Dubai, United Arab Emirates - Eric Trump warns banks: Change the way you operate or become extinct.

When the Trump Organization's executive vice president discusses the United Arab Emirates as a cryptocurrency hub, "the modern financial system is broken, it is slow and expensive." When discussing the development of the United Arab Emirates.

"There is nothing better on blockchain than the way financial institutions currently operate. Swift is an absolute disaster," Eric Trump said on Tuesday.

He slammed what he called the slowness and inefficiency of the traditional banking system, calling it “outdated,” a criticism from many, especially crypto enthusiasts.

The second son of U.S. President Donald Trump has frequently visited the UAE in recent years as Trump-branded real estate projects have been expanded in the country and the wider Gulf region, and has quickly become a global hub for cryptocurrencies as Desert Sheikhdom has become.

Eric Trump is a voice advocate of digital currency, predicting that Bitcoin will reach $1 million when it comes to Abu Dhabi's Bitcoin MENA 2024 meeting.

It proved to be highly volatile in the sell-off of risky assets, shocked by the trade tariffs imposed by President Trump on countries around the world. Bitcoin was trading around $95,357 late Tuesday.

“Our banking system is good for super rich,” said Eric Trump. “And, the fact that actually got me in (cryptocurrency) is that I realize that our banking system is a weapon against the vast majority of people in our country, either without people with zeros on the balance sheet or those who might wear that Red Hat, which makes America great again.” This forces me into the crypto world and I tell you that if banks don’t look at anything, they will die out in 10 years. ”

His criticism of banks is because the industry is trying to drive the rapidly growing cryptocurrency industry, which is diversifying finances and eliminating the need for traditional intermediaries such as banks.

Decentralized Finance (DEFI) platforms enable peer-to-peer transactions with competitive or zero transaction processing and account fees, which are often the source of income for traditional banks.

"You can now open a Defi app, you can open any cryptocurrency app and you can instantly give your wallet without spending without variability," Eric Trump said.

Some financial giants, including JP Morgan and Goldman Sachs, have launched blockchain networks and cryptocurrency tables in response to the growing popularity of digital currencies.

Nevertheless, critics of relatively new asset classes warn that their lack of regulation, security breaches, volatility and limited consumer protection pose serious risks to users.

The Trump administration vowed to ring in a booming era in the cryptocurrency industry, with President Trump and his wife Melania launching their own meme coins, leading to ethics experts’ concerns about potential conflicts of interest. The Trump family also runs the crypto platform World Liberty Financial, which was founded with real estate billionaire and current White House Middle East envoy Steve Witkoff.

Eric Trump and his older brother Donald Trump Jr. recently announced plans to launch a dollar-backed Stablecoin through World Liberty Financial and in March established a new Bitcoin mining company called American Bitcoin, co-founded with Hut 8 Ceo Asher Genoot.

Meanwhile, the UAE continues to attract international crypto investors, startups, exchanges and highly engaging activities in the industry, thanks in large part to supportive government regulations in the cryptocurrency industry. Eric Trump and others in the Trump Organization and the White House administration praised their relationship with the Arab Gulf leaders, praising key growth markets that they believe have pro-business policies.

Eric Trump's comments are expected to stop in the UAE, Saudi Arabia and Qatar ahead of his May 13-16 visit to his father's planned visit to the Gulf region. Trump will be George W. Bush since 2008.

The trip symbolizes the enthusiastic connection between the Trump administration and the Gulf administration. During his first presidency, President Trump's first overseas visit was to Saudi Arabia.