Source: Cointelegraph
Original: “Eric Trump, son of former President Trump: Banks must adopt cryptocurrency or they will disappear in 10 years”
Eric Trump, Executive Vice President of the Trump Organization and son of former President Trump, has issued a warning to global banks regarding the adoption of cryptocurrency.
On April 30, during an interview with CNBC reporter Dan Murphy in Dubai, Eric predicted that global banks must adopt cryptocurrency or they will disappear within 10 years.
“The modern financial system is broken, slow, and expensive,” the businessman stated, adding that the existing banking system “only favors the super-rich.”
“This forced me into the world of cryptocurrency,” Eric continued, “I want to tell you, if banks do not pay attention to the changes that are about to happen, they will disappear in 10 years.”
While emphasizing the need for banks to closely monitor the developments in the cryptocurrency industry, Eric also highlighted the benefits of the underlying blockchain technology for the financial system.
He criticized existing 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, existing financial institutions can do better is a false statement. 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 alternatives:
“Now you can open a decentralized finance (DeFi) application, or any cryptocurrency application, and achieve instant transfers between wallets without paying high fees and without volatility.”
As Eric issued his warning, many global banks are still resisting the adoption of cryptocurrency, with Italian banks criticizing the growth of stablecoins and investments in Bitcoin (BTC).
On the other hand, many industry executives are optimistic about banks adopting cryptocurrency by 2025, especially in the context of countries like the United States pushing for more friendly cryptocurrency policies.
Eric's new prediction aligns with his previous bold predictions about cryptocurrency. In December 2024, Eric predicted that the price of Bitcoin would inevitably reach $1 million per coin, while global governments and institutions must adopt cryptocurrency to remain competitive in this rapidly growing market.
Related: Despite promises of cryptocurrency, the first 100 days of Trump's presidency were still “the worst in history”
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