In a bold statement at a CNBC event in Dubai, Eric Trump, Executive Vice President of the Trump Organization, declared that traditional banks risk extinction within a decade if they fail to adapt to the rapidly evolving financial landscape dominated by cryptocurrencies and decentralized finance (DeFi).
"The modern financial system is broken, it's slow, it's expensive," Trump asserted, highlighting the inefficiencies of legacy systems like SWIFT. He emphasized that blockchain technology offers superior alternatives, enabling instantaneous, low-cost transactions without the need for traditional intermediaries. Specifically, Eric Trump clarified, “There’s nothing that can’t be done on blockchain that can’t be done better than the way that the current financial institutions are working.”
