Eric Trump, executive vice president of the Trump Organization and son of former US President Donald Trump, has issued a bold warning to traditional banks: adapt to the rise of cryptocurrency or risk becoming obsolete. Speaking from Dubai, Trump outlined his vision for the future of finance and revealed plans for a US dollar-backed stablecoin.

Launch of a Dollar-Backed Stablecoin

At a CNBC interview held during his Dubai visit, Eric Trump announced the upcoming launch of a stablecoin through World Liberty Financial. This move, he suggested, represents a direct response to what he sees as the “antiquated” state of the global financial system.

According to Trump, blockchain technology and cryptocurrencies are poised to overtake outdated institutions, offering faster, fairer, and more transparent financial solutions.

UAE: A Global Crypto Powerhouse

Trump’s remarks come as the United Arab Emirates cements its reputation as a hub for crypto innovation. The country’s progressive regulatory framework, numerous blockchain conferences, and business-friendly environment have attracted a flood of digital asset businesses and investors.

Eric Trump’s frequent visits to the region highlight his commitment to supporting decentralised financial systems and advocating for broader blockchain adoption.

Sharp Criticism of Traditional Banks

Eric Trump did not mince words in his critique of the banking sector. Calling the SWIFT payment network “an absolute disaster,” he claimed that blockchain solutions could outperform traditional banking infrastructure in every way.

He also accused banks of using their power selectively — favouring wealthy clients while marginalising ordinary citizens. This, he argues, is a form of discrimination that decentralised finance (DeFi) has the potential to eliminate.

Bold Bitcoin Prediction

During his appearance at the Bitcoin MENA 2024 conference in Abu Dhabi, Eric Trump made another headline-grabbing prediction: Bitcoin, he claimed, could soar to $1 million by the end of 2024.

At the time of his statement, Bitcoin was trading around $94,978, already showing impressive gains despite broader market volatility. His bullish stance reflects a growing confidence among crypto enthusiasts and investors alike.