Dubai, United Arab Emirates – Eric Trump has a warning to the bank. Change the way you run, or it will become extinct.
“The modern financial system is broken, it’s slow, it’s expensive,” the Trump organization’s executive vice president told Dummerphy of CNBC in Dubai.
“There’s nothing better in blockchain than the way financial institutions work today. Swift is an absolute disaster,” Eric Trump said on Tuesday, referring to the global international messaging network for financial transactions.
He blames him for describing the traditional banking system as slowness and inefficiency, calling it “outdated.” This is a criticism that many people, especially cryptic enthusiasts, have.
President Donald Trump’s second son has frequently visited the United Arab Emirates in recent years amid expanding Trump-brand real estate projects in the country and the wider Gulf region.
Eric Trump, advocate for the voice of digital currency, predicted that Bitcoin would reach $1 million while attending the Bitcoin Mena 2024 conference in Abu Dhabi.
The crypto market has proven to be extremely volatile amid the sale of risky assets excited by President Trump’s trade tariffs imposed on countries around the world. Bitcoin was trading around $95,357 late Tuesday.
“Our banking system supports the super wealthy people,” Eric Trump said. “And what actually got me in [cryptocurrency] The fact that our banking system has realized that our banking system has been weaponized against the majority of people in our country, either those who don’t have zeros on their balance sheets or those who may have worn red hats who said, “make America great again.” And it forced me into the crypto world. And I’m telling you, if the banks don’t see what’s coming, they’ll be extinct in ten years. ”
A new era of cryptography?
His criticism of the bank comes as the sector attempts to navigate the rapidly growing cryptocurrency industry.
Decentralized Finance (DEFI) platforms allow peer-to-peer transactions with competitive or zero transaction processing and account fees, which are traditional bank revenue streams.
“You can open the Defi app now, open the Cryptocurrency app, and send it to your wallet, wallet.
Some financial giants, including JP Morgan and Goldman Sachs, have launched blockchain networks and crypto trading desks in response to the growing popularity of digital currencies.
Still, critics of the relatively new asset class warn that regulations, security vulnerabilities, volatility, and limited lack of consumer protection pose serious risks to users.
The Trump administration vows to spurt into a booming era of the crypto industry, with both President Trump and his wife Melania launching their own meme coin, raising concerns from ethics experts about potential conflicts of interest. The Trump family is also at the helm of the Crypto Platform World Liberty Financial, co-founded with real estate billionaires and current White House Middle Eastern envoy Steve Witkoff.
Eric Trump and his older brother Donald Trump Jr. recently announced plans to launch a US dollar-backed stubcoin through the world’s Liberty Financial, and in March launched a new Bitcoin mining company called American Bitcoin, co-founded with Hat8 CEO Asher Jenito.
Meanwhile, the United Arab Emirates continues to attract high-level events in international crypto investors, startups, interactions and its sector thanks to supportive government regulations in the crypto industry. Eric Trump and others, both in the Trump organization and the White House administration, praise their relationship with Arab Gulf leaders, and praise what they consider to be the leading growth market in their professional business policies.
Eric Trump’s comments came before his father’s planned visit to the Gulf region from May 13th to 16th, during which time he is expected to stop in the United Arab Emirates, Saudi Arabia and Qatar. Trump will be the first US president to visit Emirati Shake Dam since George W. Bush in 2008.
The trip is a symbol of the Trump administration’s warm relationship with the Gulf government. During his first presidential term, President Trump’s first overseas visit was to Saudi Arabia.
