Abu Dhabi, May 1 – Eric Trump, son of U.S. President Donald Trump, warned banks on Wednesday that if they do not change the way they conduct business, they will eventually go extinct within 10 years.
“The modern financial system is broken, it’s slow, it’s expensive,” the Trump Organisation executive vice president said during an interview with CNBC in Dubai, where he discussed the UAE’s development as a cryptocurrency hub.
For Eric Trump, “there’s nothing that can’t be done in blockchain better than what’s done in official financial institutions.”
Furthermore, adding to the criticism from many cryptocurrency supporters, he stated that the current banking system is “antiquated” and operates inefficiently and slowly.
“What really drew me to cryptocurrencies was realising that our banking system was being used as a weapon against the vast majority of people in our country. […] And I’m telling you, if banks don’t figure out what’s coming, they’ll be out of business in 10 years,” he commented.
Their criticism comes amid an attempt by banks to integrate digital currencies into their systems. Some industry giants, such as JPMorgan and Goldman Sachs, have launched blockchain networks and cryptocurrency trading desks, enabling the decentralisation of finance and the elimination of intermediaries.
However, critics of digital currencies argue that factors such as their lack of regulation, security vulnerabilities, volatility, and limited consumer protections pose significant risks to users.