The Executive Vice President of the Trump Organization, Eric Trump, has warned that if banks don’t change the way they operate, they’ll be extinct in ten years. He made the remarks while also criticizing the modern financial system as being broken, slow, and expensive.
Eric Trump acknowledged that the current banking system favors the ultra-wealthy. He added that what got him into cryptocurrencies was when he realized the banking system was “weaponized” against the vast majority of people in the U.S.
Eric Trump warns banks of extinction unless they change their operations
Eric Trump: If banks don’t watch what’s coming, they’ll be extinct in ten yearshttps://t.co/8aSBw1ewCm
— TifaniesweTs (@TifaniesweTs) April 30, 2025
Eric Trump has warned financial institutions to change the way they operate or go extinct. He also accused the modern financial system of being broken, slow, and expensive.
The Executive Vice President of the Trump Organization argued that there’s nothing that can be done on blockchain that can’t be done better than the way the current financial institutions are working. He referred to SWIFT, the global international messaging network for financial transactions, and called it “an absolute disaster.”
“And I’m telling you, if the banks don’t watch what’s coming, they’re going to be extinct in 10 years.”
~ Eric Trump, the Executive Vice President of the Trump Organization.
The President’s son noted that the banks weaponized against the people “that don’t have zeros on their balance sheet.” He also said he was forced into the crypto world because banks weaponized against people “who wore that red hat that said Make America Great Again.”
During an interview in Dubai, while discussing the United Arab Emirates’ development as a crypto hub, Donald Trump’s second son said that the traditional banking system was “antiquated,” describing it as slow and inefficient. He has made frequent visits to the UAE in recent years as the country and wider Gulf region become a global hub for digital currencies.
Eric Trump’s remarks come ahead of the President’s planned visit to the Gulf region from May 13 to 16, where he is expected to stop in the UAE, Saudi Arabia, and Qatar. Trump’s Organization and the White House administration have lauded their relationships with Arab Gulf leaders, praising what they see as key growth markets with pro-business policies.
Trump’s family champions digital assets
Eric Trump’s remarks come as the banking sector attempts to navigate the growing crypto ecosystem, which is decentralizing finance and eliminating the need for traditional financial intermediaries. DeFi platforms allow peer-to-peer transactions with competitive or zero transaction processing and account fees, which have been a source of revenue for traditional banks.
Trump’s second son noted that anyone can open a cryptocurrency DeFi app and instantaneously send money, wallet to wallet, without the expense and variability of banks. Financial institutions like JP Morgan and Goldman Sachs have established blockchain networks and digital asset trading desks in response to the growing popularity of crypto.
In December, an American businessman predicted that Bitcoin would reach $1 million while attending the Bitcoin MENA 2024 conference in Abu Dhabi. The President’s tariffs on countries worldwide have also stoked the crypto markets and caused high volatility amid a sell-off of risk assets. BTC was exchanging hands at $95,357 late Tuesday.
Donald Trump’s administration vowed to champion crypto, and the President signed an executive order on March 6 to establish a strategic Bitcoin reserve and a U.S. digital asset stockpile. He also declared that if crypto was going to define the future, “I want it to be mined, minted, and made in the U.S.”
The President and his wife, Melania, have also launched their own meme coins, TRUMP and MELANIA, which have fueled concerns from ethics experts about potential conflicts of interest. The Trump family also launched the crypto platform World Liberty Financial, which was co-founded with real estate billionaire and current White House Middle East envoy Steve Witkoff.
Eric Trump and his older brother, Donald Trump Jr., recently revealed plans to establish a U.S. dollar-backed stablecoin through World Liberty Financial. In March, they also launched a new Bitcoin mining company called American Bitcoin, co-founded with Hut 8 CEO Asher Genoot.
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