Trump's second son Eric Trump: The advantages of blockchain technology are significant, and the banking industry will be eliminated within a decade if it is not reformed

Eric Trump, vice-president of the Trump Organization and second son of Mr. Trump, publicly criticised the traditional financial system at a cryptocurrency event in Dubai, saying the SWIFT system was inefficient and that the banking industry would be obsolete within a decade if it was not reformed. "The modern financial system is broken, slow and expensive," he said. "Everything that blockchain technology can do will be better than how the current Financial Institution Group works. SWIFT is a disaster. Our banking system favours the super-rich. What really got me into [cryptocurrency] was the realisation that our banking system was being used against the vast majority of people in our country. This forced me into the world of cryptocurrencies. I tell you, if banks don't pay attention to the coming changes, they will be extinct in a decade. "It also praised decentralized finance as a way to bypass traditional banking costs and a lack of privacy. In recent years, Eric Trump has frequently visited the desert emirate as it has rapidly become a global hub for cryptocurrencies.