During a visit to Dubai, Eric Trump warned that banks have roughly a decade to embrace blockchain technology or risk becoming obsolete as decentralized finance expands. He described the traditional financial system as slow, costly, and outdated. In an interview with CNBC, Eric Trump, the Trump Organization’s executive vice president, criticized the financial system as “broken, ” “slow, ” and “expensive. ” He emphasized that blockchain could provide better solutions, stating, “there’s nothing that can be done on blockchain that can’t be done better than the way that the current financial institutions are working. ” Trump also condemned SWIFT, the global financial messaging network that handles nearly 90% of cross-border transactions, calling it an “absolute disaster. ” He characterized the global banking system as antiquated and overly focused on the ultra-wealthy. He said, “Our banking system favors the ultra-wealthy. What actually got me into [cryptocurrency] is realizing that our banking system was weaponized against the vast majority of people in our country, either those without zeros on their balance sheets or those who might have worn that red hat that said ‘Make America Great Again. ’” As the UAE strives to become a global crypto hub, Trump’s remarks highlight his increasing support for cryptocurrencies.

He also predicted Bitcoin (BTC) could reach $1 million, citing its potential as an alternative to traditional banks. Trump has shown interest in Ethereum (ETH) as well. In early February, when ETH was around $2, 900, he posted on X that it was “a great time to add Ethereum, ” adding “thank me later. ” However, about five weeks later, ETH dropped over 30% to $1, 900, leading Eric Trump to quietly remove the “thank me later” comment.