Trump's second son, Eric Trump: Banks must accept cryptocurrency, or they will disappear in 10 years
Source: Cointelegraph
Original: (Trump's second son, Eric Trump: Banks must accept cryptocurrency, or they will disappear in 10 years)
Eric Trump, Executive Vice President of the Trump Organization and son of U.S. President Donald Trump, has issued a warning about the acceptance of cryptocurrency for global banks.
On April 30, Eric predicted in an interview with CNBC reporter Dan Murphy in Dubai that global banks must accept cryptocurrency, or they will disappear in 10 years.
"The modern financial system is collapsed, sluggish, and costly," the entrepreneur said, adding that the current banking system "only favors the ultra-wealthy."
"This has forced me to enter the world of cryptocurrency," Eric continued: "I want to tell you that if banks do not pay attention to the upcoming changes, they will disappear in 10 years."
While emphasizing that banks need to closely monitor the development of the cryptocurrency industry, Eric also highlighted the benefits of the underlying blockchain technology of cryptocurrency for the financial system.
He criticized the current cross-border transaction solutions, such as the Global Financial Messaging Network SWIFT, which is often criticized for its slow transaction speeds.
"What can be done on the blockchain, current financial institutions can do better, this claim is mistaken. SWIFT is a complete disaster," he said.
Eric pointed out that, with the emergence of cryptocurrency, traditional payment tools like SWIFT are at risk of losing market share to decentralized solutions.
"Now you can open a decentralized financial (DeFi) application, or any cryptocurrency application, and make instant transfers between wallets without having to pay high fees, as well as without volatility."
As Eric issued his warning, many global banks are still resistant to accepting cryptocurrency, while Italian banks have criticized the rise of stablecoins and investment in Bitcoin (BTC).
On the other hand, many executives in the industry are optimistic that banks will accept cryptocurrency by 2025, especially in the context of countries like the US pushing for more crypto-friendly policies.
This new prediction from Eric aligns with his previous bold forecasts about cryptocurrency. In December 2024, Eric predicted that the price of Bitcoin would inevitably reach $1 million per coin, while governments and global organizations must accept cryptocurrency to remain competitive in this rapidly evolving market.
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