Eric Trump Predicts the Demise of Major Banks Due to Cryptocurrency Disruption

At the Token2049 conference, Eric Trump, the son of the US president, predicted the decline of large banks due to the rise of cryptocurrencies. This was reported by The Block.

«Modern finance is broken,» Trump emphasized during a discussion with TRON founder Justin Sun and co-founder of World Liberty Financial (WLF), Zach Vitkoff.

He referenced the past challenges faced by the Trump family with banks and stated that cryptocurrencies would compel financial institutions to regret their actions.

*“I believe the crypto world will overpower big banks. I think it will leave them in the dust,”* he remarked.

According to him, banks struggle to innovate since their business model relies on fees. Trump believes that without innovation, financial institutions will become obsolete.

*“They will simply die out because you remove their function. It’s akin to an old film and camera,”* he asserted.

Trump also highlighted that the crypto sector is evolving a hundred times faster than traditional banking.

*“Nothing would make me happier than to witness their downfall at the hands of those they have been hunting,”* the president’s son noted.

He pointed out that cryptocurrencies offer financial freedom and create a level playing field globally. He stated that anyone with a smartphone can access finances through digital assets, liberating themselves from reliance on governments or unstable currencies.

According to Trump, a deal is set to be made between Abu Dhabi-based investment firm MGX and Binance for $2 billion, utilizing the USD1 stablecoin from World Liberty Financial, as reported by CoinDesk.

He added that this “stablecoin” will soon become part of the TRON ecosystem.

Trump stated that the stablecoin is backed by short-term bonds and cash equivalents. He noted that the team’s primary focus remains on client transparency and security, with plans for the coin to be available for international remittances.

Vitkoff hinted at more future partnerships for the company, mentioning that in the future, USD1 might become the preferred stablecoin for DeFi and CeFi platforms, as well as being utilized in traditional payment systems.

Trump serves as a Web3 ambassador for WLF, where his father, Donald Trump, is the lead crypto advocate.

In February, the president’s son *recommended* buying Ethereum, just a day before WLF increased its stake in the asset.

In November 2024, Sun *became* the largest investor in World Liberty Financial.