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Eric Trump, executive vice president of The Trump Organization, reiterated in an interview aired Wednesday his strong support for Bitcoin (CRYPTO: BTC) and its potential to disrupt traditional financial institutions. Bitcoin Challenges TradFi Dominance: Eric Trump Appearing on the Full Send Podcast, Trump said that a million dollars’ worth of BTC could be sent and received in seconds with practically “zero fees,” something that the biggest financial institutions are not too pleased about. “They want to extract the fees. They want as many middlemen as humanly possible because that’s what keeps their 70-story buildings lit and alive and their CEOs making hundreds of millions of dollars a year,” Trump, who himself runs many companies, said. Bitcoin Is Good For Humanity? He added that Bitcoin is helping to bypass all these barriers. “I think that’s a really good thing for humanity. It gives people financial freedoms that they could never otherwise have,” Trump remarked. He admitted that individuals like him, with “leverage” and “size,” are better equipped to handle major financial institutions. “Guess who doesn’t have leverage? People who don’t have properties. The mom and pop, the young student, the this and that. All of a sudden, crypto gives them financial freedoms,” he stated. See Also: Trump Says Biden Was ‘Vicious On Crypto’ But He’s Ended The ‘War’ On The Industry: ‘It Was Terrible’ Crypto: A Better Option? There have been several instances of people sending hundreds of millions worth of BTC at a fraction of the fees that such transactions would cost in the traditional financial system. International cryptocurrency money transfers were found to be 96% cheaper than the legacy process of sending money abroad, according to a report from Coinbase. Apart from the cost advantages, cryptocurrency transfers are also processed instantly, while international wire transfers could take days depending on the recipient’s country. Moreover, most banks only process transfers during regular business hours and not during the weekend. Trump Says BTC Will Reach $1Million Trump also reiterated his belief that Bitcoin will eventually hit $1 million a piece. Trump runs American Bitcoin Corp. (NASDAQ:ABTC), a hybrid company that mines BTC, but also buys it directly from the market. It currently holds 3,865 BTC, worth $394 million, according to Bitcointreasuries.net. Last month, he revealed plans to tokenize his family's real estate portfolio, aiming to provide fractional ownership opportunities to the public. Price Action: At the time of writing, BTC was exchanging hands at $101,913.35, down 1.19% in the last 24 hours, according to data from Benzinga Pro. American Bitcoin shares rose 0.19% in after-hours trading after closing 5.22% lower at $4.54 during Thursday’s regular trading session. According to Benzinga's Edge Stock Rankings, the stock lagged on the Momentum metric and was in a downward trend in the short, medium, and long term. Find out more here. Read Next: What A $90,000 Bitcoin Dip Would Mean For Ethereum, XRP Disclaimer: This content was partially produced with the help of Benzinga Neuro and was reviewed and published by Benzinga editors. Image via Shutterstock
