In an interview with CNBC’s Dan Murphy in Dubai, Eric Trump, the son of U.S. President Donald Trump, expressed his support for blockchain technology, criticizing traditional banking systems.
While discussing the United Arab Emirates’ emergence as a crypto hub, Eric, also the executive vice president of the Trump Organization, emphasized that blockchain offers a superior alternative to traditional financial institutions.
“The modern financial system is broken, it’s slow, it’s expensive…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,” he said.
Specifically, Eric targeted SWIFT, a global international payment messaging network that processes almost 90% of cross-border transactions, labeling it “an absolute disaster.”
Banks Vs. Blockchain
Eric further argued that blockchain technology can perform tasks more efficiently and effectively than traditional banking systems. He stated:
“You can open up a DeFi app right now, you can open up any cryptocurrency app, and you can send money, wallet to wallet, instantaneously, without the expense, without the variability (of banks).”
He expressed concerns about the current banking system, stating that it favors the ultra-wealthy and can be used as a tool against certain groups, people without significant wealth, and those who supported his father during his Presidential campaign.
Donald Trump’s son cited this as a reason for his interest in cryptocurrency. He shares his father’s enthusiasm for crypto, seeing its vast potential. Last December, at the Bitcoin MENA 2024 conference in Abu Dhabi, the executive vice president of the Trump Organization made a bold prediction that as Bitcoin reached the $100,000 mark, he was also confident it would reach $1 million.
Issuing a stark warning to the banking industry, he stated that it faces a significant threat from emerging technologies, warning that failure to adapt could lead to its obsolescence within a decade.
UAE as a Crypto Hub
The recent moves by some banks in the United Arab Emirates indicate that they are adapting to changing trends in the financial sector. Earlier this month, the Central Bank of the United Arab Emirates (UAE) gave the green light to Relm Insurance and Liva Insurance to offer services to crypto-related businesses. The two platforms collaborated to launch SIGMAWEB3 and SIGMAWEB3 VARA, products designed for crypto firms.
Recently, another UAE-based bank, Ruya Bank, made history as the first Islamic bank in the world to offer Bitcoin investment services.
