If banks don't see what is coming, they will be extinct in ten years

Dubai, United Arab Emirates – Eric Trump warns for banks: change the way you work or go out.

“The modern financial system is broken, it is slow, it is expensive,” said the Executive Vice President of the Trump organization of CNBC by Dan Murphy in Dubai when he discussed the development of the United Arab Emirates as a cryptocurrency center.

“There is nothing that can be done on blockchain, which can not be done better than the way the current financial institutions work.

He lambasted what he described as slowness and inefficiency of the traditional banking system and described it as “antiquated” – a criticism of many, especially from Krypto enthusiasts.

The second son of US President Donald Trump has often visited in the United Arab Emirates in recent years, since the real estate projects in Trump brands in the country and the golf region have been expanded-and when the sheikh desert quickly becomes a global turnstile for cryptocurrency.

Eric Trump, the advocate of a digital currencies that voted in December, said that Bitcoin would achieve 1 million US dollars when participating in the Bitcoin Mena 2024 conference in Abu Dhabi.

In the middle of a sell -off of risk assets, cryptoma markets have proven to be high -volatile, which was imposed on the worldwide trade tariffs by President Trump in countries. Bitcoin acted on Tuesday at 95,357.

“Our banking system prefers the ultra-rich,” said Eric Trump. “And what actually made me do it [cryptocurrency] Is the fact that I realized that our banking system became weapons against the vast majority of people in our country, either the people who do not have the zeros in their balance sheet, or people who have carried this red hat, “Make America great again”. And it forced me to the crypto world. And I tell you when the banks don't see what is coming, they will be extinct in 10 years. “

His criticism of banks comes when the sector tries to control the rapidly growing cryptocurrency industry, which decentralized the financing and eliminates the need for traditional agents such as banks.

Decentralized financing platforms (decentralized finance) enable peer-to-peer transactions with competitive or zero transaction processing and account fees, which were usually a source of income for traditional banks.

“You can now open a Defi app, you can open any cryptocurrency app, and you can send money to the wallet without the variability of the banks, said Eric Trump.

Some financial giants, including JP Morgan and Goldman Sachs, have launched blockchain networks and crypto trade switch in response to the growing popularity of digital currencies.

However, critics of the relatively new asset class warn that their lack of regulation, security gaps, volatility and limited consumer protection pose a serious risk for users.

The Trump government swore to ring in a booming era for the crypto industry, and both President Trump and his wife Melania have started their own meme coins, which leads to concerns from ethics experts about potential conflicts of interest. The Trump family is also at the top of the Crypto Platform World Liberty Financial, which was co-founded with the real estate billionaire and the current envoy of the White House in the Middle East, Steve Witkoff.

Eric Trump and his older brother Donald Trump Jr. recently announced plans for the introduction of a US dollar back Stablecoin through World Liberty Financial and started a new Bitcoin mining company called American Bitcoin, co-founder with HUT 8 CEO Asher Genoot in March.

The United Arab Emirates continues to attract international crypto investors, startups, stock exchanges and highly driven events in this sector, which is largely grateful for the support of the state regulations for the crypto industry. Eric Trump and others in both the Trump organization and in the administration of the White House praised their relationships with Arabic golf leaders and praised what they regard as important growth markets with economic policy.

Eric Trump's comments are presented by his father's planned visit to the Golf region from May 13th to 16th, and he is expected to stop in the United Arab Emirates, Saudi Arabia and in Qatar. Trump will be the first US President who has visited Emirati Sheikhdom since George W. Bush in 2008.

The journey is a symbol of the warm relationships of the Trump government to golf regulations. During his first term of office of the President, President Trump's first visit to overseas was in Saudi Arabia.