According to BlockBeats, Eric Trump, the second son of U.S. President Donald Trump, has issued a warning to banks, urging them to change their operational methods or face extinction. He criticized the modern financial system as being slow and costly.
Eric Trump highlighted the efficiency of blockchain technology compared to current financial institutions, describing the SWIFT international messaging network for financial transactions as a disaster. He condemned the traditional banking system for its sluggishness and inefficiency, labeling it as outdated—a sentiment commonly shared by cryptocurrency enthusiasts.
Eric Trump, who has been visiting the United Arab Emirates frequently, noted the expansion of Trump-branded real estate projects in the Gulf region. The UAE is rapidly emerging as a global hub for cryptocurrency.
A staunch supporter of digital currencies, Eric Trump predicted at the Bitcoin MENA 2024 conference in Abu Dhabi last December that the price of Bitcoin would reach $1 million.