TL;DR
- Eric Trump warns that traditional banks could disappear within a decade if they fail to embrace technologies like cryptocurrencies and blockchain.
- He describes the current financial system as outdated, slow, and expensive.
- He also highlights the role of crypto as a tool for financial inclusion and accuses banks of being “weaponized” against middle and working-class citizens.
During a recent interview in Dubai, Eric Trump, Executive Vice President of the Trump Organization, issued a strong warning: traditional banks could go extinct within ten years if they fail to adapt to the crypto revolution. His remarks come at a time when the global financial system is undergoing a major transformation driven by decentralization, especially through blockchain technology and decentralized finance (DeFi).
Trump described the traditional banking system as “antiquated,” accusing it of catering only to the ultra-wealthy. According to him, it was this perception of injustice and exclusion that drew him into the crypto world after realizing that many people were being shut out of the financial system for ideological or economic reasons.
“Banks are weaponized against those who don’t have zeros in their accounts,”
he said. He also emphasized that many people, especially in struggling economies, are already turning to cryptocurrencies as a hedge against inflation.
Crypto As An Alternative To Traditional Finance
For Eric Trump, blockchain technology doesn’t just represent an alternative to traditional finance, it’s a significant improvement. He harshly criticized SWIFT, the global banking transaction network, calling it “an absolute disaster” compared to the speed and efficiency of wallet-to-wallet transfers in the crypto ecosystem.
While financial giants like JP Morgan and Goldman Sachs are trying to catch up by launching digital asset divisions, Trump’s son highlights that anyone with a smartphone can open a DeFi app and send money instantly, with no middlemen and no abusive fees. He insists this democratization of financial access is not only happening now, but also shaping the inevitable future of money.
The Trump Family Goes All-In On Crypto
This is not just an isolated stance. The Trump family as a whole has embraced the crypto space with full force. From launching meme coins like TRUMP and MELANIA to founding their own crypto platform, World Liberty Financial, their influence has had a noticeable impact on the market. In March, Eric and Donald Jr. also announced a dollar-backed stablecoin and the creation of a new U.S.-based Bitcoin mining firm.
With this pro-crypto outlook and Eric Trump’s explosive statements, one thing is clear: the days of the banking monopoly may be numbered… unless they act in time.
