Eric Trump, Executive Vice President of the Trump Organization, issued a strong message to traditional financial institutions during a recent interview with CNBC: adapt to the evolving crypto economy or risk becoming extinct.
Speaking from Dubai, where he has been active with real estate developments and observing the region’s growing interest in cryptocurrency, Eric expressed skepticism about the legacy financial system’s ability to stay relevant in the face of rapid blockchain innovation.
Describing current banking infrastructure as outdated, Eric Trump criticized traditional systems such as SWIFT, the global messaging network used for international financial transactions, calling it inefficient and costly.
He argued that blockchain technology offers more efficient alternatives that could replace traditional systems altogether. Eric said:
There’s nothing that can be done on blockchain that can’t be done better than the way the current financial institutions are working.
From Real Estate to DeFi: Eric Trump’s Crypto Advocacy in the UAE
Eric’s comments came as part of a broader discussion about the United Arab Emirates’ emergence as a key player in the global cryptocurrency sector.
The country, particularly cities like Abu Dhabi and Dubai, has made significant strides in attracting blockchain companies and developing a regulatory framework favorable to digital assets.
Eric, who has visited the region frequently due to Trump-branded real estate projects, described the UAE as a leader in the transition to decentralized finance.
He also emphasized his personal shift toward digital assets, citing what he views as systemic bias within the U.S. financial system. “Our banking system favors the ultra-wealthy,” Eric stated, adding that political bias has further marginalized certain user groups.
This realization, he explained, prompted him to explore the crypto ecosystem, which he sees as a more inclusive alternative. He has previously made bold predictions about Bitcoin’s future, including a forecast that it could reach $1 million, shared during his appearance at the Bitcoin MENA 2024 conference.
Financial Sector Responds to DeFi Threats
While Eric’s remarks reflect a broader enthusiasm for decentralized finance, many traditional institutions are already responding to the rise of digital assets. Banks like JPMorgan and Goldman Sachs have introduced blockchain-based services and crypto trading platforms, signaling that legacy financial firms are not ignoring the shift.
However, others in the sector remain cautious, pointing to the risks associated with unregulated assets, including market volatility, fraud potential, and the absence of clear consumer protection mechanisms.
Eric highlighted the speed and cost advantages offered by decentralized applications. “You can open up a DeFi app… and you can send money, wallet to wallet, instantaneously,” he said, contrasting the experience with the slow, fee-heavy transactions common in traditional banking.
The tension between these two financial models continues to grow as consumers demand more accessible and transparent financial services.
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