Eric Trump, the second son of Trump: The SWIFT system is inefficient, and the banking industry will be eliminated within ten years if it does not reform

ChainCatcher news, according to CNBC, Eric Trump, vice president of the Trump Organization and son of Donald Trump, publicly criticized the traditional financial system at a cryptocurrency event in Dubai, stating that the SWIFT system is inefficient and that the banking industry will be eliminated in ten years if it does not reform.

He stated, "The modern financial system has collapsed, it is slow and costly. Everything that blockchain technology can do will be better than the way current financial institutions operate. SWIFT is a disaster. Our banking system favors the super-rich.

What really got me into the (cryptocurrency) space is realizing that our banking system is being used against the vast majority of people in our country. This forced me into the world of cryptocurrency. I tell you, if banks do not pay attention to the upcoming changes, they will go extinct in ten years."

He also praised decentralized finance as a way to bypass the costs and lack of privacy associated with traditional banks.

In recent years, Eric Trump has frequently visited this desert emirate, as it has rapidly become a global center for cryptocurrency.