Eric Trump issued a stark message to global banks during a visit to the United Arab Emirates. He warned that if banks do not adapt to digital currency, they risk extinction within a decade.
As the Trump Organization’s executive vice president, he described traditional banking as old and costly. He said it during a Dubai interview, where he frequently travels to attend crypto-related conferences.
Eric Trump has commended decentralized finance to eliminate middlemen and cut down on fees in transactions. He has also criticized banks for preferring rich individuals and excluding ordinary individuals.
He asserted that the system is unfair and compels most Americans to turn to cryptocurrency. He indicated that that is the reason that moved him to crypto. Bitcoin exchanged at around $95,357 late Tuesday amid ongoing market volatilities.
Crypto market reacts to trade tensions
Analysts attribute recent crypto market fluctuations to global trade tensions and risk asset sell-offs that were aggravated by U.S. tariffs in President Trump’s policies. Simultaneously, increasing numbers of financial institutions are venturing into blockchain. Some of them, such as JP Morgan and Goldman Sachs, already initiated crypto trading desks in order to address increasing demand.
Eric Trump’s firm, World Liberty Financial, is now at the heart of the Trump family’s crypto ambitions. Along with Donald Trump Jr., he announced a recent stablecoin pegged to the U.S. dollar.
The Trump family has also ventured into the business of Bitcoin mining via a newly launched company named American Bitcoin, which was co-founded with Hut 8 CEO Asher Genoot by Eric Trump. The UAE is rapidly establishing itself as a global crypto hub in itself. Favorable policies and collaborations with entrepreneurs attracted international interest.
Trump administration’s ties to UAE highlighted
Investors, startups, and exchanges continue to flock to the region. Eric Trump stated that the nation has a promising future for crypto. He attributed the success to the UAE’s receptivity and amicable relationships with the Donald administration.
His comments come ahead of President Trump’s upcoming trip to the Gulf. President Trump will be visiting the UAE, Saudi Arabia, and Qatar from May 13 to 16. It is to be the first-ever visit by a sitting American president to the UAE in almost two decades.
The trip marks close relationships between the President administration and Gulf leadership. The administration is looking to intensify cooperation in finance and technology, with crypto also being a prominent area of focus.
