Eric Trump, govt vp of the Trump Group and son of US President Donald Trump, has delivered a warning to international banks relating to cryptocurrency adoption.
Banks around the globe should undertake cryptocurrency or go extinct in a decade, Trump predicted in an interview with CNBC’s Dan Murphy in Dubai on April 30.
“The fashionable monetary system is damaged, it’s sluggish, it’s costly,” the businessman mentioned, including that the prevailing banking system “favors the ultra-wealthy.”
“It compelled me into the crypto world,” he continued, including: “And I’m telling you, if the banks don’t watch what’s coming, they’re going to be extinct in 10 years.”
SWIFT is an “absolute catastrophe”
Whereas emphasizing the necessity for banks to intently monitor developments within the crypto trade, Trump highlighted the advantages of cryptocurrency’s underlying blockchain expertise for the monetary system.
He slammed the prevailing cross-border transaction options like the worldwide worldwide messaging community SWIFT, which has usually been criticized for its sluggish transactions.
“There’s nothing that may be carried out on blockchain that may’t be carried out higher than the way in which that the present monetary establishments are working. SWIFT is an absolute catastrophe,” he said.
With the emergence of crypto, conventional cost instruments like SWIFT are vulnerable to shedding market share to decentralized options, Trump mentioned:
“You possibly can open up a DeFi [decentralized finance] app proper now, you possibly can open up any cryptocurrency app, and you’ll ship cash, pockets to pockets, instantaneously, with out the expense, with out the variability.”
Banks pushing again, however the trade is bullish
Trump’s warning comes amid many international banks nonetheless pushing again in opposition to cryptocurrency adoption, with the Financial institution of Italy slamming stablecoin progress and Bitcoin (BTC) investments.
Then again, many trade executives are bullish on crypto adoption by banks already in 2025, amid governments just like the US pushing a extra crypto-friendly agenda.
Trump’s new prediction comes in step with his earlier daring forecasts on crypto. In December 2024, Eric Trump predicted that Bitcoin would inevitably hit $1 million per coin, whereas international governments and establishments must undertake the cryptocurrency to compete within the fast-growing market.
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