$SOL Banks must adopt cryptocurrencies or they will become extinct in 10 years, according to Eric Trump

While the current financial system is slow and expensive, cryptocurrency applications already allow for instant and cost-effective money transfers, Eric Trump stated.

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 is slow, it is 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 watch what is coming, they will become extinct in 10 years."