On its second day, Bitcoin MENA 2024 saw the participation of Eric Trump, prominent business leader and son of U.S. President-elect Donald J. Trump, who highlighted the importance of Bitcoin in today’s shifting global market. Following Donald Trump’s election as President, the bitcoin price rallied, surging over $100,000.
Speaking of this surge and the upcoming policy shifts under Trump’s crypt-friendly administration, Eric Trump said that he is confident that Bitcoin will hit $1 million. “Bitcoin is a fundamental shift in the way we think about money, wealth, and the future…It’s a shift in how our companies receive money,” he stated. “The revolution is not coming, it’s already here,” he added.
Taking place on December 9-10 at the ADNEC Center Abu Dhabi and co-organized with BTC Inc., the inaugural Bitcoin MENA is a significant milestone in the world’s largest Bitcoin conference’s expansion into the investment-friendly, dynamic, and rapidly growing MENA region.
Trump praises UAE’s supportive environment
Trump kicked off his speech by praising the UAE for its supportive regulatory environment, stating that “the UAE is a developer’s greatest dream.” Eric Trump shared his experience with Dubai which dates back to 2009, highlighting multiple projects his company is launching in Dubai including a hotel. Trump also announced that the family is developing projects in Abu Dhabi, Jeddah, Oman and Riyadh.
Bitcoin represents a new financial paradigm
During his participation at Bitcoin MENA 2024, Eric Trump shed light on the world’s slow adaptation to new technology, citing text message and email adoption as examples. He also noted the shift in the banking sector where some of the largest banks in the world are opening crypto desks and creating ETFs. Eric Trump added that Bitcoin is an asset “that has the potential to be more powerful than anything we have ever seen before.”
Commenting on the traditional banking system, Trump said it is vulnerable and has failed to adapt to the needs of the modern world, describing Bitcoin as a solution to traditional banking processes. “It is a solution because it represents a new financial paradigm that is decentralized, transparent and empowering,” he added.
He went on to highlight institutional investors in crypto including BlackRock and JP Morgan who have invested billions into the market. Trump added that crypto and Bitcoin will transform the future global economy, transcending borders and institutions, and pushing banks and governments to adapt. Crypto will become the cornerstone of the global financial system, he added.
Trump spurs significant shift in crypto landscape
Bitcoin MENA 2024 is taking place amid a significant shift in the crypto landscape following Trump’s election. The president-elect vowed that he would be the crypto president and make America the new “crypto capital of the planet.”
With hopes of a less restrictive crypto market, Bitcoin broke records last week when it surpassed the $100,000 level. The total value of the cryptocurrency market has almost doubled in the last year, hitting a record high of just below $3.8 trillion, according to CoinGecko.
The most popular cryptocurrency hit the milestone just hours after Trump said he intends to nominate cryptocurrency advocate Paul Atkins to be the next chair of the Securities and Exchange Commission. The appointment sparked hopes of a lighter regulatory approach towards the digital currency, with investors betting on the friendly U.S. administration to cement cryptocurrency’s position in financial markets.
Bitcoin rose over 50 percent on the prospects of a more crypto-friendly administration. Trump’s election also saw several pro-crypto lawmakers make it to Congress. Crypto investors have been hopeful that Trump’s policies will reduce regulatory barriers and boost institutional adoption.
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Notable participants
In addition to Eric Trump, Bitcoin MENA 2024 will also see the participation of Steve Witkoff, the new White House envoy for the Middle East and co-founder of World Liberty Financial, a crypto platform launched in September that Donald Trump helped form.
Other speakers who have close ties to Trump and World Liberty Financial are also participating at Bitcoin MENA 2024, including Justin Sun, founder of blockchain platform Tron. Three weeks after Trump won the election, Sun posted on X that he bought $30 million worth of WLF tokens, making him the venture’s largest investor.
