Eric Trump, son of the U.S. President, predicted at the Token2049 conference that major banks will decline due to cryptocurrencies. This was reported by The Block.
“Modern finance is broken,” Trump emphasized during a discussion with TRON founder Justin Sun and World Liberty Financial (WLF) co-founder Zach Witkoff.
He mentioned the past persecution of the Trump family by banks and stated that cryptocurrencies will make financial institutions regret it.
“I believe the crypto world will overtake major banks. I think it will leave them in the dust,” he added.
In his view, banks struggle to innovate because their business model relies on fees. Trump believes that without innovations, financial institutions will become obsolete.
“They will simply become extinct because you eliminate their function. It’s like old film and cameras,” he stated.
Trump added that the crypto industry is developing 100 times faster than banks.
“Nothing would make me happier than to see their downfall at the hands of the very people they hunted,” emphasized the President’s son.
He also noted that cryptocurrencies provide financial freedom and “level the playing field globally.” According to him, anyone with a smartphone can access finances through digital assets, freeing themselves from dependence on governments or unreliable currencies.
According to Trump, the deal between Abu Dhabi-based investment company MGX and the Binance exchange worth $2 billion will be concluded using World Liberty Financial’s USD1 stablecoin, writes CoinDesk.
He added that the “stablecoin” will soon become part of the TRON ecosystem.
Trump emphasized that the stablecoin is backed by short-term bonds and cash equivalents. According to him, transparency and client security remain the team’s top priorities. The coin is planned to be made available for international transfers.
Witkoff hinted at more future partnerships for the company. He added that in the future, USD1 could become the preferred stablecoin for DeFi and CeFi platforms, as well as be used in traditional payment systems.
Trump serves as a Web3 ambassador for WLF, an organization where his father, Donald Trump, is listed as the chief crypto advocate.
In February, the President’s son recommended buying Ethereum. The day before, WLF had increased its share of the asset in its portfolio.
In November 2024, Sun became the largest investor in World Liberty Financial.