The Executive VP of the Trump Organization Eric Trump sure has made an interesting threat. He thinks old-school banks may not exist in a decade unless they adjust to the growing power of crypto and blockchain tech. Speaking on stage at a CNBC event in Dubai, Trump discussed the waste of legacy financial networks. He emphasized that blockchain offers superior alternatives.
Trump's remarks suggest a future where traditional banking systems could be disrupted by peer-to-peer transactions and decentralized finance. Technological innovation has far outpaced our current systems, like SWIFT, and he focused on these gaps and deficiencies.
"The modern financial system is broken, it's slow, it's expensive." - Eric Trump
At the same time, the UAE—the country where Trump initially made his comments—has become a model of a pro-crypto regulatory environment. The UAE is making significant moves to position itself as a global center for cryptocurrency and blockchain innovation. It provides a welcoming regulatory climate that lures eager investors and plucky upstarts alike.
In addition to pushing back on sanctions, the Trump administration has moved to incorporate cryptocurrencies into America’s national financial strategy. In March 2025, President Trump signed an executive order establishing a Strategic Bitcoin Reserve, utilizing approximately 200,000 Bitcoin seized by federal agencies. In addition, Truth Social, President Trump’s own social media network, is reportedly in talks to launch its own cryptocurrency. A $TRUMP meme coin has already been launched promising private dinners to the top token holders.
Indeed, Trump’s vision is part of a growing call that mainstream financial institutions need to do something creative if they want to fend off irrelevance. First, he believes that blockchain technology offers the chance to streamline processes and cut back on expenses.
"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.” - Eric Trump
