Eric Trump "Banks, If They Do Not Embrace Change, Could Disappear Within 10 Years"

President Trump’s second son Eric Trump (Source: AFP)

Eric Trump, President Trump's second son, strongly advocated for a digital finance transformation centered around blockchain, criticizing the limitations of the existing financial system. In an interview with CNBC, attending the groundbreaking ceremony of the new 'Trump Tower' held in Dubai, United Arab Emirates, on the 30th (local time), he warned that if the current banking system does not accommodate change it will "disappear within 10 years."

Eric Trump emphasized that the efficiency and transparency provided by blockchain technology are far superior to the existing banking structure. He mentioned "SWIFT is close to a disaster," pointing out that the current international remittance system is too slow and expensive. Additionally, he revealed that he ventured into the world of cryptocurrency due to the way the U.S. financial system operates based on asset size or political inclination.

Eric Trump's statement comes ahead of President Trump's planned trip to the Middle East next month, during which President Trump has been promoting various pro-cryptocurrency policies under the pledge to make the U.S. ‘the capital of cryptocurrency’ since taking office. Shortly after his presidency, he issued executive orders to bolster the government's digital asset strategy and declared the intention to retain, rather than sell, Bitcoin seized from criminals.

Eric Trump stated that digital asset technology is achieving the speed and efficiency that existing finance cannot provide, saying, "When you open a DeFi app, instant wallet-to-wallet transfers are possible, and there are no fees." He stressed that such functionality is a key element not provided by existing banks, asserting that the adoption of blockchain is not a choice, but a matter of survival.