Eric Trump, Vice President of the Trump Organization and son of Donald Trump, criticized the traditional financial system at the Dubai cryptocurrency summit, stating, 'If the banking industry does not embrace blockchain technology, it will be completely overturned in ten years.' He used the SWIFT system as an example, pointing out its inefficiency in cross-border transactions and high costs, and sarcastically referred to it as 'a dinosaur fossil of 21st-century finance.'
Eric Trump emphasized that the current banking system 'favors a few privileged classes while pushing 99% of ordinary people into a payment trap,' and that blockchain technology, with its advantages of decentralization, transparency, and low costs, is capable of replacing traditional financial intermediaries. 'Banks are still operating on 1970s code systems, while blockchain transfers take only 10 seconds, with fees of less than $1 — this is no longer competition, but a dimensionality reduction strike.' He revealed that it was seeing the traditional banks' 'systematic bloodsucking' of ordinary people that prompted him to pivot towards the cryptocurrency sector.
Eric Trump also supports DeFi (Decentralized Finance) as a 'financial equality revolution', claiming it can bypass the high cross-border fees and privacy invasions of banks, providing inclusive services for the unbanked population globally. It is worth noting that Dubai has become the 'new Silicon Valley' for cryptocurrency companies in recent years, thanks to its relaxed regulations and policy support. Eric Trump has visited the area six times in the past three years, which is seen as a key signal of the Trump family's increased investment in the Web3 arena.
