Eric Trump Warns Traditional Financial Institutions They Will Be Extinct in 10 Years If They Don't Adopt Blockchain

Speaking in Dubai with the interviewee, he talked about the issue with the traditional banking system and said that they are slow, expensive, and heavily skewed in favor of the wealthy.

The executive vice president of the Trump Organization and son of U.S. President Donald Trump, Eric Trump, has issued a stark warning to the traditional financial institutions, saying that they have 10 years to adapt to blockchain or face extinction.

In an interview with CNBC in Dubai, Trump discussed the flaws of the global banking system, which he describes as slow, expensive, and heavily skewed in favor of the wealthy. He argues that these flaws make the global banking infrastructure ripe for disruption through blockchain and decentralized finance (DeFi).

Highlighting the transformative potential of blockchain technology, Trump said that unless banks evolve and adapt to the rising tide of blockchain integration, they will become obsolete in the upcoming decade.

“The modern financial system is broken. It’s slow, it’s expensive. If banks don’t watch what’s coming, they’re going to be extinct in 10 years,” Trump stated.

Highlighting the inefficiencies of the existing system, Trump took aim at SWIFT, the global network used for international payment, which he called “an absolute disaster.” In contrast, he explained that a blockchain-based system can perform the same functions better, faster, and cheaper, while also being more secure.

“There’s nothing that can be done on blockchain that can’t be done better than the current financial institutions. You can send money instantly, wallet to wallet, without fees or variability,” Trump added, showcasing the low-cost and high-speed capabilities of DeFi applications for peer-to-peer transactions without the involvement of intermediaries like banks.

Trump’s journey into the cryptocurrency world began with disillusionment toward the banking system, which he feels has become “weaponized” against ordinary people—especially those without a large balance or those with the “Make America Great Again” movement affiliation.

The Trump family’s involvement in digital assets goes far beyond commentary or investments. Together with real estate billionaire Steve Witkoff, who now serves as a White House Middle East envoy, Eric Trump and Donald Trump Jr. have co-founded a crypto platform called World Liberty Financial. The platform recently announced plans to launch a U.S. dollar-backed stablecoin.

Moreover, in March 2025, Eric Trump helped the co-founder of America Bitcoin, a mining venture developed in collaboration with Asher Genoot, CEO of Hut 8, to launch a new venture in the crypto mining industry. These moves showcase the family’s long-term commitment to building infrastructure in the crypto space.

Both Donald Trump and Melania Trump have also launched their own digital assets—TRUMP coin and MELANIA coin, respectively—which are marketed to fans and supporters of the family.

Trump’s recent comments come as the United Arab Emirates is quickly establishing itself as a global leader in the regulation and uptake of cryptocurrencies. Dubai, in particular, has drawn leading cryptocurrency exchanges, entrepreneurs, and institutional investors due to its advantageous government policies.

Highlighting the pro-business attitude of the UAE, which is facilitating the influx of American businesses and institutions, Trump praised the nation's initiative.

Despite some critics who highlight the volatility and lack of regulation in the crypto market, Trump believes that adoption is inevitable.

“Governments and institutions will have no choice but to get involved or be left behind,” he concluded, signaling an urgent call for adaptation in the face of the advancing tide of blockchain technology.

Although some central banks, such as the Bank of Italy, remain skeptical of crypto and stablecoins, major financial institutions like JP Morgan and Goldman Sachs have already begun integrating the blockchain into their operations.