According to Cointelegraph, Eric Trump, executive vice president of the Trump Organization and son of U.S. President Donald Trump, has issued a stark warning to global banks about the necessity of adopting cryptocurrency. In an interview with CNBC's Dan Murphy in Dubai on April 30, Trump predicted that banks worldwide must embrace cryptocurrency or face extinction within a decade. He criticized the current financial system as broken, slow, and costly, arguing that it disproportionately benefits the ultra-wealthy. This, he claimed, drove him towards the crypto world. Trump cautioned that if banks fail to heed the changes brought by cryptocurrency, they risk becoming obsolete within ten years.
Trump further criticized existing cross-border transaction solutions, particularly the global messaging network SWIFT, labeling it an "absolute disaster" due to its sluggish transaction speeds. He emphasized the advantages of blockchain technology, which underpins cryptocurrencies, suggesting that it offers superior solutions compared to current financial institutions. Trump noted that traditional payment systems like SWIFT are at risk of losing market share as cryptocurrencies gain traction. He highlighted the efficiency of decentralized finance (DeFi) applications, which allow for instantaneous, cost-effective wallet-to-wallet transactions without the variability associated with traditional banking methods.
Despite Trump's warnings, many global banks continue to resist cryptocurrency adoption. For instance, the Bank of Italy has criticized the growth of stablecoins and Bitcoin investments. However, numerous industry leaders remain optimistic about the future of crypto adoption by banks, especially as governments, including the United States, pursue more crypto-friendly policies. Trump's latest prediction aligns with his previous bold forecasts regarding cryptocurrency. In December 2024, he predicted that Bitcoin would inevitably reach $1 million per coin, asserting that global governments and institutions would need to adopt cryptocurrency to remain competitive in the rapidly evolving market.
