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Banks Will Go Extinct in 10 Years If They Fail to Embrace Bitcoin, Eric Trump Warns
Eric Trump, son of U.S. President Donald Trump and the Vice President of the Trump Organization, has delivered a dire warning to banks worldwide regarding crypto adoption.
Adopt Bitcoin Or Face Obsolescence
Eric Trump has launched a scathing attack on traditional finance, predicting that banks across the globe must embrace crypto or face extinction within a decade.
“The modern financial system is broken, it’s slow, it’s expensive,” Eric quipped during a Wednesday interview with CNBC in Dubai.
He claimed that the current traditional banking system only favors the “ultra-wealthy” and is weaponized against the vast majority of people in the U.S., either because they aren’t rich or supported his father in last November’s presidential election.
“It forced me into the crypto world,” he added: “And I’m telling you, if the banks don’t watch what’s coming, they’re going to be extinct in 10 years.”
While stressing the need for banks to monitor developments in the crypto sector, Eric mentioned the benefits of cryptocurrency’s underlying blockchain technology to the financial system.
He slammed the current international transaction solutions, like SWIFT, for their slow and expensive transactions — a criticism shared by many, especially crypto enthusiasts.
“There’s nothing that can be done on blockchain that can’t be done better than the way that the current financial institutions are working. SWIFT is an absolute disaster,” the entrepreneur postulated.
Traditional payment systems like SWIFT are at risk of losing market share to decentralized alternatives as crypto booms, he noted:
“You can open up a DeFi [decentralized finance] app right now, you can open up any cryptocurrency app, and you can send money, wallet to wallet, instantaneously, without the expense, without the variability.”
Earlier this month, Eric told CNBC that the Trump Organization was drawn to crypto after being “debanked” by multiple financial groups, particularly during the Biden-Harris Administration. “It actually is what drove us toward cryptocurrency,” he said at the time.
Trump Family Bets Big On Crypto
A vocal advocate of digital currencies, the second son of President Trump, in December predicted that Bitcoin was headed to the $1 million milestone while attending the Bitcoin MENA 2024 conference in Abu Dhabi.
Eric Trump also backs World Liberty Financial, a decentralized finance project and planned blockchain-based marketplace where users can borrow and lend crypto assets, create liquidity pools, and trade stablecoins.
In March, World Liberty Financial announced plans to launch its own stablecoin, USD1, with BitGo providing custody services.
Additionally, Eric Trump is also an advisor to Metaplanet, Asia’s largest Bitcoin corporate holder, which is emulating the Michael Saylor/Strategy-type aggressive BTC accumulation approach.
Adopt Bitcoin Or Face Obsolescence
Eric Trump has launched a scathing attack on traditional finance, predicting that banks across the globe must embrace crypto or face extinction within a decade.
“The modern financial system is broken, it’s slow, it’s expensive,” Eric quipped during a Wednesday interview with CNBC in Dubai.
He claimed that the current traditional banking system only favors the “ultra-wealthy” and is weaponized against the vast majority of people in the U.S., either because they aren’t rich or supported his father in last November’s presidential election.
“It forced me into the crypto world,” he added: “And I’m telling you, if the banks don’t watch what’s coming, they’re going to be extinct in 10 years.”
While stressing the need for banks to monitor developments in the crypto sector, Eric mentioned the benefits of cryptocurrency’s underlying blockchain technology to the financial system.
He slammed the current international transaction solutions, like SWIFT, for their slow and expensive transactions — a criticism shared by many, especially crypto enthusiasts.
“There’s nothing that can be done on blockchain that can’t be done better than the way that the current financial institutions are working. SWIFT is an absolute disaster,” the entrepreneur postulated.
Traditional payment systems like SWIFT are at risk of losing market share to decentralized alternatives as crypto booms, he noted:
“You can open up a DeFi [decentralized finance] app right now, you can open up any cryptocurrency app, and you can send money, wallet to wallet, instantaneously, without the expense, without the variability.”
Earlier this month, Eric told CNBC that the Trump Organization was drawn to crypto after being “debanked” by multiple financial groups, particularly during the Biden-Harris Administration. “It actually is what drove us toward cryptocurrency,” he said at the time.
Trump Family Bets Big On Crypto
A vocal advocate of digital currencies, the second son of President Trump, in December predicted that Bitcoin was headed to the $1 million milestone while attending the Bitcoin MENA 2024 conference in Abu Dhabi.
Eric Trump also backs World Liberty Financial, a decentralized finance project and planned blockchain-based marketplace where users can borrow and lend crypto assets, create liquidity pools, and trade stablecoins.
In March, World Liberty Financial announced plans to launch its own stablecoin, USD1, with BitGo providing custody services.
Additionally, Eric Trump is also an advisor to Metaplanet, Asia’s largest Bitcoin corporate holder, which is emulating the Michael Saylor/Strategy-type aggressive BTC accumulation approach.
Disclaimer: Includes third-party opinions. No financial advice. May include sponsored content. See T&Cs.
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