Written by Gérard Al-Fil, Dubai

According to Trump—who, like his father, is known for speaking his mind—the conventional financial transaction system SWIFT operates at a snail’s pace. SWIFT, headquartered in La Hulpe, Belgium, is a communications network, a kind of messenger service for over 11,000 banks and financial intermediaries worldwide to execute money transfers.

With cryptocurrencies, on the other hand, cashless payments can be triggered instantly via smartphone thanks to blockchain technology. Virtual currencies like Bitcoin make traditional banking «obsolete, because it has hardly changed since the 1970s, apart from a few minor updates,» Trump remarked.

«Liberals and Banks Are Brothers in Spirit»

«As an entrepreneur, I spend every Friday tracing wire transfers. And I’m sure the majority of people in this room are struggling with the same problem.»

Even worse, he said, are the traditional financial institutions. «If the banks don’t like someone, they can simply freeze their account; they can destroy their life.» Some financial institutions «threw our family out after decades of good business relationships, once we entered politics and took positions that didn’t suit them.» Trump: «Why does it take three months to get a loan approved—even if you’ve been a customer at the same bank for 25 years?»

The 41-year-old especially criticized the U.S. investment bank JP Morgan Chase during his speech.

Trump went so far as to claim that the left-liberal «cancel culture,» which he said aims to silence conservative voices, is in cahoots with the conventional financial industry. «Most major banks will be extinct within the next ten years if they don’t adapt,» said the Trump son, who also serves as an ambassador for the decentralized finance platform («DeFi») World Liberty Financial.

«Crypto Means Freedom»

Speaking tirelessly and emphatically, Trump tried to rally the Web3 community in the packed auditorium of Dubai’s luxury resort Madinat Jumeirah to his side—and was met with enthusiastic applause. The audience became quiet, however, when Trump praised the global dominance of the U.S. dollar as the world’s leading currency—an odd contrast to his criticism of the traditional financial system («TradFi»).

He gave a nod to the host city. Dubai and the Gulf Emirates are doing «a fantastic job», of making digital money socially acceptable. The mission of his family, he said, is noble, helpful, and good. Eric Trump: «We champion financial freedom.»

The next Token2049 summit, considered the world’s largest Web3 gathering, will be held on October 1–2 in Singapore.