Eric Trump Advocates For Crypto, Says Banks Need To Evolve Or Face Irrelevance

by Murtuza J Merchant Benzinga Staff Writer

Zinger Key Points

President Trump’s Gulf visit strengthens ties with UAE’s innovation-driven economy.
Crypto’s growth faces hurdles like regulation, but its potential threatens banking’s future.
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Eric Trump, a key figure in the Trump Organization, on Wednesday delivered a bold message to traditional banks: evolve or face irrelevance.

What Happened: Speaking with CNBC as the United Arab Emirates cements its role as a leading center for digital currencies, Trump highlighted the shortcomings of conventional financial systems, labeling them sluggish and overpriced.

He championed blockchain technology as a game-changer, offering swift, cost-effective solutions that could redefine how money moves globally.

Trump's visit coincides with the Trump Organization's growing footprint in the UAE's real estate market, a region he sees as a beacon of innovation due to its crypto-friendly policies.

The Gulf nation's welcoming regulatory environment has lured startups, investors, and major crypto events, positioning it as a global leader.

Trump, a staunch advocate for digital assets, sees decentralized finance (DeFi) as a way to empower users by cutting out middlemen, slashing fees, and speeding up transactions compared to traditional banking.

The crypto market, though turbulent amid global economic shifts like trade tariffs under President Donald Trump's administration, remains a focal point for Eric Trump.

With Bitcoin BTC/USD recently trading near $95,000, he has boldly predicted it could soar to $1 million.

He argued that the current financial system disproportionately benefits the elite, leaving most people underserved, a factor that pushed him toward cryptocurrencies.

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Why It Matters: The Trump family is deeply embedded in the crypto space. Eric and his brother, Donald Trump Jr., are driving initiatives like World Liberty Financial, a platform launched with real estate tycoon Steve Witkoff, and American Bitcoin, a new venture focused on cryptocurrency mining.

Plans for a stablecoin tied to the U.S. dollar are also in the works. Meanwhile, President Trump and Melania Trump's forays into meme coins have sparked debates about ethical boundaries in their business dealings.

The UAE's rise as a crypto powerhouse aligns with broader Gulf trends, which Eric Trump praised for fostering pro-business climates.

His remarks come ahead of President Donald Trump's planned trip to the UAE, Saudi Arabia and Qatar, a visit that underscores the administration's close alliances with Gulf leaders.

This trip, the first by a U.S. president to the UAE since 2008, reflects a shared vision for economic growth through innovation.

While some financial giants are dipping into blockchain and crypto trading, skeptics caution that digital currencies carry risks, including regulatory gaps and security concerns.

Still, Eric Trump is unwavering, warning that banks ignoring the crypto wave could vanish within a decade as DeFi reshapes the financial world.

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