Eric Trump joined World Liberty Financial co-founder Zach Witkoff and Tron creator Justin Sun at Token2049 to discuss the transformative impact of cryptocurrency on traditional finance. During the fireside chat on May 1, Trump emphasized how institutional banks risk being left behind if they fail to embrace blockchain and crypto technologies.

The Shift from Traditional Banking to Cryptocurrency

Eric Trump shared a personal anecdote about his family’s experiences with the modern financial system. He described how they were “canceled” by traditional banks due to political associations, which ultimately led him to explore the world of cryptocurrency.

“Modern finance is absolutely broken. When the banks came after our family, we became the most canceled people in the world all because we’re associated with politics in the United States.”

Trump criticized traditional banks for their outdated processes, such as the lengthy timelines for loan approvals, which can take up to 90 to 120 days. In contrast, he highlighted how blockchain technology enables instant, transparent, and efficient financial transactions.

“They’re pushing paper forms out there—things that could be done on blockchain instantaneously, cheaper, faster, and more efficiently.”

Transparency and Trust in Blockchain

Justin Sun, creator of Tron, echoed Trump’s views, noting the growing distrust in financial institutions in the United States. He emphasized how blockchain’s transparency can restore confidence in financial systems.

“Nobody knows what’s going on in the bank. They move $5 million around, and the customer doesn’t even know what happened. But on blockchain, this kind of thing will never happen again because everything is transparent.”

Addressing Gaps in Traditional Finance

World Liberty Financial co-founder Zach Witkoff explained that his project was created to address the shortcomings of the traditional financial system. By integrating decentralized finance (DeFi) with existing structures, Witkoff believes a hybrid model will emerge in the next few years.

“We’ll wake up in a world in four or five years, where DeFi and traditional finance will merge in a way that can’t ever be unwound.”

The Risks of Ignoring Crypto

Both Trump and Witkoff warned that institutional banks must adapt to the crypto-led economy or risk obsolescence. Witkoff highlighted the choice financial institutions face: evolve or be left behind.

“Time will tell which choice they make, but hopefully they’re on the right side of history.”

Trump believes the transition will be challenging for major banks due to their reliance on outdated business models. He noted that cryptocurrency’s rapid advancements far outpace traditional finance.

“If the banks don’t embrace crypto right now, they’re just going to be extinct because you’re actually eliminating the function.”

Crypto’s Accessibility for the Unbanked

Trump also emphasized the inclusive nature of cryptocurrency, which levels the playing field for unbanked populations worldwide. With access to blockchain through a smartphone, individuals can bypass traditional barriers to financial systems.

“What crypto does is bring an even playing field to the globe. If you don’t have access to the biggest financial institutions, congratulations—you have your phone.”

Final Thoughts

The discussion at Token2049 highlighted the growing divide between traditional finance and cryptocurrency. As blockchain technology continues to evolve, financial institutions face mounting pressure to adapt or risk irrelevance in a rapidly changing economic landscape.

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