Crypto adoption is inevitable – Eric Trump says banks must adapt or extinction
Eric Trump, the executive vice president of the Trump Organization, sent a strong message to traditional financial institutions in a recent interview with CNBC: adapting to the evolving crypto economy or risk extinction.
Eric, speaking from Dubai’s commitment to real estate development and observing the region’s growing interest in cryptocurrencies, expressed doubts about the ability of traditional financial systems to maintain relevant capabilities in rapid blockchain innovation.
Eric Trump describes the current banking infrastructure as outdated, such as Swift, such as the global messaging network used for international financial transactions, calling it inefficient and expensive.
He believes that blockchain technology provides a more effective alternative that can completely replace traditional systems. Eric said:
There is nothing better on blockchain than the way financial institutions work now.
From Real Estate to Defi: Eric Trump’s crypto publicity in the UAE
Eric’s comments are part of a broad discussion about the United Arab Emirates as a key player in the global cryptocurrency space.
The country, especially cities such as Abu Dhabi and Dubai, has made great progress in attracting blockchain companies and developing regulatory frameworks that benefit digital assets.
Eric frequently visited the region due to Trump-branded real estate projects, describing the UAE as a leader in transitioning to decentralized finance.
He also highlighted his personal shift towards digital assets, citing his view as a systemic bias within the U.S. financial system. “Our banking system is super healthy,” said Eric, adding that political bias further marginalizes certain user groups.
He explained that this awareness prompted him to explore the crypto ecosystem, which he saw as a more inclusive option. He has made bold predictions about the future of Bitcoin before, including the one shared at his Bitcoin MENA 2024 conference that could reach $1 million.
Financial sector responds to defi threat
Although Eric’s remarks reflect a widespread enthusiasm for decentralized finance, many traditional institutions are already responding to the rise of digital assets. Banks such as JPMorgan and Goldman Sachs have launched blockchain-based services and cryptocurrency trading platforms, suggesting that old financial companies have not overlooked the shift.
However, others in the industry remain cautious, pointing out risks associated with unregulated assets, including market volatility, fraud potential and the lack of clear consumer protection mechanisms.
Eric highlights the speed and cost advantages that decentralized applications offer. “You can open a Defi app…you can send money in an instant, and give your wallet to your wallet.” He compared his experience with slow, slower transactions commonly found in traditional banking.
Tension between these two financial models continues to grow as consumers demand more accessible and transparent financial services.
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