Eric Trump, son of former US President Donald Trump and an active cryptocurrency investor, has made a bold prediction that traditional banks around the world will face the risk of extinction within the next decade if they do not actively adopt cryptocurrency technology. (Previous story: Trump’s first 100 days in office have put a red flag on his administration! His approval rating is less than 40%, the worst in 80 years for a US president. Will the tariff war really make the USA great again?) (Background: What’s next for Musk’s withdrawal from DOGE? Trump pushes OPM to “emphasize loyalty to the president” and continue to fire redundant federal employees) Eric Trump, Trump’s eldest son, issued a severe warning about the future of traditional banking when he was interviewed by CNBC reporter Dan Murphy in Dubai on April 30. He bluntly pointed out that the modern financial system is collapsing, that exchange rates are slow and expensive, and that it overall favors the super-rich, which will lead to a revolution, and this drawback has forced him and his family business to turn to the world of cryptocurrency: I tell you, if banks don't pay close attention to what's going on, they will be extinct in 10 years, especially cross-border payment systems like the Society for Worldwide Interbank Financial Telecommunication (SWIFT), which is an absolute disaster. In contrast, he highly praised the efficiency and convenience brought by cryptocurrencies and their underlying blockchain technology. He said that the functionality and efficiency of blockchain can solve most of the operational and administrative problems of banks, and that speed, low cost and high efficiency also make it the key to replacing financial services: There is nothing that blockchain can do but that existing financial institutions do better. You can now open a DeFi (decentralized finance) application, you can open any cryptocurrency application, and you can send money from one wallet to another instantly, with no fees and no variables. From "being boycotted" to embracing encryption: the choice of the Trump family Eric Trump also frankly shared his personal reasons for and his family business's in-depth involvement in the encryption field. He told CNBC that the Trump family's business can be said to be "the most canceled company on the planet." He claims that it was this political and financial pressure from the traditional system (especially the banking industry) that prompted them to seek alternatives and ultimately embrace cryptocurrency. He described the process of entering the crypto field as a form of "resistance" that took place during what he called the "war on the (crypto) industry." He mentioned that banks were closing the accounts of cryptocurrency users (i.e. "debanking") at the time, and regulators such as the U.S. Securities and Exchange Commission (SEC) were cracking down on exchanges. Simply because of holding tokens, there was a risk of having your account closed. He believed that this situation should be changed: You realize that cryptocurrencies are much faster, much more practical, much more transparent, and the cost is exponentially lower... They were hunting people down, and they were suing everyone. Banks closed the accounts of people who simply wanted to own Bitcoin. It was in this context that Eric Trump began to come into contact with like-minded people in the cryptocurrency circle and gradually became more involved in it. He said that this experience of participating in the resistance seemed to make him firmly believe that cryptocurrency is not only a new technology, but also represents a challenge to the existing power structure and financial system. Eric Trump is currently actively involved in multiple cryptocurrency projects, including American Bitcoin, a Bitcoin mining company in partnership with listed mining company Hut 8, and supporting a stablecoin project through World Liberty Financial that aims to compete with giants such as Tether. At this point I knew almost everyone in the industry in some way, and years ago I fell in love with the industry and really devoted myself to it. The crossroads of the banking industry: resistance, acceptance and the future. In fact, the Trump family’s choice of cryptocurrency is likely to be a warning to the banking industry, and this warning is permeating the world with the political influence of the US dollar system. On the one hand, many traditional banks and regulators are still resisting the popularity of cryptocurrencies. For example, the Bank of Italy recently criticized the growth of stablecoins and Bitcoin investment, citing concerns about volatility, regulatory uncertainty, and potential money laundering and financial stability risks. On the other hand, cryptocurrency industry executives are optimistic about the accelerated adoption of crypto by banks in 2025. They believe that as the technology matures, its application scenarios expand, and a potentially friendlier regulatory environment emerges (especially in major markets such as the United States), it will become increasingly difficult for banks to ignore the opportunities brought by cryptocurrencies and blockchain technology, whether it is improving payment efficiency, reducing transaction costs, or developing new financial products and services.Some large financial institutions have already begun testing the waters, such as exploring tokenized assets, providing cryptocurrency custody services, or using blockchain for settlement. Eric Trump’s statement that “banks will be extinct in ten years” is actually radical, but it touches upon the core challenge facing the banking industry: how to cope with the disruptive impact of emerging technologies while maintaining sound operations and meeting regulatory requirements? Should they choose to stick to traditional territory, or actively embrace change and integrate cryptocurrency into their business models? This will be a critical decision that will determine the fate of many banks over the next decade. Related reports: US senators call for Trump's removal: $TRUMP meme coin "selling out the White House backdoor" is illegal and reaches the threshold for impeachment. Trump said: China will not reduce tariffs if it does not give benefits, and countries will no longer have a 90-day suspension period. Will the US-China tariff negotiations be finalized? Trump: Xi Jinping took the initiative to call, and 200 trade agreements have been reached. "Trump's eldest son predicted that "banks will be eliminated within ten years": Without the use of encryption technology, financial services will soon be worthless." This article was first published in BlockTempo (BlockTempo - the most influential blockchain news media).

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