Eric Trump has issued a stark warning to the traditional financial sector, saying banks could become obsolete within ten years if they fail to embrace blockchain technology. During a recent stop in Dubai, the executive vice president of the Trump Organization criticized legacy financial systems as outdated, overpriced, and built for the elite.
In an interview with CNBC, Trump didn’t hold back.“The modern financial system is broken,” he said, describing it as “slow,” “expensive,” and heavily skewed in favour of the ultra-wealthy. He specifically took aim at SWIFT, the global financial messaging service, calling it an “absolute disaster” and a symbol of how antiquated banking systems have become.
Trump believes blockchain offers a faster, more inclusive alternative, insisting that “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. SWIFT is an absolute disaster,” he stated.” His comments reflect a broader shift as the UAE pushes to become a leading global hub for digital assets and decentralized finance.
Trump also linked his interest in cryptocurrency to what he called the “weaponization” of traditional banking against ordinary Americans — especially those without wealth or conservative political affiliations. “I got into crypto when I saw how the system punishes the average person,” he said.
Doubling down on his crypto enthusiasm, Trump made a bold prediction: Bitcoin could eventually hit $1 million, positioning itself as a true alternative to traditional banks. He’s also shown interest in Ethereum, urging his followers on X back in February to “add Ethereum” while the price hovered around $2,900. However, after ETH plunged 30% weeks later, Trump quietly edited the post, removing his now-awkward “thank me later” tagline.
Meanwhile, Japanese investment firm Metaplanet announced the formation of a new advisory board as part of its strategic expansion into the Bitcoin space, with Eric Trump named as its first member. The company aims to strengthen its position as a leading Bitcoin treasury firm, leveraging Trump’s expertise in real estate and finance to provide business insights.
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