Eric Trump at candid appearance in Dubai had a candid warning for traditional banks: embrace blockchain as an industry or face extinction within the next decade. Adressed to CNBC, the executive vice president of the Trump Organization touted the global banking system as being “broken,” “too costly,” and “too preoccupied with the ultra-wealthy,” and extolled the rise of decentralized finance.
“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 declared.
Banks on Borrowed Time?
Trump criticized the SWIFT system, which handles nearly 90% of cross-border payments, as “an absolute disaster,” underscoring the inefficiency and sluggishness of the legacy infrastructure.
He argued that the current financial system has become increasingly weaponized against the majority, especially those without “zeros on their balance sheet” or who politically align with the MAGA movement.
“Our banking system favors the ultra-wealthy… and punishes everyone else,” Trump added, suggesting that crypto offers a way out for everyday Americans.
A Pro-Crypto Trump?
While his father, former President Donald Trump, has offered mixed messages on cryptocurrency, Eric appears more overtly bullish. He openly supports Bitcoin, going as far as to predict it will reach $1 million per coin, framing it as an eventual alternative to banks.
He’s also shown interest in Ethereum (ETH). In February, with ETH near $2,900, he posted on X (formerly Twitter) that it was “a great time to add Ethereum” and cheekily added “thank me later.” But after a steep drop to $1,900 in March, he quietly deleted the optimistic tag.
Despite that misstep, his broader message is consistent: crypto and blockchain are here to stay, and legacy finance must evolve or disappear.
Dubai: A Crypto Hotspot
The remarks come as the United Arab Emirates ramps up its ambitions to become a global crypto and blockchain hub. Trump’s praise of blockchain while in Dubai wasn’t accidental — it reflects both the UAE’s regulatory openness to Web3 and growing geopolitical interest in decentralized tech as a hedge against the traditional U.S.-led financial order.
What Comes Next?
- For banks: The call to innovate is loud and clear. Institutions that fail to adopt blockchain-based infrastructure risk losing relevance — or customers.
- For crypto advocates: High-profile support like Eric Trump’s could fuel more political legitimacy and public interest.
- For regulators: Comments like these may accelerate pressure to update financial frameworks and address the growing disconnect between crypto and traditional finance.
Eric Trump’s message is unmistakable: the future of finance is decentralized, and those who cling to outdated models will be left behind.
