Executive Vice President of the Trump Organization and son of U.S. President Donald Trump, Eric Trump, warned global banks about the adoption of cryptocurrencies.
"The modern financial system is broken, it's slow, it's expensive," Trump told CNBC on April 30. He added that the banking system "favors the ultra-rich."
He said: "It forced me into the world of cryptocurrencies" and warned, "If banks do not pay attention to what's coming, they will be extinct in 10 years."
Trump emphasized the need for banks to monitor the cryptocurrency business and the profits of the financial system from blockchain technology.
He questioned delayed cross-border transaction solutions like SWIFT.
"Nothing in blockchain can be done better than how financial institutions operate. 'SWIFT is a disaster,' he said.
With the rise of cryptocurrencies, SWIFT may lose market share to decentralized alternatives. Trump said:
DeFi [decentralized finance] applications and cryptocurrency applications provide fast wallet-to-wallet money transfers at no cost or fluctuation.
Many foreign institutions still oppose the adoption of cryptocurrencies, including the Bank of Italy, which has criticized the growth of stablecoins and investments in Bitcoin (BTC).
Many industry leaders are optimistic about the adoption of cryptocurrencies by banks by 2025, as governments like the U.S. push a cryptocurrency-friendly agenda.
Trump's latest cryptocurrency prediction aligns with his previous extravagant predictions. Eric Trump projected in December 2024 that Bitcoin would reach $1 million per coin and that governments and organizations worldwide would have to adopt it to compete in the rapidly growing market.
A few days after promoting USD1 (USD1), a stablecoin backed by the Trump family, Trump made his latest comments on the adoption of cryptocurrencies by global banks.
USD1 was launched in March 2025 and is "100% backed by U.S. government short-term treasuries, U.S. dollar deposits, and other cash equivalents."
The stablecoin operates on the BNB Chain, a project developed by Binance, which has been criticized for its ties to the Trump family.