Eric Trump, the second son of Donald Trump: Banks must adopt Crypto Assets, or they will disappear within 10 years.

Source: Cointelegraph Original text: "Eric Trump, the second son of Trump: Banks must adopt cryptocurrency, or they will disappear within 10 years"

Eric Trump, Executive Vice President of the Trump Organization and son of U.S. President Donald Trump, has issued a warning to global banks regarding the adoption of cryptocurrency.

On April 30, Eric predicted during an interview with CNBC reporter Dan Murphy in Dubai that global banks must adopt cryptocurrency, or they will disappear within 10 years.

"The modern financial system has collapsed, being slow and costly," said the businessman, adding that the existing banking system "only favors the super-rich."

"This forced me into the world of cryptocurrency," Eric continued, "I want to tell you that if banks do not pay attention to the changes that are about to happen, they will disappear within 10 years."

While emphasizing that banks need to closely monitor the development of the cryptocurrency industry, Eric also highlighted the benefits of the underlying blockchain technology of cryptocurrencies to the financial system.

He criticized the existing cross-border transaction solutions, such as the global financial messaging network SWIFT (Society for Worldwide Interbank Financial Telecommunication), which is often criticized for its slow transaction speeds.

"What can be done on the blockchain can be done better by existing financial institutions; this statement is incorrect. SWIFT is a complete disaster," he stated.

Eric pointed out that with the emergence of cryptocurrencies, traditional payment tools like SWIFT are facing the risk of losing market share to decentralized alternatives:

"Now you can open a decentralized finance (DeFi) application or any cryptocurrency application to achieve instant transfers between wallets without paying high fees and without volatility."

At the moment Eric issued the warning, many global banks are still resisting the adoption of cryptocurrencies, with Italian banks further criticizing the growth of stablecoins and investments in Bitcoin (BTC).

On the other hand, many industry executives are optimistic about banks adopting cryptocurrencies by 2025, especially against the backdrop of countries like the United States promoting more crypto-friendly policies.

Eric's new prediction aligns with his previous bold cryptocurrency forecasts. In December 2024, Eric predicts that the price of Bitcoin will inevitably reach $1 million per coin, while global governments and institutions must adopt cryptocurrency to remain competitive in this rapidly growing market.

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