Eric Trump Warns Banks Could Be ‘Extinct In 10 Years’ If They ‘Don’t Watch What’s Coming,’ Touting Blockchain As ‘Better’ Alternative
Eric Trump, executive vice president of the Trump Organization and the younger son of President Donald Trump, criticized the current financial system as outdated and inefficient, suggesting that cryptocurrency offers a faster and more cost-effective alternative.
What Happened: Speaking this week in Dubai, he warned that traditional banks could become obsolete within the next decade if they fail to adapt.
In a thorough critique delivered during his visit to the UAE, which is an emerging hub for digital currencies, Trump called SWIFT “an absolute disaster.”
He said, “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,” in a conversation with CNBC.
“The modern financial system is broken, it’s slow, it’s expensive,” he said. “If the banks don’t watch what’s coming, they’re going to be extinct in 10 years.” He argued that decentralized finance allows for private, low-cost transactions and said that the …
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