Eric Trump warns: banks could be extinguished in 10 years of not adopting cryptocurrencies
By Canuto
Eric Trump, executive vice president of Trump Organization, launched a warning to traditional banks during his visit in Dubai: if they do not adapt their methods in the face of the progress of cryptocurrencies and blockchain technology, they could disappear in the next ten years. Trump praised the defi ecosystem, criticized the slowness and costs of the current financial system and highlighted the growing role of the United Arab Emirates as a worldwide core in cryptoactive.
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- Eric Trump considers that the banking system is obsolete and predicates its ‘extinction’ if they do not adopt blockchain and defi technologies.
- The vice president of Trump Organization actively participates in the crypto industry, with real estate projects and new companies in the United Arab Emirates.
- The Trump family is strongly committed to the crypto sector, including the launch of MEME, Stablecoins and Bitcoin mining projects.
Eric Trump releases banks: adapt or face extinction
During a recent interview in Dubai, Eric Trump, executive vice president of Trump Organization, told CNBC that the global financial system is late with respect to the innovation of cryptocurrencies. Trump said the current bank frame is slow and expensive, and said that, if not evolving towards the solutions proposed by the blockchain and defi ecosystem (decentralized finance), traditional banks could face their disappearance in the next ten years.
Eric Trump has been a frequent visitor from Dubai and the United Arab Emirates in recent years. Its involvement goes beyond real estate businesses: the country is rapidly consolidating as a global center for digital assets, crypto-friendly regulatory and technological startups linked to blockchain. According to Trump, “there is nothing that can be done in blockchain that cannot be done better than in current financial institutions. Swift is an absolute disaster.” These hard words emphasize the obsolescence that, in their opinion, faces traditional banking.
The Executive also highlighted the outdated and limited functioning of the global banking system, criticisms that many members of the crypto community and enthusiasts of decentralized finances. According to his statements, issued in the context of an increasingly attractive Dubai for crypto investors and developers, traditional banking favors elites with large capitals, leaving aside the common citizen.
Trump stressed that his own entry to the crypto sector was due precisely to realize that “our banking system was armed against the vast majority of people.” He stressed that banks impose access barriers and high rates, and that the industry defines, on the contrary, promotes financial inclusion.
A crisis financial system and the opportunity of cryptocurrencies
Eric Trump states that the banking sector faces structural challenges and a technological gap difficult to shorten. He argued that the emergence of blockchain technology eliminates intermediaries, speeds up transfers and reduces costs that otherwise benefit a few. Platforms Defi allow users to make peer-to-peer transactions at low or even null costs, an unthinkable option for traditional banking.
“The modern financial system is broken, it is slow and expensive,” Trump said. He also noted that it is currently possible to “open an application and send money instantly, from wallet to wallet, at no cost or variability” characteristics of the classic system. Given this pressure, some bank giants such as JPMorgan or Goldman Sachs have begun to venture into blockchain projects to maintain their competitiveness and respond to demand for digital assets.
Trump’s comments arrive in a context where the price of Bitcoin exhibits great volatility and crypto markets navigate geopolitical and regulatory tensions. At the time of Eric Trump’s statements, the price of Bitcoin was around USD $ 95,357, CNBC reported. This fluctuation goes hand in hand with a massive sale of risky assets, driven by both US commercial policies and global appetite towards new forms of investment and value protection.
However, the accelerated expansion of the sector also presents challenges. Various specialists and critics of the crypto highlight their lack of regulation, safety and consumer protection, added to the traditional volatility risks.
New family actors and bets in the cryptocurrency market
The influence of the Trump family in the crypto industry has been expanding. Both Eric Trump and Donald Trump Jr. announced the launch of a stablcoin anchored to the US dollar, through their company World Liberty Financial. Additionally, American Bitcoin, a new Bitcoin mining company, co -founded with Asher Genoot, CEO of Hut 8.
Donald Trump and his wife Melania have also launched meme coins, facts that have lit alarms among some ethical experts due to possible conflicts of interest, since the family combines private activities and issues of public interest from the White House.
Another relevant milestone is the position of Steve Witkoff, real estate billionaire and current special envoy of the White House for the Middle East, as co -founder of World Liberty Financial next to the Trump. The company, with an active presence in the United Arab Emirates, is betting strong in the development of Defi infrastructure and Stablecoins projects.
Meanwhile, the United Arab Emirates continue to capture investment and international interest: exchanges, startups and sector events are increasingly common, thanks to a favorable regulatory environment and openness to financial innovation.
The global context and the high profile visit of the Trump administration
The links between the Trump, the crypto industry and the gulf governments are reinforced through strategic visits and alliances. CNBC reported that, from May 13 to 16, President Trump plans to visit the United Arab Emirates, Saudi Arabia and Qatar, becoming the first US president to step United States.
Dubai, enhanced by friendly regulations with cryptoactive ones, emerges as well as a key platform in the global expansion of the sector, while figures such as Eric Trump encourage the banking industry to embrace innovation or prepare for its decline.
Concerns still persist around the combination of political power and private bets in a constant evolution industry. However, crypto irruption is already transforming the conversation about the world financial future and the positions assumed by the leaders of large business groups and governments.
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This article was written by an AI content editor and reviewed by a human editor to guarantee quality and precision.
WARNING: Diariobitcoin offers informative and educational content on various topics, including cryptocurrencies, AI, technology and regulations. We do not provide financial advice. Cryptactive investments are high risk and may not be adequate for all. Investigate, consult an expert and verify the applicable legislation before investing. I could lose all its capital.
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