Key Points
- “The modern financial system is broken — slow, costly, and outdated,” Eric Trump told F.M.I.E Sources during a recent interview in the UAE.
- The executive vice president of the Trump Organization praised decentralized finance (DeFi) as a superior alternative to legacy banking.
- A strong proponent of cryptocurrency, Eric Trump has been actively involved in promoting blockchain adoption across the Gulf region.
Dubai, United Arab Emirates — Eric Trump has issued a stark warning to the banking sector: adapt to the evolving digital economy or become obsolete.
Speaking with F.M.I.E Sources during his visit to Dubai, Trump criticized the inefficiencies of traditional financial systems, labeling them as “slow, expensive, and broken.” He singled out SWIFT, the global financial messaging service, calling it “an absolute disaster.”
“There’s nothing that the blockchain can’t do better than how banks are operating today,” Trump said, underscoring the momentum behind decentralized financial platforms.
A frequent visitor to the UAE — now emerging as a global crypto hotspot — Trump continues to oversee Trump-branded developments in the region while strengthening ties with Gulf partners. His visits also reflect growing Trump Organization investments and the broader alignment with the Middle East’s innovation-driven economic strategies.
Eric Trump, a vocal supporter of Bitcoin and DeFi, made headlines in December when he forecasted that Bitcoin would soar to $1 million while attending the Bitcoin MENA 2024 conference in Abu Dhabi.
“The current banking system favors the ultra-wealthy,” Trump said. “I got into crypto because I realized the system was being weaponized against regular Americans — whether it’s those who don’t have massive bank balances or simply those wearing a red MAGA hat. If banks don’t watch what’s coming, they’ll be extinct within a decade.”
A Paradigm Shift in Finance
The crypto revolution, Trump argues, is ushering in a more accessible, affordable, and efficient way of conducting financial transactions — without banks as intermediaries. DeFi platforms allow users to send and receive money instantly, without excessive fees or delays.
“You can open a DeFi app right now, send funds wallet to wallet, with no overhead or uncertainty,” he added.
While major banks like JPMorgan and Goldman Sachs have started experimenting with blockchain technologies and crypto trading desks, the industry at large is still playing catch-up.
Despite rapid adoption, critics of crypto point to regulatory gaps, security flaws, market volatility, and lack of consumer protections. Still, the Trump administration has made clear its intention to position the U.S. as a global leader in digital assets.
Eric Trump and Donald Trump Jr. recently unveiled plans for a U.S. dollar-backed stablecoin under World Liberty Financial — a Trump family-backed crypto platform co-founded with real estate mogul and White House Middle East envoy Steve Witkoff. In March, they also launched American Bitcoin, a new mining venture co-founded with Hut 8 CEO Asher Genoot.
Crypto Booming in the Gulf
The UAE continues to attract crypto investors, exchanges, and startups, thanks to government policies that support innovation and digital assets. Trump and his allies have praised their relationships with Gulf leaders and see the region as fertile ground for crypto expansion.
Eric Trump’s latest comments come ahead of former President Donald Trump’s upcoming Middle East tour, scheduled for May 13–16, with planned stops in the UAE, Saudi Arabia, and Qatar. It will be the first visit by a U.S. president to the UAE since George W. Bush in 2008.
The trip highlights the Trump administration’s ongoing engagement with Gulf governments, and the family’s belief in the region as a gateway to the future of finance.