#Trump100Days Eric Trump, Executive Vice President of the Trump Organization and son of U.S. President Donald Trump, has issued a warning to global banks regarding the adoption of cryptocurrencies.
Banks around the world will have to adopt cryptocurrencies or become extinct in a decade, Trump predicted in an interview with Dan Murphy of CNBC in Dubai on April 30.
"The modern financial system is broken, it's slow, it's expensive," said the businessman, adding that the existing banking system "favors the ultra-rich."
"It forced me to enter the world of cryptocurrencies," he continued, adding: "And I tell you that if banks do not keep an eye on what is coming, they will go extinct in 10 years."
SWIFT is an "absolute disaster"
While emphasizing the need for banks to closely monitor the evolution of the cryptocurrency sector, Trump highlighted the benefits of the underlying blockchain technology of cryptocurrencies for the financial system.
He criticized existing cross-border transaction solutions, such as the global international messaging network SWIFT, which has often been criticized for the slowness of its transactions.
"There is nothing that can be done on blockchain that cannot be done better than the way current financial institutions are working. SWIFT is an absolute disaster," he stated.
With the emergence of cryptocurrencies, traditional payment tools like SWIFT risk losing market share to decentralized alternatives, Trump said.
