Eric Trump, the second son of Donald Trump: Banks must adopt Crypto Assets, or they will disappear within 10 years.

Eric Trump stated that the existing financial system is slow and costly, while Crypto Assets applications can enable people to transfer money instantly and at a low cost.

Eric Trump, Executive Vice President of the Trump Organization and son of U.S. President Donald Trump, has issued a warning to global banks regarding the adoption of Crypto Assets.

On April 30, Eric predicted during an interview with CNBC reporter Dan Murphy in Dubai that global banks must adopt Crypto Assets, or they will disappear within 10 years.

"The modern financial system has collapsed, it is slow and costly," said the businessman, adding that the existing banking system "only favors the super-rich."

"This forced me into the Crypto Assets world," Eric continued, "I want to tell you that if banks do not pay attention to the upcoming changes, they will disappear in 10 years."

SWIFT is a "complete disaster"
While emphasizing that banks need to closely monitor the development of the Crypto Assets industry, Eric also highlighted the benefits of the underlying encryption blockchain technology for the financial system.

He criticized the existing cross-border transaction solutions, such as the global financial messaging network SWIFT (Society for Worldwide Interbank Financial Telecommunication), which is often criticized for its slow transaction speeds.

"The assertion that existing financial institutions can do everything that can be done on the blockchain better is incorrect. SWIFT is a complete disaster," he stated.

Eric pointed out that with the emergence of Crypto Assets, traditional payment tools like SWIFT are facing the risk of losing market share to decentralized alternatives:

"Now you can open a decentralized finance (DeFi) application, or any Crypto Assets application, to achieve instant transfers between wallets without paying high fees and without volatility."

Banks are still resistant, but the industry remains optimistic.
As Eric issued a warning, many global banks are still resisting the adoption of Crypto Assets, with Italian banks further criticizing the growth of stablecoins and investments in Bitcoin (BTC).

On the other hand, many industry executives are optimistic about banks adopting Crypto Assets by 2025, especially against the backdrop of countries like the United States promoting more friendly Crypto Assets policies.

Eric's new prediction aligns with his previous bold predictions about Crypto Assets. In December 2024, Eric predicts that the price of Bitcoin will inevitably reach $1 million per coin, while global governments and institutions must adopt encryption in order to remain competitive in this rapidly growing market.