WEBVTT - Trump Organization Executive Vice President Eric Trump Talks Crypto, Real Estate & Politics 0:00:02.400 --> 0:00:06.760 Bloomberg Audio Studios, podcasts, radio news. 0:00:07.400 --> 0:00:10.160 Eric Trump, thank you for joining us on Bloomberg TV 0:00:10.320 --> 0:00:13.239 here in Abu Dhabi. Let's start for the you know, 0:00:13.360 --> 0:00:16.000 let's start with the obvious question. You're in Abu Dhabi 0:00:17.120 --> 0:00:20.239 over a month after your father, Donald Trump won the 0:00:20.400 --> 0:00:22.400 US elections. Can you talk to us a little bit 0:00:22.400 --> 0:00:26.480 about the reasons why you're here at this bitcoin conference. 0:00:26.680 --> 0:00:29.080 Yeah, it's a funny question because I've spent twenty years 0:00:29.080 --> 0:00:31.560 in the region. I built our first golf course here 0:00:31.640 --> 0:00:33.960 I don't know, fifteen plus years ago. We have a 0:00:34.000 --> 0:00:36.080 lot of partners in the region building Trump for National 0:00:36.120 --> 0:00:39.240 Hotel and in Dubai signed that obviously well before my father. 0:00:39.720 --> 0:00:43.159 I was back in politics doing projects in riod And 0:00:43.280 --> 0:00:46.640 and Jeda and Oman signed them long before politics. So 0:00:46.640 --> 0:00:50.280 listen where real estate, family hospitality in this region is unbelievable. 0:00:50.280 --> 0:00:51.480 And that's really what I'm here doing. 0:00:51.520 --> 0:00:55.160 And again, we've been operating property, we've been building property 0:00:55.200 --> 0:00:58.520 here for over the last decade. And we love the region. 0:00:58.520 --> 0:01:00.120 I mean, the growth of this region is incredible. Well, 0:01:00.120 --> 0:01:01.639 we were one of the first Western brands in here. 0:01:01.640 --> 0:01:04.000 I think my first strip over here was two thousand 0:01:04.000 --> 0:01:05.800 and eight. Two thousand and seven, two thousand and eight, 0:01:05.800 --> 0:01:08.440 and so to see what the region has done is amazing. 0:01:08.440 --> 0:01:10.240 To see the vision of the region is amazing. 0:01:11.000 --> 0:01:13.480 It's probably controversial that I say this, but you know, 0:01:13.520 --> 0:01:15.800 as a developer the region, you know, sometimes you leave 0:01:15.800 --> 0:01:18.280 here and you're almost jealous, right, sky's the limits over here. 0:01:18.560 --> 0:01:21.039 They want you to build incredible structures. They actually encourage 0:01:21.080 --> 0:01:23.800 you to build incredible structures. You know, so oftentimes in 0:01:23.800 --> 0:01:25.800 the Western world, and I'm not just talking about America, 0:01:26.600 --> 0:01:29.479 you're held back. They actually they limit you. They want 0:01:29.480 --> 0:01:31.399 to they want to cap you, they want to say no. 0:01:32.360 --> 0:01:34.000 You know, this is a region that wants to say yes. 0:01:34.040 --> 0:01:35.959 They want to see kind of the best architecture, the 0:01:35.959 --> 0:01:38.760 best innovative minds. And it's a beautiful place. If you're 0:01:38.760 --> 0:01:40.920 a developer, there's there's there's no place quite like it. 0:01:41.880 --> 0:01:44.440 But we're at a crypto conference, and then there are 0:01:44.520 --> 0:01:46.280 coinciding events that are happening. 0:01:46.080 --> 0:01:46.679 In Abu Dhabi. 0:01:46.800 --> 0:01:50.320 We've seen an influx of hetche funds, acid managers, you know, 0:01:50.360 --> 0:01:53.280 the likes of Ray Dalio coming to Abu Dhabi. So, 0:01:53.520 --> 0:01:55.120 you know, what can you tell us a little bit 0:01:55.120 --> 0:01:57.680 about are you trying to raise any kind of money. 0:01:57.880 --> 0:02:00.000 Are you seeking investors? What kind of people are you 0:02:00.240 --> 0:02:02.320 meeting in the UAE this week? 0:02:03.000 --> 0:02:04.440 Now, I'm not trying to raise any money. We don't 0:02:04.480 --> 0:02:05.280 we don't need to raise money. 0:02:05.280 --> 0:02:08.040 We're very, very fortunate to have a great private company 0:02:08.080 --> 0:02:09.919 that has a ton of cash, and you know, it's 0:02:09.960 --> 0:02:14.239 never been stronger. I'm here because I'm launching multiple buildings 0:02:14.520 --> 0:02:16.800 while I'm over here, buildings that we started, you know, 0:02:16.840 --> 0:02:19.040 several years ago, and and that are really launching now. 0:02:19.080 --> 0:02:22.200 And obviously in building the process takes a lot of time. 0:02:22.240 --> 0:02:24.280 But also I'm at the Big Cooin conference because I believe, 0:02:24.320 --> 0:02:28.040 I believe in cryptocurrencies. I believe that cryptocurrencies are the future. 0:02:29.120 --> 0:02:32.440 Banking is slow as hell. It's hands equated. It doesn't work. 0:02:32.840 --> 0:02:34.600 It doesn't make any sense that banks run on nine 0:02:34.600 --> 0:02:37.720 to five schedules, five days a week. When cryptocurrency you 0:02:37.760 --> 0:02:39.120 can You could trade it in the middle of the 0:02:39.200 --> 0:02:42.640 night on a you know, Saturday, at twelve pm, you know, 0:02:42.680 --> 0:02:45.120 while having dinner with your wife or sitting on the couch, 0:02:45.160 --> 0:02:48.679 you can trade cryptocurrency. The banks are lethargic, They don't 0:02:48.720 --> 0:02:51.280 work for everybody. They leave most people behind they're expensive, 0:02:52.080 --> 0:02:55.880 they're lethargic, they're not inclusive at all. And I think 0:02:55.919 --> 0:02:58.040 the modern banking system is changing very quickly. I think 0:02:58.040 --> 0:02:59.720 it's one of the reasons you see Black Rock spending 0:02:59.720 --> 0:03:03.160 billions in cryptocurrencies, and Fidelity in Schwab and you know, 0:03:03.280 --> 0:03:04.560 just about every bank under the sun. 0:03:05.600 --> 0:03:06.360 It's the future. 0:03:06.680 --> 0:03:07.880 I mean, why do I have to go all over 0:03:08.040 --> 0:03:09.880 you know, Abdabi to try and find ATM If I 0:03:09.880 --> 0:03:11.760 want to pull out one hundred bucks. By the time 0:03:11.800 --> 0:03:13.600 you pull out the money, you know you lose thirty 0:03:13.600 --> 0:03:16.919 percent on it based on currency change rates plus fees 0:03:16.919 --> 0:03:19.720 for the ATM. When you know you can literally pop 0:03:19.720 --> 0:03:22.320 open your wallet, you can send a link, takes you 0:03:22.360 --> 0:03:25.200 two seconds to do, and you don't have all those problems, 0:03:25.200 --> 0:03:26.520 you don't have all those structural problems. 0:03:26.560 --> 0:03:29.640 And so there's no question to me that times one 0:03:29.680 --> 0:03:30.720 hundred right. Blockchain. 0:03:30.760 --> 0:03:32.720 There's nothing that can be done in banking that can't 0:03:32.720 --> 0:03:36.520 be done more efficiently using blockchain, and blockchain changing the world, 0:03:36.600 --> 0:03:36.920 whether or. 0:03:36.920 --> 0:03:37.760 Not people like it or not. 0:03:37.840 --> 0:03:39.480 And there's a lot of people that see it, the 0:03:39.480 --> 0:03:41.080 people who are here at this conference. There's a lot 0:03:41.080 --> 0:03:42.840 of people who don't. The people who don't see it 0:03:42.840 --> 0:03:45.000 are the people who are gonna get left behind. And 0:03:45.080 --> 0:03:49.120 so so I believe in this technology, and my family 0:03:49.160 --> 0:03:51.160 believes in him. My father wants America to be the 0:03:51.200 --> 0:03:54.800 crypto capital of the world, and I'm happy to support 0:03:54.800 --> 0:03:55.160 it today. 0:03:55.760 --> 0:03:58.480 So, you know, going back to the crypto talking about 0:03:58.520 --> 0:04:01.960 bitcoin and bitcoin has rallied quite a bit since November fifth. 0:04:03.520 --> 0:04:08.200 What is the Trump family's take on the Bitcoin Strategic Preserve? 0:04:08.320 --> 0:04:10.840 Is that something that you know your dad gets behind. 0:04:10.880 --> 0:04:12.440 Is that something that you get behind. 0:04:13.360 --> 0:04:15.040 Yeah, well, we're a family that loves crypto. It certainly 0:04:15.080 --> 0:04:16.719 something that my father, I think has publicly said. In 0:04:16.720 --> 0:04:18.400 fact that the last bigcoint conference, he said that he 0:04:18.440 --> 0:04:19.800 wants it to be part of the you know, the 0:04:19.800 --> 0:04:22.400 Reserve and the Treasury. He also said he wants to 0:04:22.400 --> 0:04:24.920 see a lot of cryptocurrencies that are based in the 0:04:25.000 --> 0:04:28.320 US be tax free, and beyond that, be seeing all 0:04:28.320 --> 0:04:30.240 these other countries around the world lead the way when 0:04:30.279 --> 0:04:31.280 it comes to cryptocurrency. 0:04:31.279 --> 0:04:33.440 We're the superpower of the world, you know, we better 0:04:33.560 --> 0:04:33.960 lead the way. 0:04:33.960 --> 0:04:36.960 We better lead the way in terms of regulation and guidelines, 0:04:36.960 --> 0:04:41.240 a smart regulation. But instead we had incompetent SEC directors 0:04:42.120 --> 0:04:44.640 who wage war in the crypto industry for no reason whatsoever, 0:04:45.040 --> 0:04:49.240 gave massive competitive advantages to countries around the world. You know, 0:04:49.320 --> 0:04:50.840 that should never be ahead of the United States and 0:04:50.880 --> 0:04:53.279 anything that they do. But you know, I mean, every 0:04:53.320 --> 0:04:55.640 day it is finally another lawsuit against another great American 0:04:55.640 --> 0:04:58.599 company who just wanted to conduct business. And by the way, 0:04:58.839 --> 0:05:01.520 those companies were fine with regula, they just wanted the 0:05:01.560 --> 0:05:03.520 proper guidelines the place which they weren't willing to put 0:05:03.560 --> 0:05:05.480 in place. And so you know, I think my father's 0:05:05.480 --> 0:05:07.640 gonna be an unbelievable ally to the industry. I think 0:05:07.680 --> 0:05:10.360 you're gonna see great things happen. I think this digital 0:05:10.360 --> 0:05:12.840 revolution is going to change the world. I think America 0:05:12.920 --> 0:05:15.400 is going to lead the way, and I think bigcoin 0:05:15.480 --> 0:05:17.040 is obviously a big part of that because right now 0:05:17.080 --> 0:05:18.840 Bitcoin is is leading that digital revolution. 0:05:18.880 --> 0:05:20.560 There's no one that can say otherwise than that. 0:05:21.080 --> 0:05:23.839 You know, it's got triple to market cap of any 0:05:23.880 --> 0:05:28.200 other crypto, and no, it's it's special technology and it's 0:05:28.240 --> 0:05:30.480 one that that our country will embrace. 0:05:31.040 --> 0:05:34.039 And we've seen in recent days we've seen your dad 0:05:34.120 --> 0:05:37.800 also appoint David Sucks to be the czar for Crypto. 0:05:38.160 --> 0:05:40.920 So what does that role look like to you, how 0:05:40.960 --> 0:05:42.599 how do you think that role will come to life? 0:05:42.640 --> 0:05:44.599 What is you know, what is David going to be 0:05:44.640 --> 0:05:46.320 looking after when it comes to the industry. 0:05:47.200 --> 0:05:49.159 Isn't that refreshing to see somebody who actually knows something 0:05:49.160 --> 0:05:54.040 about AI and crypto run AI in crypto Kamala Harris 0:05:54.080 --> 0:05:55.839 was put in charge of AI and I'm not sure 0:05:55.839 --> 0:05:59.000 she could spell AI legitimately, you know, I don't think 0:05:59.000 --> 0:06:00.840 she knew a damn thing about Deanell. All of a sudden, 0:06:00.880 --> 0:06:03.479 you've got one the most successful people in the history 0:06:03.480 --> 0:06:05.400 of our country. You know, in that space, in the 0:06:05.400 --> 0:06:09.120 technology space, there's a running policy for technologies that you're 0:06:09.120 --> 0:06:11.799 going to change the world that are you know, they're 0:06:11.839 --> 0:06:14.200 moving forward like you're not cryptos here and it's not 0:06:14.240 --> 0:06:16.440 going anywhere. And again, if you don't brace it, you're 0:06:16.480 --> 0:06:18.440 gonna get left behind. I've said that several times. But 0:06:18.800 --> 0:06:21.040 isn't it really nice to see somebody who understands it 0:06:21.120 --> 0:06:23.479 so well, that's been so successful and it was right 0:06:23.640 --> 0:06:25.719 leading the charge for the United States of America the 0:06:25.720 --> 0:06:29.279 superpower of the world. And you know, versus some you 0:06:29.320 --> 0:06:33.280 know politician who spent their entire lives running for political office, 0:06:33.480 --> 0:06:35.880 you know, trying to figure it out, who's never been 0:06:35.920 --> 0:06:38.240 a success in it, who knows nothing about it, trying 0:06:38.240 --> 0:06:40.160 to figure their way around. And so I think that's 0:06:40.160 --> 0:06:42.480 the difference between the competency of my father's administration, the 0:06:42.480 --> 0:06:45.720 people that he's picking for his cabinet, versus the incompetency 0:06:45.720 --> 0:06:47.400 that we've seen over the last four years. It's really 0:06:48.200 --> 0:06:52.120 left us probably at a competitive disadvantage and just pivoting. 0:06:51.760 --> 0:06:53.840 To the Trump organization. And I know that you're here, 0:06:53.880 --> 0:06:56.640 and I know that you've said previously that your father 0:06:56.800 --> 0:06:59.440 loves the UAE and loves coming to the region, and 0:06:59.440 --> 0:07:01.440 I know that you're you know, visiting the region, not 0:07:01.600 --> 0:07:04.920 just that UAE. Do you think that once Donald Trump 0:07:04.960 --> 0:07:09.240 takes office that you know, foreign deals are gonna continue 0:07:09.320 --> 0:07:10.360 come back to fruition. 0:07:10.720 --> 0:07:13.560 Yeah, let's I've run a real estate company for a 0:07:13.680 --> 0:07:15.560 very long time. We've been in real estate as a 0:07:15.560 --> 0:07:18.160 family for about one hundred years. You know, we're fourth 0:07:18.200 --> 0:07:21.120 generation in real estate. I've been in this region long 0:07:21.160 --> 0:07:23.960 before the notion of politics even you know, kind of 0:07:23.960 --> 0:07:24.520 tickled our mind. 0:07:24.520 --> 0:07:25.360 I'm not Hunter Biden. 0:07:25.720 --> 0:07:27.800 I'm not out there selling finger paintings for you know, 0:07:27.840 --> 0:07:29.760 five hundred thousand dollars or you know, whatever he sold 0:07:29.800 --> 0:07:32.480 them for. You know, we're a legitimate company with thousands 0:07:32.480 --> 0:07:35.000 of employees around the globe who run the best hospitality 0:07:35.040 --> 0:07:37.080 operations anywhere on or at, the best golf course, the 0:07:37.080 --> 0:07:39.880 best hotels, you know, the best commercial buildings, best real 0:07:39.960 --> 0:07:44.200 estate buildings, retail. You know, this has literally been generations 0:07:44.240 --> 0:07:46.560 in the making. It's been my entire life doing it again. 0:07:46.600 --> 0:07:48.440 I think I came to this country, as I said before, 0:07:48.440 --> 0:07:50.760 in two thousand and seven, for the first time. We've 0:07:50.800 --> 0:07:53.920 operated properties in this country for well over a decade 0:07:53.920 --> 0:07:58.560 before my father was ever even remotely considering you know, politics, 0:07:58.560 --> 0:08:00.800 and so I'm going to continue to run those properties, 0:08:00.800 --> 0:08:02.840 and I'm going to continue to have partnerships with great 0:08:02.840 --> 0:08:05.320 partners that we've had in this region for over a decade. 0:08:05.360 --> 0:08:08.720 And you know, I care about the ethical concerns more 0:08:08.720 --> 0:08:12.160 than anybody. I navigated it perfectly in twenty sixteen. We 0:08:12.200 --> 0:08:14.920 had ethical advisors, we had lawyers. Every single time we 0:08:14.960 --> 0:08:16.560 did anything, it had to be signed off by those 0:08:16.600 --> 0:08:19.840 ethical advisors as distinct wall. There is no light in 0:08:19.840 --> 0:08:24.640 between the you know, there's obviously complete separation between any 0:08:24.680 --> 0:08:27.000 government function and me I have no role in government. 0:08:27.040 --> 0:08:29.520 I want no role in government. At the same time, 0:08:29.520 --> 0:08:32.800 I've got a responsibility to literally, you know, almost tends 0:08:32.840 --> 0:08:34.679 up thousands of employees around the world to run a 0:08:34.679 --> 0:08:37.720 great company, and you can accomplish both. So I've been 0:08:37.800 --> 0:08:39.680 very clear there's a lot of countries I want nothing 0:08:39.679 --> 0:08:41.760 to do with in terms of you know, in terms 0:08:41.800 --> 0:08:45.280 of deals, too much conflict, too much nonsense. 0:08:45.320 --> 0:08:48.360 And I've kept myself out of those, you know. 0:08:48.440 --> 0:08:50.800 And I would never go into too business with a 0:08:50.840 --> 0:08:53.360 foreign government by any means. But to do a real 0:08:53.440 --> 0:08:55.920 estate tower, to do a hotel with a partner that 0:08:55.960 --> 0:08:57.640 we've had for years and years and years that we've 0:08:57.640 --> 0:09:00.200 done lots of projects with, or you know, to do 0:09:00.280 --> 0:09:03.080 some great villas on the beach where we're going out there. 0:09:03.080 --> 0:09:06.200 We're designing them, we're building them, we're managing them, doing 0:09:06.240 --> 0:09:06.719 what we do. 0:09:06.720 --> 0:09:07.440 Every single day. 0:09:08.080 --> 0:09:09.920 That's not a conflict of interest at all, and we'll 0:09:09.960 --> 0:09:10.679 continue to do it. 0:09:10.960 --> 0:09:13.520 So you wouldn't say that the reelection has affected the 0:09:13.559 --> 0:09:17.320 prospects for the Trump organization or how it looks at 0:09:17.800 --> 0:09:20.040 continuing to do those deals globally. 0:09:20.360 --> 0:09:22.559 No, No, I think the election does right and that 0:09:22.960 --> 0:09:27.079 we'll play by a very different rule. We'll have ethical advisors, 0:09:27.120 --> 0:09:29.120 where if you didn't have somebody in government, you wouldn't 0:09:29.120 --> 0:09:31.320 need that. We'll have very clear guidelines or it will 0:09:31.360 --> 0:09:36.199 be absolute separation. We'll do things immaculately, perfectly, and I'm 0:09:36.240 --> 0:09:37.920 committed to doing exactly that. 0:09:38.720 --> 0:09:40.640 Listen, politics always complicates things. 0:09:40.960 --> 0:09:44.600 Again, we were real estate family long before politics even 0:09:45.080 --> 0:09:47.800 entered my father's mind, you know, generations before. I mean 0:09:47.840 --> 0:09:50.200 I was in the business in two thousand and six, 0:09:50.840 --> 0:09:53.240 my father didn't consider running for politics, and then until 0:09:53.360 --> 0:09:55.280 twenty fifteen. I mean, you know, do the math on 0:09:55.320 --> 0:09:59.280 that was at nine months and nine years later. So listen, Obviously, 0:09:59.280 --> 0:10:02.959 politics as ranifications on everything. But no, I'm very committed 0:10:02.960 --> 0:10:05.960 to doing the right way. I'm very committed to ethics. 0:10:06.360 --> 0:10:08.679 You will find, you know, no Trump will be getting 0:10:08.720 --> 0:10:11.319 diamonds from the mayor of Moscow's wife, all right, Unlike 0:10:11.320 --> 0:10:14.080 the other side. It's amazing we saw administration where their 0:10:14.080 --> 0:10:17.959 family got into business when their parents got into the politics. 0:10:18.840 --> 0:10:21.040 You've seen a family on our end that's largely gotten 0:10:21.040 --> 0:10:24.000 out of business when their father got into politics, despite 0:10:24.000 --> 0:10:25.760 the fact that they were in business for years before. 0:10:25.800 --> 0:10:28.439 But no, we'll do it ethically. We'll do it responsibly. 0:10:29.600 --> 0:10:31.679 I'll maintain the commitment to our employees and our teams 0:10:31.679 --> 0:10:33.079 around the world. We'll do what we've done for a 0:10:33.160 --> 0:10:35.880 very long time. At the same time, I'll be very sensitive. 0:10:35.920 --> 0:10:38.320 We will not touch foreign governments, We will not touch 0:10:38.320 --> 0:10:41.200 certain regions of the world. You know, we'll be very 0:10:41.240 --> 0:10:42.280 smart about how we do things.