Eric Trump warns banks to adapt or face extinction as blockchain overtakes legacy finance

Banks have about a decade unless you catch up with the blockchain, warned Eric Trump during a stop in Dubai, calling the traditional slow, expensive and outing financial system.

During his visit to Dubai, Eric Trump warned that banks have about a decade to adapt blockchain Technology or face becoming obsolete as decentralized finance continues to grow.

In a interview With CNBC, Eric Trump, executive vice-president of the Trump organization, criticized the traditional financial system, calling it “broken”, “slow” and “dear”. He added that blockchain technology could offer superior solutions, saying: “There is nothing that can be done on blockchain that cannot be better done than the way current financial institutions work.”

Trump also referred to Swift, the Global Financial Messaging Network responsible for the treatment of almost 90% of cross-border transactions, as an “absolute disaster”, criticizing the world banking system to be “outdated” and too focused on ultra-rich.

“Our banking system promotes ultra-rich. And what really brought me [cryptocurrency] is the fact that I realized that our banking system was armed against the vast majority of the inhabitants of our country, either people who do not have zeros in their balance sheet, or people who could have carried this red hat that said “ to make America again great ”. “”

Eric Trump

While the water endeavors to become a world center for the crypto, Trump’s comments seem to reflect its growing support for cryptocurrencies. He also predicted that Bitcoin (BTC) would reach $ 1 million, citing its potential as an alternative to banks.

Eric Trump seems to have An eye on Ethereum (Ethn) Also. At the beginning of February, while ETH oscillated about $ 2,900, he shared an article on X saying that it was “a good time to add Ethereum” and even launched a “thank you later”.

This post has not completely resisted. About five weeks later, ETH plunged more than 30% to $ 1,900, and Eric Trump discreetly removed the “thank you later” part.