During a recent visit to Dubai, Eric Trump, executive vice president of the Trump Organization, issued a stark warning to the global banking industry: evolve with blockchain technology or risk irrelevance. In an interview with CNBC, Trump criticized traditional financial institutions as outdated and exclusive, arguing that decentralized finance (DeFi) could soon outpace the legacy system.
“The current financial system is broken, slow, and expensive,” Trump said, pointing to blockchain as a solution that offers faster, more inclusive, and more efficient alternatives. “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.”
A vocal critic of legacy banking infrastructure, Trump singled out SWIFT—the global financial messaging network that handles nearly 90% of cross-border transactions—as emblematic of the problem. He called it “an absolute disaster” and said the global financial ecosystem has become “antiquated,” with systems that disproportionately benefit the ultra-wealthy.
“Our banking system favors the ultra-wealthy,” he added. “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.’”
Trump’s comments come as the UAE doubles down on its efforts to become a global crypto hub. His remarks reflect growing support for blockchain-based solutions among public figures, especially as governments in the Gulf look to diversify economically and embrace digital finance.
He went on to predict that Bitcoin could reach $1 million in value, highlighting its potential to serve as a viable alternative to traditional banking.
Eric Trump also appears to be watching Ethereum closely. In early February, with ETH trading around $2,900, he posted on X that it was “a great time to add Ethereum,” even signing off with a confident “thank me later.” But five weeks later, when ETH plunged by more than 30% to $1,900, Trump quietly edited the post, removing the final line.
While the market proved unpredictable, Trump’s enthusiasm for blockchain technology remains consistent—and his criticism of traditional banking is a signal that he sees digital finance as more than just a passing trend.
