(OPINION) Eric Trump has issued a stark ultimatum to global financial institutions: evolve rapidly or face extinction.

In a candid interview with CNBC’s Dan Murphy during a business visit to Dubai, the executive vice president of the Trump Organization condemned the traditional banking system as outdated and inefficient, particularly in contrast to the advancements being made in blockchain and cryptocurrency.

“The modern financial system is broken — it’s slow, it’s expensive,” Trump said, speaking from the United Arab Emirates, which he praised as a rising leader in digital finance and blockchain innovation.

Highlighting the shortcomings of legacy financial infrastructure, Trump targeted SWIFT — the widely used global interbank messaging system — calling it “an absolute disaster.”

He argued that blockchain technology already outperforms existing systems in speed, cost, and transparency.

“There’s nothing that can be done on blockchain that can’t be done better than how traditional financial institutions operate today,” he said.

Eric Trump’s remarks reflect a broader criticism from the cryptocurrency community, which views the current banking model as antiquated and resistant to innovation.

According to him, the financial sector has failed to adapt to technological advancements, clinging to processes that are “inefficient” and “stuck in the past.”

A frequent visitor to the UAE — where Trump-branded real estate projects have been expanding — Eric Trump has increasingly aligned himself with the region’s growing embrace of digital assets.

During the Bitcoin MENA 2024 conference in Abu Dhabi last December, he boldly predicted that Bitcoin could soar to $1 million, underscoring his bullish stance on cryptocurrency as the future of global finance.

His support for decentralized finance (DeFi) stems from technological enthusiasm and ideological frustration with what he describes as a politicized and exclusionary banking system.

“Our banking system favors the ultra-wealthy,” Trump said. “It’s been weaponized against everyday Americans — people who don’t have huge bank balances or those who supported my father’s movement. That realization pushed me into crypto.”

As traditional banks scramble to catch up — with major players like JPMorgan and Goldman Sachs launching blockchain initiatives and digital asset trading desks — Eric Trump warned that superficial reforms won’t be enough.

DeFi platforms are rapidly gaining traction by offering peer-to-peer financial transactions with minimal or no fees, bypassing the need for conventional financial intermediaries.

“You can open up a DeFi app right now, send money from wallet to wallet instantly, without the delays, without the unpredictable costs,” he said. “If the banks don’t recognize what’s happening and pivot quickly, they’re going to be gone — extinct — within the next decade.”

As the crypto sector continues to challenge the status quo, Trump’s message adds fuel to the debate over the future of finance — and the urgency for banks to transform or be left behind.