Eric Trump, executive vice-president of the Trump organization, gave a strong message to traditional financial institutions during a recent interview With CNBC: adapting to the economy of evolving cryptography or risks lengthening.
Speaking of Dubai, where he was active in real estate developments and observing the growing interest of the region for cryptocurrency, Eric expressed his skepticism as to the capacity of the financial system inherited to remain relevant to the rapid innovation of blockchain.
Describing the current banking infrastructure as exceeded, Eric Trump criticized traditional systems such as Swift, the global messaging network used for international financial transactions, the ineffective and costly caller.
He argued that Blockchain technology offers more effective alternatives that could completely replace traditional systems. Eric said:
There is nothing that can be done on the blockchain which cannot be done better than the way in which current financial institutions work.
From real estate to DEFI: the advocacy of Eric Trump's cryptography
Eric's comments were part of a broader discussion on the emergence of the United Arab Emirates as a key director in the global cryptocurrency sector.
The country, in particular cities like Abu Dhabi and Dubai, has made significant progress to attract blockchain companies and develop a regulatory framework favorable to digital assets.
Eric, who frequently visited the region because of Trump brand real estate projects, described water as a leader in the transition to decentralized finance.
He also underlined his personal change to digital assets, quoting what he considers a systemic bias within the American financial system. “Our banking system promotes ultra-rich,” said Eric, adding that political biases have further marginalized certain user groups.
This awareness, he explained, encouraged him to explore the cryptographic ecosystem, which he considers a more inclusive alternative. He previously made daring predictions on the future of Bitcoin, including a forecast that he could reach $ 1 million, shared during his appearance at the Bitcoin Mena 2024 conference.
The financial sector responds to threats
Although Eric's remarks reflect broader enthusiasm for decentralized finances, many traditional institutions already respond to the rise of digital assets. Banks like JPMorgan and Goldman Sachs have introduced blockchain -based services and crypto trading platforms, reporting that inherited financial companies are not unaware of the change.
However, others in the sector remain cautious, highlighting the risks associated with unregulated assets, including market volatility, fraud potential and the absence of clear consumer protection mechanisms.
Eric highlighted the advantages of speed and cost offered by decentralized applications. “You can open a DEFI application … and you can send money, a portfolio to the portfolio, instantly,” he said, contrasting experience with slow and heavy transactions in traditional banking services.
The tension between these two financial models continues to grow as consumers require more accessible and transparent financial services.
Star image created with Dall-E, tradingView graphic
Editorial process Because the bitcoinist is centered on the supply of in -depth, precise and impartial content. We confirm strict supply standards, and each page undergoes a diligent review by our team of high -level technology experts and experienced editors. This process guarantees the integrity, relevance and value of our content for our readers.
