Eric Trump, the Vice President of the Trump’s Executive Organization, issued a forceful message to customary financial institutions during the last last interview With CNBC: Adapt to the developing cryptocurrency economy or risk of extinction.
Speaking from Dubai, where he was lively in the development of real estate and observing the growing interest of the cryptocurrency region, Eric expressed skepticism about the Legacy Financial System ability to stay vital in the face of swift blockchain innovation.
Describing the current banking infrastructure as dated, Eric Trump criticized customary systems such as Swift, a global message network used for international financial transactions, calling it unproductive and steep.
He claimed that Blockchain technology offers more effective alternatives that could completely replace customary systems. Eric said:
Nothing can be done on blockchain, which cannot be done better than the way current financial institutions work.
From real estate to DEFI: Cryptocurrency spokeswoman Eric Trump in the United Arab Emirates
Eric’s comments appeared as part of a broader discussion about the appearance of the United Arab Emirates as a key player in the global cryptocurrency sector.
The country, especially cities, such as Abu Dhabi and Dubai, have made significant progress in attracting blockchain and developing regulatory frames conducive to digital assets.
Eric, who often visited this region because of Trump’s real estate designs, described ZEA as a leader in the transcentralized finance.
He also emphasized his personal change towards digital assets, citing what he considers to be systemic prejudices in the American financial system. “Our banking system favors Ultra-Bogate,” said Eric, adding that political prejudice additionally marginalized some groups of users.
This realization, explained, prompted him to examine the cryptocurrency ecosystem, which he considers to be a more integrative alternative. Earlier, he made bold forecasts about the future of Bitcoin, including a forecast that he can reach $ 1 million, made available during his appearance at the Bitcoin Mena 2024 conference.
The financial sector responds to DEFI threats
While Eric’s comments reflect a broader enthusiasm for decentralized finances, many customary institutions already respond to the boost in digital assets. Banks such as JPMorgan and Goldman Sachs have introduced services based on blockchain and cryptographic trade platforms, signaling that older financial companies do not ignore the change.
However, others in the sector remain cautious, indicating the risk associated with unregulated assets, including market variability, fraud potential and lack of clear consumer protection mechanisms.
Eric emphasized the advantages of speed and costs offered by decentralized applications. “You can open the DEFI application … and you can immediately send money, wallet to your wallet,” he said, contrasting with tardy, ponderous common transactions in customary banking.
The voltage between these two financial models is constantly growing because consumers require more accessible and see-through financial services.
A distinguished picture created from DALL-E, chart from TradingView
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