Eric Trump: Cryptocurrency Will Make Big Banks "Regret" and "Fall Far Behind"

According to The Block, Eric Trump, Vice President of the Trump Organization and son of Donald Trump, stated at the Token2049 event in Dubai that large banks will regret their actions targeting individuals and political figures in the cryptocurrency space.

During a fireside chat with Zach Witkoff, co-founder of World Liberty Financial, and Sun Yuchen, founder of TRON, he said that the modern financial system has failed. He believes that banks have previously targeted the Trump family, but the cryptocurrency world will take over large banks and leave them far behind.

He thinks that banks' business models rely on fees, which are difficult to sustain in the crypto environment. Without innovation, banks will become redundant or even extinct, similar to old film and cameras. He pointed out that cryptocurrency innovation is far faster than that of banks and would be pleased to see banks defeated by those they once targeted. He also mentioned that cryptocurrencies create a fair competitive environment, allowing people to escape distrustful governments or currencies, and enabling more individuals to access financial services via mobile phones.

Additionally, he praised the UAE's willingness to develop projects and criticized Europe's lack of openness to business, claiming that the US is much better than Europe.