's so amazing to be here today, Zach. I met you confined before in Dubai and this has been fewer months and we have seen so impressive progress with World Liberty Financial and with like all the project we're doing here. Congratulations actually. And I just want to say we have been went through the amazing journey and what's the next?

Yeah, first of all, I just got to thank you for the support, Justin. You know, Tron is just an incredible technology and we're lucky to be partners with you and you know, a bunch of other cool projects like yourself. But you've been a leading force in our space and we thank you for that totally.

And we have paid all attention recently to World Cup Financial. The project really got lots of updates and recently just like hitting $2 billion market cap, which is amazing. And we just want to know a little bit more about the project and how it's going to go, I think in the future in your mind.

Yeah. I mean, listen, the World Liberty was really started when we started to look at the gaps that existed in the traditional financial system. There's really too many to obviously name on stage today. But I'll highlight a couple. The first is a lack of transparency. I think a lot of these big banks, they're very opaque, no one knows what's going on inside of them. They only work for a few people at the top and frankly, they're ripping off their customers. The second is accessibility. We have 1.4 billion unbanked citizens in this world, which is a pretty stunning number. Right? 1.4 billion people without the access to financial Tools. And then the third was really an inefficiency in cross border payments. Myself as well as my co founders who are here today, Chase Hero and Zach Folkman. You know, we've been traveling the world and meeting with governments, some of whom are paying up to 9% to get their hands on USD and that's just unacceptable to us. As for the 2 billion, we are excited to announce today that USD1 has been selected as the official stablecoin to close MGX's $2 billion investment in Binance.

Wow.

We thank MGX and Binance for their trust in us. And I think it's only the beginning.

Yes, totally. Eric, you have once said like the modern financial system is a modern at all, right? We have seen like long time like this kind of the cancel culture in the traditional financial system. Can you tell us about your experience and your angle on this topic and how we can better like shape the financial system?

So my entire life was in the modern financial system. And it, as Zach just said, it works really well for you know, maybe the top 1% or the top.01% but it doesn't work for the rest of the world. And it's a system. Until politics, until my family got into politics, I didn't realize how fragile it was. And the second you start saying something that goes against the system, they'll cancel you, they'll ostracize you, they'll come after you. And it's really amazing. That's actually what caused me to find cryptocurrency. Right. I'm a hard asset guy. I've built buildings all over the world. It's what I've done my entire life. And they came after us like animals because of politics. Coincidentally, they were actually going after the crypto community. The exact same people that were coming after us were going after the crypto community. And so, you know, sometimes they say the, you know, enemy of your enemy is, is your friend. And that's exactly what happened. All of a sudden, you know, two people, you know, came together. That's you know, kind of the real estate world. People who believed in great assets and obviously the crypto community also another great group of people who believed in hard assets. And you know, these assets have become the greatest complement to one another. Right. You know, real estate's illiquid, it's hard to move. It's really only accessible, you know, at least on a large scale to, to kind of very few. It's very static in terms of location. And all of a sudden you go to, you know, cryptocurrencies which is immediately liquid, easy to move, accessible to anyone. And you actually realize that cryptocurrencies become the greatest hedge of the world, the kind of hard assets. But what it made me also realize is how absolutely antiquated and broken the modern financial system is. I mean, why is it that it takes, you know, Chase Manhattan? Why is it it takes them 90 days to issue somebody a loan? Somebody wants to go get financing, they want to go buy a home. And this is true of banks all over the world. Why is it that it takes 90 or 120 days to go get a loan from a financial institution that you've spent 25 years banking with? Right? They're doing paper forms. Know your customers, right? They've got the most beautiful logo on these buildings all around the world that are looking over the streets, right? And what are they doing? They're pushing paper forms out there. Things that could be done on blockchain instantaneously. Things that could be done cheaper, faster, you know, more, you know, efficiently, you know, using modern finance. Every single week, I'm chasing a wire transfer. The Swift system is broken and is going to be replaced by cryptocurrency. But why is it on a Friday afternoon at 4:00 clock in the US somewhere, I'm waiting for a swift wire transfer to come in when, you know, right now anybody could move, you know, Bitcoin or USD1 or any other, you know, kind of form of currency across the world in a matter of seconds. Again, cheaper, faster and more transparently. Guys, our system is broken. Modern finance is absolutely broken. And so when the banks came after our family, I'll never forget it, we became the most canceled people in the world. All because, you know, we're associated with politics in the United States. And honestly, I really do believe that cryptocurrency and certainly our venture into cryptocurrency is going to make the big banks regret that. And I believe that the crypto world is going to take over those big banks. I think it's going to leave them in the dust and I think it's going to change your modern finance.

What you say at World Liberty Financial, pigs get fat and hogs get slaughtered?

Yes, yes, World Liberty Financial is definitely, I think, one of the great examples, right? We can use World Liberty Financial, you shape the world and really change the financial system and we gonna leave them in the dust, right? Like if they didn't join us sooner or later, right?

That's right. They can either. Listen, I think they have two choices, right? They can either turn their big container ships around, which, you know, might take them some time, or they can get left behind in the dust like you're talking about. I think time will tell, you know, which choice they make, but hopefully they're on the right side of history.

Definitely.

I think it's actually almost hard for them to turn their container ship around. Is our entire business models, right? They're so antiquated and they're so, so big, to Zach's point, but their entire business model is to run arbitrage on fees that become redundant in kind of a crypto environment. I mean, you know, try and send money from, from New York City to Abu Dhabi, right. If you're a US citizen, you know, what brain bank branch do you find in Abu Dhabi that you send the money and then, you know, what's the currency conversion rate between the US dollar, you know, in here? If you trust the person on the other side and can you communicate with that person efficiently? And how slow is a swift transfer system going to be, you know, and then. And how many fees are going to be taken by, by the issuing bank and by the receiving bank and by the currency conversion and whoever processes the technology and what crypto does, it actually makes the whole process kind of redundant. Right. And, and that's why I kind of really believe that if the banks don't embrace this, if they don't buy into it, if they don't embrace crypto right now, they're just going to be extinct because you're actually eliminating their function. It's almost like old school film in a camera. I mean, in the digital age, you just no longer need it, so it stops being used. And I think that's what's going to happen to a lot of big financial institutions. They're literally just going to stop being used because the system that they're implementing is slower, more costly, and obviously not innovative. Frankly, it hasn't changed since what, the 1970s? Small updates, but I mean, crypto in terms of the technologies is advancing 100 times as fast as these big banks. They can't keep up with the people in this room. So there's nothing that would actually bring me more joy to see some of those banks, they came after us so viciously and came after so many other people, many of the people in this room so viciously, you know, kind of fall to the very people that they came after.

I think we in the crypto world, we really have this transparency, right? Like whatever it happens, it happens on the blockchain, like instantly. I Recently see the confidence rate for the institution comes really low. Like in United States you see like bank like just go bankrupt like overnight, like nobody knows what's going on. Bank in the Hong Kong, you know, you see the trust like just move like $5 million around and the customer don't know even what happened, you know. But on blockchain it will never have this kind of the same happen again because all the things like everything will be transparent on the blockchain.

Yeah, and I think that's a great point, Justin. Not only do we want to create a product in our stablecoin, USD1 that can be sent across borders in a very seamless way, but transparency and frankly consumer safety is paramount. Right. I don't think that our industry can afford many more of these, you know, scams that you're referring to. So I think you'll see that USD 1 will become the most transparent, the most regulated stablecoin in the world. I think that you know, you guys will be quite pleased with our monthly attestation reports, our monthly audits, etc. And I think that's actually something that, that should be required. Right, exactly. And frankly it's a lot, It's a lot. It's a much better system. Right. Our digital dollar is backed one to one by short term treasuries and cash equivalents. So you tell me where you'd rather keep your money. Something that's backed one to one by treasuries and short term cash equivalents or something that's fractionally backed by, you know, you don't even pay or what.

Exactly. And Eric, everybody has been very familiar with your family and your business, but they don't know. Actually you are very committed to financial freedom. So can you talk a little bit about this topic and like how we can use like War Liberty Financial you already realize is better.

You know, in 2019 and 2020, 2021, I started getting letters from some of the biggest banks in the world. These were banks that you know, we've done business with as a family for you know, in some cases 20, 30, 40 years. Yeah, your accounts have been canceled. Right. This is in the United States of America. This is you know, the superpower of the world and you know, the most advanced economy of the world. I'm saying, I sit there saying, you know, this isn't even, this isn't even possible. Right. It was, it was kind of that woke cancel culture movement that spread across, you know, so much of the world other than frankly the Middle East. They've done a Great job keeping that nonsense out of here. I really applaud you before the Middle east, and really the UAE has done an unbelievable job keeping that out there. But, you know, you realize how susceptible people are really to kind of, you know, one person sitting in these golden towers overlooking these big cities. You know, if they don't like you, they can destroy your life, they can destroy your business, they can destroy your livelihood. They certainly tried to do that with the Trump Organization. The good, the good news about us is we had enough zeros behind on our balance sheet, you know, and we had a lot of voice that they could kind of get away with it. But then you start going around to industrial countries all over the world, developing countries all over the world, and you realize that so many people on this earth have zero financial freedom, right? They don't have the balance sheet, they don't have the zeros. They don't have any leverage whatsoever. You know, if I'm trying to get a loan for a building, I can go out and I call the CEO of one of these banks to say, listen, you're going to, you're going to drop the interest rate by 150 basis points where a big account will give you deposits. We'll do this right. We can negotiate great terms. You know, try and, try and be an individual in Zimbabwe, where you have a thousand percent inflation, you know, every single year, try and negotiate terms with a lender, right? They can't participate in the modern financial system. It's just, it's not even accessible to them. You know, we've got the greatest team in the world. You know, this guy has become one of our closest friends. And Zach, and she's come up here, guys, and Scott, you guys, you guys have to come over here. Scott, get up. These guys work so hard every single day. And they were some of the smartest people in the business. And guys, we are so passionate about this mission. I can't even tell you. You could probably hear it in my heart, soul. A lot of it came out of life experiences, right, where this kind of fixes a problem. A lot of it comes out of practicality. A lot of it comes out of just seeing a system that's broken that could be done so much better. And we're going to transform the financial world. You know, we have a team, this team and a lot of other people who work 247 to really modernize this world. And the entire industry has to just embrace two things. I mean, the industry has to sell the police to sell because they. This industry Cannot afford to have scumbags and scam projects and it just can't happen, you know, and this industry has to do one other thing. It has to embrace hospitality, right? Kind of what I do on the real estate side every single day, which is it has to make the user experience friendly. The first time that these guys brought me through Defi, it was an absolute disaster, right? You're trying to like, you know, link, you know, you're trying to link your, your wallets to AAVE and Metamask and this and that, and you're trying to find. Funded with gas fees and all this nonsense, right? You're trying to loop and swap and it's not, it's not intuitive at all, right? It wasn't intuitive to a lot of people. And so I think so much of the growth, you know, of what our kind of culture is, what our industry is going to be, is how much hospitality, how user friendly we can make this world. And the faster we get to that point, the faster we have mass adoption and the faster we beat the big banking industries who hate all of us. Hated all of us. Probably continue to hate all of us. So on behalf, myself, the family, the entire team, thank you to Dubai, thank you to Abu Dhabi, thank you to uae, thank you to all of you and thank you for believing in World Liberty Financial. We love you all. Thank you guys.

Love you guys.

Thank you, thank you. All right.

Thank you very much. Absolutely magnificent. Look at the love up here. We love it. Fantastic. Thank you so much to Justin Sun, Zach Wickham and of course, Eric Trump for bringing the goods to Dubai. Thank you very much. Fantastic. Brilliant. Fantastic. God, love it. Good to see you.

Thanks for coming out.

It.