Eric Trump tells TOKEN2049 that traditional banks are biased, outdated and bloated, unlike crypto

Eric Trump said the US financial system was full of outdated bloat and personal bias while speaking on stage Thursday at the token2049 event in Dubai attended by Cryptopolitan, where he joined Justin Sun and Zack Witkoff for a Crypto Financial and Freed Panel panel.

Eric said traditional banks are governed by people in “Golden Towers” that can ruin your life in a single decision. He called them obsolete and praised the crypto as the only system that gives people control over their money.

“When someone in a bank doesn't like you, they can just cancel you. And they try it with us,” Eric said. “We got letters in 2019, 2020, 2021 from the banks we've done in the business for 40 years. Your accounts are closed. That's all. That's the system's broken.”

Eric added that the Trump's organization survived because of its size and reach, but most people had no gathering.

“We have enough zeros on the sheet of balance and a strong voice that they not only erase us. But that's not the case for most people,” Eric said. “Try being a man in Zimbabwe facing 1000% inflation and telling a bank to give you a loan. You have nothing.”

Eric says crypto gives people to access banks

Eric argues that the only tool that gives real financial power today is the smartphone in their pocket. “If you don't have a line with Jamie Dimon or the CEO of some big banks, you are scared,” he said. “But with a phone, you can buy USD1, you can invest $ 10 or $ 10 million. It doesn't matter. You are no longer stuck in accessing now.”

Justin supported that by pointing out the flaws of the current financial model. “In the US, banks are bankrupt overnight. People do not know until it can be done,” he said. “In Hong Kong, $ 5 million can disappear from an account without a customer with a clue.”

He said Blockchain was holding back it.

“On-chain, everything happens right away. You can't hide transactions. That's why trust in banks is falling, and why crypto is rising.”

Eric said the USD1, the Stablecoin launched by the World Liberty Financial, was built for this purpose. “It is backed one by one by the short-term US resources and cash equivalent. So yes, ask yourself where you want your money,” he said.

Zack said the purpose of the project was to integrate USD1 into both Defi and real-world retail systems.

“We work hard so you can use your USD1 debit card anywhere – buy food, book a hotel, whatever,” Zack said. “Until that happens, we're not done.”

Eric corrected him. “You will not swip that card for four seasons. It is at the Trump International Hotel,” he said.

Eric said the bureaucracy killed Europe while the UAE was quickly building

Eric called the UAE a model for how governments should work. “They said yes to good ideas. That's why they move so fast. You bring them a smart plan, they'll give you permissions a month,” he said. “We got approved for a building 1,150 feet high with the highest swimming pool in the world – in thirty days.”

He compared that to his dealings with Europe.

“In Ireland, we tried to move a green golf and some microscopic snails have delayed us for seven years. We finally got yes, and then Brussels said no,” Eric said. “That continent is a lost cause.”

He said Dubai and Abu Dhabi understood the future. “Most countries are talking about what happened in 2000 years ago. The UAE is talking about where they are going by 2050. That's why they won,” he said.

Justin confirmed the next stage of the project: USD1's native integration with the Tron Blockchain. “We have been on the way -Billions will start, and we will hit billions in the market cap as soon as possible,” he said. “It's not a little -time.”

He said most crypto companies ignored poor users. “They thought there was no income here. We don't. We do it for 7 billion people,” Justin said.

Zack added that 1.4 billion people are completely unchanged. “And that number also does not count millions of underbanked,” he said. “We want to reach all of them.”

Eric said crypto companies should also fix their own problems. “For the first time these people showed me Defi, it was a tedious catastrophe,” he said. “Gas fees, purse links, metamask, swaps. It's irrelevant.”

He said good things to deal with. “Make it easy. That's what I'm doing in real estate. If people hate using it, they'll never come back. Fix that, and let's win.”

Justin says the user experience is more important than the hype. “You can't grow with broken tools. We build for sunny use,” he said.

Eric closed the panel with a warning:

“We all hate banks. They always do. They still do. But they are slow, and not us. That's why we win it.”

Then he thanked the region. “Thanks to Dubai, to Abu Dhabi, to the UAE, to everyone in this room, and to all who believe in World Liberty Financial,” Eric said. “We love you all.”

Ashish Kumar contributed to the report.

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