Eric Trump, executive vice president of the Trump Organization and son of US President Donald Trump, has delivered a warning to global banks regarding cryptocurrency adoption.<\/p>\n
Banks around the world will have to adopt cryptocurrency or go extinct in a decade, Trump predicted<\/a> in an interview with CNBC\u2019s Dan Murphy in Dubai on April 30.<\/p>\n \u201cThe modern financial system is broken, it\u2019s slow, it\u2019s expensive,\u201d the businessman said, adding that the existing banking system \u201cfavors the ultra-wealthy.\u201d<\/p>\n \u201cIt forced me into the crypto world,\u201d he continued, adding: \u201cAnd I\u2019m telling you, if the banks don\u2019t watch what\u2019s coming, they\u2019re going to be extinct in 10 years.\u201d<\/p>\n While <\/strong>emphasizing the need for banks to closely monitor developments in the crypto industry, Trump highlighted the benefits of cryptocurrency\u2019s underlying blockchain technology for the financial system.<\/p>\n He slammed the existing cross-border transaction solutions like the global international messaging network SWIFT, which has often been criticized for its slow transactions.<\/p>\n \u201cThere\u2019s nothing that can be done on blockchain that can\u2019t be done better than the way that the current financial institutions are working. SWIFT is an absolute disaster,\u201d he stated.<\/p>\n With the emergence of crypto, traditional payment tools like SWIFT are at risk of losing market share to decentralized alternatives, Trump said:<\/p>\n \u201cYou can open up a DeFi [decentralized finance] app right now, you can open up any cryptocurrency app, and you can send money, wallet to wallet, instantaneously, without the expense, without the variability.\u201d<\/p>\n Trump\u2019s warning comes amid many global banks still pushing back against cryptocurrency adoption, with the Bank of Italy slamming stablecoin growth and Bitcoin<\/a> (BTC<\/a>) investments.<\/p>\n On the other hand, many industry executives are bullish on crypto adoption by banks<\/a> already in 2025, amid governments like the US pushing a more crypto-friendly agenda.<\/p>\n Trump\u2019s new prediction comes in line with his previous bold forecasts on crypto. In December 2024, Eric Trump predicted that Bitcoin would inevitably hit $1 million per coin<\/a>, while global governments and institutions would have to adopt the cryptocurrency to compete in the fast-growing market.<\/p>\nSWIFT is an \u201cabsolute disaster\u201d<\/h2>\n
Banks pushing back, but the industry is bullish<\/h2>\n