BANKS MUST ADOPT CRYPTO OR BE EXTINCT IN 10 YEARS,ERIC TRUMP SAYS

Eric Trump, executive vice president of the Trump Organization and son of US President Donald Trump, has warned that banks must adopt cryptocurrency or risk becoming extinct within the next decade. He made this statement on April 30, 2025, while speaking to CNBC in Dubai.

Key Points

Adoption is Key: Eric Trump emphasized that banks need to watch what's coming in the crypto space and adapt to avoid extinction.

Current System is Broken: He described the modern financial system as "broken, slow, and expensive," favoring the ultra-wealthy.

Blockchain Benefits: Trump highlighted the benefits of cryptocurrency's underlying blockchain technology, which enables fast and inexpensive transactions.

SWIFT Criticism: He slammed cross-border transaction solutions like SWIFT, calling it an "absolute disaster" due to its slow transactions.

Rationale

Decentralized Alternatives: With crypto, traditional systems like SWIFT are at risk of losing market share to decentralized alternatives.

Instant Transactions: Trump pointed out that with DeFi apps and cryptocurrency, users can send money wallet-to-wallet instantaneously without high fees.

Market Outlook

Industry Bullish on Crypto: Despite some banks pushing back, industry executives are optimistic about crypto adoption in 2025, especially with governments like the US pushing a crypto-friendly agenda.

Previous Predictions: Eric Trump had previously predicted Bitcoin would hit $1 million per coin, and global governments would adopt cryptocurrency#StablecoinPayments #AbuDhabiStablecoin #XRPETFs