- Eric Trump claims banks face extinction in 10 years without cryptocurrency adoption.
- The banking system is criticized for inefficiencies and prioritizing the ultra-wealthy.
- Eric Trump emphasizes the growing role of cryptocurrencies in shaping the future of finance.
Eric Trump, the head of the Trump Organization in the United States, the son of the country’s President, has sounded a dire outlook on the future of traditional banking. During an interview with CNBC on April 30, 2025, he explained that if banks fail to adapt to the use of cryptocurrencies, they will be obsolete within the next 10 years. According to him, the emergence of crypto is a threat to the banking sector.
He complained about the contemporary financial system, stating that it is ineffective and cumbersome to use. Eric Trump noted that existing banks are expensive and tend to favor catering to high-net-worth investors. In his opinion, this broken system, when combined with slow transaction methods such as SWIFT, has led him into the realm of cryptocurrencies. He stated:
“There’s nothing that can be done on blockchain that can’t be done better than the way that the current financial institutions are working. SWIFT is an absolute disaster.”
Eric Trump’s move to crypto stemmed from his dissatisfaction with the existing financial system. He claimed the banking system had been turned into a tool of oppression against a part of the population that lacked both money and, most importantly, power. He is convinced that cryptocurrencies are fairer and more effective than centralised systems.
“And what actually got me into [cryptocurrency] is the fact I realized our banking system was weaponized against the vast majority of people in our country.”
Banks at Risk Without Bitcoin: Eric Trump
His words can be attributed to the fact that many banks around the globe are still reluctant to embrace cryptocurrencies. For example, the Bank of Italy provided a negative outlook on stablecoins and investments made in Bitcoin. Nevertheless, Trump’s comments align with the growing positive sentiment in the crypto space.
This is not the first time that Eric Trump has risen to the occasion and made big claims about crypto. In December 2024, he stated that the cryptocurrency has the potential to hit $1 million per coin. He also predicted that government and other financial institutions would require the adoption of Bitcoin to be relevant in the global economy in the future.
Such comments from Trump reflect the ongoing divide between the traditional financial system and the emerging cryptocurrency market. This led to his assertion that banks could become extinct if they do not adopt the new technology in charge of the global financial system. Whether banks choose to accept this warning or not will determine their future in the digital assets.
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