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Eric Trump says banks could be extinct in decade
(MENAFN) Eric Trump, son of former US President Donald Trump, has predicted that traditional banks may become obsolete within ten years unless they adopt blockchain technology. Speaking to CNBC on Wednesday, the crypto entrepreneur criticized the conventional banking system as outdated, inefficient, and favoring the wealthy elite.
Calling the current financial system “broken,” Trump emphasized the speed and cost benefits of blockchain and decentralized finance (DeFi), which allows peer-to-peer transactions with little to no fees—undermining banks' traditional revenue models.
After founding his bitcoin mining firm, American Bitcoin, in March, Trump said he was drawn to crypto after realizing that the financial system was being "weaponized" against ordinary Americans. He also slammed the SWIFT payment network, labeling it a “disaster” due to delays in international transfers.
“If banks don’t adapt, they’ll be extinct in 10 years,” Trump warned.
The Trump family has recently ramped up involvement in crypto ventures, launching World Liberty Financial—a decentralized finance platform—and unveiling plans for a US dollar-backed stablecoin. This marks a shift for former President Trump, who once criticized crypto but now champions it, pledging to make the US a global crypto hub if re-elected.
The family’s foray into digital finance follows a 2021 move by Capital One to close over 300 Trump-linked accounts, which Eric and Donald Jr. later challenged in court as politically motivated and a violation of free enterprise.
Calling the current financial system “broken,” Trump emphasized the speed and cost benefits of blockchain and decentralized finance (DeFi), which allows peer-to-peer transactions with little to no fees—undermining banks' traditional revenue models.
After founding his bitcoin mining firm, American Bitcoin, in March, Trump said he was drawn to crypto after realizing that the financial system was being "weaponized" against ordinary Americans. He also slammed the SWIFT payment network, labeling it a “disaster” due to delays in international transfers.
“If banks don’t adapt, they’ll be extinct in 10 years,” Trump warned.
The Trump family has recently ramped up involvement in crypto ventures, launching World Liberty Financial—a decentralized finance platform—and unveiling plans for a US dollar-backed stablecoin. This marks a shift for former President Trump, who once criticized crypto but now champions it, pledging to make the US a global crypto hub if re-elected.
The family’s foray into digital finance follows a 2021 move by Capital One to close over 300 Trump-linked accounts, which Eric and Donald Jr. later challenged in court as politically motivated and a violation of free enterprise.
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