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

Banks have about a decade left unless they catch up with blockchain, Eric Trump warned during a stop in Dubai, calling the traditional financial system slow, expensive, and on its way out.

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

In an interview with CNBC, Eric Trump, the executive vice president of the Trump Organization, criticized the traditional financial system, calling it “broken,” “slow,” and “expensive.” He added that blockchain technology could offer superior solutions, saying “there’s nothing that can be done on blockchain that can’t be done better than the way that the current financial institutions are working.”

Trump also referred to SWIFT, the global financial messaging network responsible for processing nearly 90% of cross-border transactions, as an “absolute disaster,” criticizing the global banking system for being “antiquated” and too focused on the ultra-wealthy.

“Our banking system favors the ultra-wealthy. And what actually got me into [cryptocurrency] is the fact I realized our banking system was weaponized against the vast majority of people in our country, either the people that don’t have the zeros on their balance sheet, or people who might have worn that red hat that said ‘Make America Great Again.'”

Eric Trump

As the UAE tries hard to become a global hub for crypto, Trump’s comments appear to reflect his 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 (ETH) too. Back in early February, when ETH was hovering around $2,900, he shared a post on X saying it was “a great time to add Ethereum” and even threw in a “thank me later.”

That post didn’t quite hold up though. About five weeks later, ETH plunged over 30% to $1,900, and Eric Trump quietly deleted the “thank me later” part of his post.