Eric Trump warns banks will disappear in 10 years if they ignore crypto adoption.
He calls SWIFT outdated and promotes blockchain for instant, low-cost global transactions.
Eric Trump has issued a strong warning to banks during an interview in Dubai, saying they must adapt to crypto or vanish. The vice president of the Trump Organization said the traditional financial system is no longer efficient. He emphasized that banks must adjust to technological change or risk becoming outdated within ten years.
Outdated Systems Called Expensive and Slow
Speaking to CNBC on April 30, Eric Trump criticized the global financial infrastructure. He described the system as slow, expensive, and outdated. He said SWIFT, the messaging network used for cross-border payments, is unreliable. He called it a disaster, pointing to long delays and high costs in transactions.
According to him, blockchain systems now enable instant transfers with low fees. Eric mentioned that decentralized apps already perform better than traditional banks. He said users can send funds from wallet to wallet without fees or delays. Eric added that blockchain eliminates the need for intermediaries in the transfer process. He stated that modern apps provide P2P services that banks cannot match.
These tools offer more direct access, removing many restrictions seen in traditional banking. Additionally, he said the conventional banking system favors the ultra-wealthy. He further noted that this realization drove him toward the crypto sector. He said he believes many Americans feel shut out from essential services.
Banks Continue to Push Back as Trump Family Dives Deep
Despite increased adoption, some banks remain cautious. The Bank of Italy has raised concerns over digital asset use. Stablecoins and Bitcoin continue facing opposition in several jurisdictions. However, many institutions are moving toward blockchain infrastructure to keep pace.
He pointed out that global banks still resist rapid adoption. Yet several large firms such as JPMorgan and Goldman Sachs have launched crypto desks. These steps mark a shift in how financial firms view decentralized tools.
The Trump family remains active in the crypto sector. As reported in our last piece, Eric Trump recently co-founded American Bitcoin with Hut 8 CEO Asher Genoot. The family is also linked to World Liberty Financial, a digital platform backed by Steve Witkoff. The collaboration further solidifies the Trump family and support on crypto as the market continues to evolve.