{"id":844647,"date":"2025-04-30T09:11:34","date_gmt":"2025-04-30T14:11:34","guid":{"rendered":"https:\/\/newsycanuse.com\/index.php\/2025\/04\/30\/banks-must-adopt-crypto-or-be-extinct-in-10-years-eric-trump-says\/"},"modified":"2025-04-30T09:11:34","modified_gmt":"2025-04-30T14:11:34","slug":"banks-must-adopt-crypto-or-be-extinct-in-10-years-eric-trump-says","status":"publish","type":"post","link":"https:\/\/newsycanuse.com\/index.php\/2025\/04\/30\/banks-must-adopt-crypto-or-be-extinct-in-10-years-eric-trump-says\/","title":{"rendered":"Banks must adopt crypto or be extinct in 10 years, Eric Trump says"},"content":{"rendered":"<div data-v-a9acf736>\n<p>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<p>\u201cThe modern financial system is broken, it\u2019s slow, it\u2019s expensive,\u201d Trump <a data-ct-non-breakable=\"null\" href=\"https:\/\/www.cnbc.com\/2025\/04\/30\/eric-trump-if-banks-dont-watch-whats-coming-theyll-be-extinct-in-ten-years-.html\" rel=\"nofollow noopener\" target=\"_blank\" text=\"null\" title=\"https:\/\/www.cnbc.com\/2025\/04\/30\/eric-trump-if-banks-dont-watch-whats-coming-theyll-be-extinct-in-ten-years-.html\">said<\/a> in a CNBC interview on April 30, adding that the existing banking system \u201cfavors the ultra-wealthy.\u201d<\/p>\n<p>\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<h2>SWIFT is an \u201cabsolute disaster\u201d<\/h2>\n<p>While<strong> <\/strong>emphasizing the need for banks to closely monitor developments in the crypto industry, Trump highlighted the benefits of cryptocurrency\u2019s underlying <a data-ct-non-breakable=\"null\" href=\"https:\/\/cointelegraph.com\/learn\/articles\/how-does-blockchain-work-everything-there-is-to-know\" rel target=\"_self\" text=\"null\" title=\"https:\/\/cointelegraph.com\/learn\/articles\/how-does-blockchain-work-everything-there-is-to-know\">blockchain technology<\/a> for the financial system.<\/p>\n<p>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<figure><img decoding=\"async\" alt=\"Banks, Finance, Predictions, Donald Trump, Policy\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2025-04\/019685c8-94cb-70aa-8e1e-9a52b491b688\" title><figcaption><em>Average settlement times via SWIFT versus stablecoins. Source: Bvnk.com<\/em><\/figcaption><\/figure>\n<p>\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<p>With the emergence of crypto, traditional payment tools like SWIFT are at risk of losing market share to decentralized alternatives, Trump said:<\/p>\n<blockquote><p>\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><\/blockquote>\n<h2>Banks pushing back, but the industry is bullish<\/h2>\n<p>Trump\u2019s warning comes amid many global banks still pushing back against cryptocurrency adoption, with the <a data-ct-non-breakable=\"null\" href=\"https:\/\/cointelegraph.com\/news\/crypto-risks-investors-financial-stability-bank-of-italy\" rel=\"null\" target=\"null\" text=\"null\" title=\"null\">Bank of Italy slamming stablecoin growth and Bitcoin<\/a> (<a data-ct-non-breakable=\"null\" href=\"http:\/\/btc\" rel=\"null\" target=\"null\" text=\"null\" title=\"null\">BTC<\/a>) investments.<\/p>\n<p>On the other hand, many industry executives are <a data-ct-non-breakable=\"null\" href=\"https:\/\/cointelegraph.com\/news\/crypto-banking-adoption-expected-by-end-of-2025\" rel=\"null\" target=\"null\" text=\"null\" title=\"null\">bullish on crypto adoption by banks<\/a> already in 2025, amid governments like the US pushing a more crypto-friendly agenda.<\/p>\n<figure><img decoding=\"async\" alt=\"Banks, Finance, Predictions, Donald Trump, Policy\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2025-04\/019685de-4abb-727d-9e57-696f0f6da293\" title><figcaption><em>Eric Trump praised Bitcoin in a keynote speech at Bitcoin MENA in Abu Dhabi. Source: YouTube<\/em><\/figcaption><\/figure>\n<p>Trump\u2019s new prediction comes in line with his previous bold forecasts on crypto. In December 2024, Eric Trump predicted that Bitcoin would <a data-ct-non-breakable=\"null\" href=\"https:\/\/cointelegraph.com\/news\/eric-trump-bitcoin-1-million-prediction-scarcity\" rel=\"null\" target=\"null\" text=\"null\" title=\"null\">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>\n<h2>Trump shills Binance-linked BNB Chain<\/h2>\n<p>Trump\u2019s latest remarks about crypto adoption by global banks came a few days after his public promotion of USD1 (USD1), a <a data-ct-non-breakable=\"null\" href=\"https:\/\/cointelegraph.com\/news\/trump-stablecoin-usd1-conflicts-of-interest\" rel target=\"_self\" text=\"null\" title=\"https:\/\/cointelegraph.com\/news\/trump-stablecoin-usd1-conflicts-of-interest\">new stablecoin backed by the Trump family<\/a>.<\/p>\n<p>Launched in March 2025, USD1 is designed to support the 1:1 peg to the US dollar by being \u201c100% backed by short-term US government treasuries, US dollar deposits, and other cash equivalents.\u201d<\/p>\n<p><em><strong>Related: <\/strong><\/em><a data-ct-non-breakable=\"null\" href=\"https:\/\/cointelegraph.com\/news\/trump-first-100-days-worst-in-history-despite-crypto-promises\" rel target=\"_self\" text=\"null\" title=\"https:\/\/cointelegraph.com\/news\/trump-first-100-days-worst-in-history-despite-crypto-promises\"><em><strong>Trump\u2019s first 100 days \u2018worst in history\u2019 despite crypto promises<\/strong><\/em><\/a><\/p>\n<p>The stablecoin is running on the BNB Chain, a project initially founded by the cryptocurrency exchange Binance, which has been subject to controversy over an alleged relationship with the Trump family.<\/p>\n<figure><img decoding=\"async\" alt=\"Banks, Finance, Predictions, Donald Trump, Policy\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2025-04\/019685d8-9031-767e-9427-52ecddc31be2\" title><figcaption><em>Source: <\/em><a data-ct-non-breakable=\"null\" href=\"https:\/\/x.com\/BNBCHAIN\/status\/1915435478695759953\" rel=\"nofollow noopener\" target=\"_blank\" text=\"null\" title=\"https:\/\/x.com\/BNBCHAIN\/status\/1915435478695759953\"><em>Eric Trump<\/em><\/a><\/figcaption><\/figure>\n<p>In mid-March, The Wall Street Journal reported on an <a data-ct-non-breakable=\"null\" href=\"https:\/\/cointelegraph.com\/news\/trump-family-had-talks-for-stake-in-binance-crypto-exchange-report\" rel target=\"_self\" text=\"null\" title=\"https:\/\/cointelegraph.com\/news\/trump-family-had-talks-for-stake-in-binance-crypto-exchange-report\">alleged deal between Binance and Trump\u2019s family<\/a>, which reportedly envisaged a stake in a crypto business deal as part of a plan to resume Binance.US operations in the US.<\/p>\n<p>While both President Donald Trump and former Binance CEO Changpeng Zhao were quick to deny the WSJ claims, the latest posts by Trump\u2019s son may add more controversy.<\/p>\n<p><em><strong>Magazine: <\/strong><\/em><a data-ct-non-breakable=\"null\" href=\"https:\/\/cointelegraph.com\/magazine\/bitcoin-100k-price-hopes-sam-bankman-fried-prison-move-hodlers-digest\/\" rel=\"null\" target=\"null\" text=\"null\" title=\"null\"><em><strong>Bitcoin $100K hopes on ice, SBF\u2019s mysterious prison move: Hodler\u2019s Digest, April 20 \u2013 26<\/strong><\/em><\/a><\/p>\n<p><template data-name=\"subscription_form\" data-type=\"defi_newsletter\" label=\"Subscription Form: DeFi Newsletter\"><\/template><\/p>\n<\/div>\n<p><a href=\"https:\/\/cointelegraph.com\/news\/bank-must-adopt-crypto-or-be-extinct-eric-trump?utm_source=rss_feed&#038;utm_medium=rss&#038;utm_campaign=rss_partner_inbound\" class=\"button purchase\" rel=\"nofollow noopener\" target=\"_blank\">Read More<\/a><br \/>\n Cointelegraph by Helen Partz<\/p>\n","protected":false},"excerpt":{"rendered":"<p>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. \u201cThe modern financial system is broken, it\u2019s slow, it\u2019s expensive,\u201d Trump said in a CNBC interview on April 30, adding that the existing banking system \u201cfavors the ultra-wealthy.\u201d \u201cIt<\/p>\n","protected":false},"author":1,"featured_media":844648,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[32815,181],"tags":[],"class_list":{"0":"post-844647","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-adopt","8":"category-banks"},"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/posts\/844647","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/comments?post=844647"}],"version-history":[{"count":0,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/posts\/844647\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/media\/844648"}],"wp:attachment":[{"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/media?parent=844647"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/categories?post=844647"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/tags?post=844647"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}