Physical Address
304 North Cardinal St.
Dorchester Center, MA 02124
Dubai, United Arab Emirates – Eric Trump has a warning for banks: change the way of work or extinct.
“The modern financial system is broken, it is slow, it is expensive,” said Trump’s executive vice -President Dan Murphy, discussing the development of the United Arab Emirates as the Cryptocurrency Center.
“Blockchain can not do anything that can’t be done better than how current financial institutions work. Swift is an absolute disaster,” Eric Trump said on Tuesday, citing the world international messaging network for financial transactions.
He enhanced what he called the slowness and inefficiency of the traditional banking system, calling it “ancient” – criticism, which many, especially crypto -enthusiasts.
The second son of US President Donald Trump has often visited the UAE in recent years amid the expansion of real estate projects involved in the country, and the wider region of the Persian Gulf and as the shaysho desert becomes a global center for cryptocurrency.
Eric Trump in December Eric Trump predicted that Bitcoin would reach $ 1 million by visiting the Bitcoin Mena 2024 conference in Abu Dhabi.
Crypto-market appeared to be very unstable against the background of the sale of risk assets that incite President Trump’s trade tariffs imposed on countries around the world. Bitcoin traded about $ 95,357 at the end of Tuesday.
“Our banking system contributes to the height,” said Eric Trump. “And the fact that I actually introduced me (cryptocurrency) is what I realized that our banking system was armed against the vast majority of people in our country, or people who have no zero on the balance, or people who could wear this red hat who said,” Make America again. “
A new era for a cry?
His criticism of banks arises when the sector tries to navigate the fast -paced cryptocurrency industry that decentralizes finance and eliminates the need for traditional intermediaries such as banks.
The decentralized finance platforms (Defi) allow you to restore transactions with competitive or zero transaction processing and account fences that were usually source of profit for traditional banks.
“You can open the Defi app right now, you can open any cryptocurrency app, and you can send money, wallet, instantly, without costs, without variability,” said Eric Trump.
Some financial giants, including JP Morgan and Goldman Sachs, launched Blockchain Setworks and Crypto Trading Edks in response to the growth of popularity of digital currencies.
However, critics relative to the new asset class warning that its lack of regulation, safety, volatility and limited consumer protection create serious risks for users.
Trump’s administration has promised to call the flowering era for the crypto -industry, and President Trump, and his wife Melania launched his own coins that led to problem From ethics experts about the potential conflict of interest. The Trump family is also at the steering wheel of Crypto Platform World Liberty Financial, which was founded with a billionaire of real estate and the current envoy in the Middle East White House Steve Witco.
Recently Eric Trump and his older brother Donald Trump — younger Announced launch plans Stablacaine with USD support through World Liberty Financial, and in March launched a new bitcoin A mining company called American Bitcoin, co -founded with House 8 CEO Asher enjoyed.
Meanwhile, the UAE continues to attract international crypto-investors, startups, exchanges and high-performance activities in the sector, largely thanks to supporting state rules for the crypto industry. Eric Trump and others in the organization of Trump and the White House administration approve of their relationship with the Gulf leaders, praising what they see as key growth markets with business policies.
Eric Trump’s comments are facing a planned father for a visit to the Gulf region from May 13 to May 16, during which he is expected to stay in the UAE, Saudi Arabia and Qatar. Trump will be the first president of the US to visit Emirate Sheikhdo after George W. Bush in 2008.
The trip is a symbol of the warm ties of the Trump administration with the Gulf governments; During his first presidential term, President Trump’s first visit was to Saudi Arabia.
