Eric Trump Warns Banks: Adapt to Blockchain or Face Obsolescence

Generated by AI AgentCoin World
Wednesday, Apr 30, 2025 5:07 am ET1min read
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Eric Trump, the executive vice president of the Trump Organization, issued a stark warning to traditional banks during his visit to Dubai. He asserted that banks have approximately a decade to adapt to blockchain technology or risk becoming obsolete as decentralized finance continues to gain traction.

In an interview, Trump criticized the current financial system, describing it as "broken," "slow," and "expensive." He emphasized that blockchain technology could provide superior solutions, stating, "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 targeted SWIFT, the global financial messaging network responsible for processing nearly 90% of cross-border transactions, labeling it an "absolute disaster." He criticized the global banking system for being outdated and overly focused on the ultra-wealthy, asserting that the system favors those with significant wealth and discriminates against others.

Trump's comments reflect his growing support for cryptocurrencies, particularly as the UAE strives to become a global hub for crypto. He predicted that Bitcoin (BTC) would reach $1 million, citing its potential as an alternative to traditional banking systems.

Eric Trump also expressed interest in Ethereum (ETH). In early February, when ETH was around $2,900, he shared a post on X suggesting it was a good time to invest in Ethereum. However, about five weeks later, ETH's value plummeted over 30% to $1,900, leading Trump to quietly remove the "thank me later" part of his post.

Trump's warnings to banks underscore the growing influence of blockchain technology and decentralized finance. As these technologies continue to evolve, traditional financial institutions face increasing pressure to adapt or risk being left behind. The shift towards blockchain and cryptocurrencies represents a significant challenge to the status quo, with potential implications for the future of global finance.