Eric Trump, executive vice president of the Trump Organization and the son of US President Donald Trump, has warned global banks about the adoption of cryptocurrency.
Banks around the world will have to adopt cryptocurrency or disappear in a decade, Trump predicted In an interview with Dan Murphy of CNBC in Dubai on April 30th.
“The modern financial system is broken, slow, it’s expensive,” said the businessman, adding that the existing banking system “favors the rich.”
“I forced it into the crypto world,” he continued, and added: “And I tell you, if banks haven’t watched what’s coming, they’ll be gone for 10 years.”
Swift is a “completely disaster”
While Emphasizing the need for banks to strictly monitor the development of the crypto industry, Trump emphasized the benefits of underlying cryptocurrency blockchain technology for the financial system.
He has slapped existing cross-border transaction solutions such as the global international Swift messaging network, which is often criticized for its slow transactions.
“Nothing can be done with the blockchain that can’t be done better than the way current financial institutions work. Swift is an absolute catastrophe,” he said.
With the emergence of crypto, traditional payment tools such as Swift are at risk of losing market sharing in decentralized alternatives, Trump said:
“You can open a defi (decentralized finance) app today, you can open any cryptocurrency app, and you can send money, purse purse, immediately -immediately, at no cost, without the difference.”
Banks that drive back, but the industry is bullish
Trump’s warning came amid many global banks still pushing against cryptocurrency adoption, along with Bank of Italy slamming stablecoin growth and bitcoin (Btc) investment.
On the other hand, many industry executives are Bullish in the Crypto Crypto of Banks At 2025, among governments like the US are driving a more crypto-friendly agenda.
Trump’s new prophecy is consistent with his previous Crypto forecasts. In December 2024, Eric Trump predicts that Bitcoin will do Inevitably hit $ 1 million per coinWhile global governments and institutions need to adopt cryptocurrency to compete in the fast -growing market.
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