Eric Trump, the second son of former President Donald Trump and executive vice president of the Trump Organization, stated that if bankers do not embrace blockchain technology, they may face extinction within "10 years."

Eric Trump stated in an interview with (CNBC) on Wednesday: "The modern financial system is already fragmented, inefficient, and costly." He added:

Anything that operates on the blockchain can do better than existing financial institutions. Take the international banking communication and payment system SWIFT as an example; it's simply a disaster.

The Trump family is no stranger to cryptocurrency and blockchain technology. Eric Trump and his brother Donald Trump Jr. have been actively involved in the cryptocurrency space in recent years, and they recently participated in the issuance of the stablecoin USD1.

Eric Trump further mentioned: "Now anyone can open a DeFi application or any cryptocurrency wallet to conduct peer-to-peer transfers directly, without paying fees and without the uncertainties and friction of traditional banks."

Eric Trump emphasized that his interest in cryptocurrency partly stems from a distrust of the traditional financial system. He bluntly stated that traditional banking has long favored serving the "super-rich" at the top of the pyramid. He said:

What truly brought me into the cryptocurrency space was discovering that the banking system has actually been weaponized against the majority of American civilians — those with not many zeros in their accounts or those who once wore the 'Make America Great Again' red hats. This prompted me to dive into the world of cryptocurrency. I can tell you that if banks still cannot see the future trends, they will face extinction within 10 years.

In fact, to enhance the efficiency of cross-border payments and fund settlements, several major banks in the US have been experimenting with and adopting blockchain technology in recent years, with JPMorgan being the most representative.

However, due to the previous President Biden's administration taking a tough regulatory stance on the cryptocurrency industry, these attempts have not fully blossomed. The market generally expects that after Trump returns to the White House, related policy directions will reverse.

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The article titled 'Catch up with the times? Trump’s son: Banks will face extinction in 10 years if they do not adopt blockchain' was first published on 'Crypto City.'