Eric Trump Says Traditional Banks Face Extinction Without Blockchain in 10 Years

Eric Trump, the executive vice president of the Trump Organization and son of U.S. President Donald Trump, in an interview with CNBC, has issued a stark warning to the traditional financial institutions. Speaking in Dubai with the interviewee, he talked about the issue with the traditional banking system and said that they are slow, expensive, and heavily skewed in favor of the wealthy.

According to Trump, these flaws make the global banking infrastructure ripe for disruption through blockchain and decentralized finance (DeFi). In the interview, he shed light on blockchain technology and said that unless banks evolve and adapt to the rising transformation of blockchain, they will become obsolete. He mentioned that “the modern financial system is broken. It’s slow, it’s expensive,” he further added. “If banks don’t watch what’s coming, they’re going to be extinct in 10 years.”

Blockchain vs SWIFT: A Battle for the Future

Trump also aimed at SWIFT, the global network used for international payment, calling it “an absolute disaster.” He argued that a blockchain-based system can perform better than these; all the functions are faster, cheaper, and more secure. “There’s nothing that can be done on blockchain that can’t be done better than the current financial institutions,” said Trump. He also highlighted how DeFi applications allow peer-to-peer transactions without intermediaries like banks, eliminating the high cost and waiting time. He said, “You can send money instantly, wallet to wallet, without fees or variability.”

A Personal Journey into Crypto

Trump’s journey into the cryptocurrency world began with disillusionment toward the banking system. He states that the financial system has become “weaponized” against ordinary people. Especially those without a large balance or those with the “Make America Great Again” movement. The Trump family’s involvement in digital assets goes far beyond commentary. Eric Trump and Donald Trump Jr. have co-founded a crypto platform called World Liberty Financial. The crypto platform is in partnership with real estate billionaire Steve Witkoff, who now serves as a White House Middle East envoy. 

The platform recently announced plans to launch a U.S. dollar-backed stablecoin. Moreover, in March 2025, Eric Trump helped the co-founder of America Bitcoin, a mining venture developed in collaboration with Asher Genoot, CEO of Hut 8. These moves signal the family’s long-term commitment to building infrastructure in the crypto space. Both Donald Trump and Melania Trump have also launched their own digital assets named TRUMP coin and MELANIA coin, which further makes them involved in the world of crypto. 

UAE Emerges as a Crypto Hotspot

Trump’s recent remarks were made during his trip to the United Arab Emirates, which is a nation that is quickly establishing itself as a global leader in the regulation and uptake of cryptocurrencies. Because of its advantageous government policies, Dubai has particularly drawn leading cryptocurrency exchanges, entrepreneurs, and institutional investors. Trump praised the UAE’s pro-business attitude and noted its growing relevance to both American businesses and the future of finance.  

Some critics argue that the crypto remains volatile and unregulated, but Trump maintains that adoption is inevitable. “Governments and institutions will have no choice but to get involved or be left behind,” he stated. Although some central banks, such as the Bank of Italy, remain skeptical of crypto and stablecoins, major financial institutions like JP Morgan and Goldman Sachs have begun integrating the blockchain into their operations.