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Eric Trump, Executive Vice President of the Trump Organization and son of former U.S. President Donald Trump, has issued a sharp warning to global financial institutions: adapt to the rise of cryptocurrency or risk becoming obsolete. In a striking April 30 interview with CNBC, Trump blasted the current banking infrastructure, calling it outdated, expensive, and skewed in favor of the ultra-wealthy.
“The modern financial system is broken… It forced me into the crypto world,” Trump said, adding, “If the banks don’t watch what’s coming, they’re going to be extinct in 10 years.”
Eric Trump Slams SWIFT, Backs Blockchain for the Future
A central part of Trump’s criticism was aimed at SWIFT, the international network used for cross-border payments. He labeled it an “absolute disaster,” citing delays, inefficiencies, and high costs. According to Trump, blockchain technology offers a more transparent and instantaneous alternative that could reshape how global finance operates.
“There’s nothing that can be done on blockchain that can’t be done better than the way current financial institutions are working,” he emphasized.
As decentralized finance (DeFi) platforms grow, Trump pointed to wallet-to-wallet transactions as a model of efficiency: instant, low-cost, and accessible without traditional intermediaries.
Banks Resist, But Crypto Momentum Grows in 2025
Trump’s comments come as global banks continue to resist the rapid growth of crypto, even while regulators in countries like the U.S. appear to be warming up to it. The Bank of Italy, for instance, recently criticized the rise of stablecoins and Bitcoin investments, reflecting lingering institutional skepticism.
However, Trump’s forecast aligns with a broader industry sentiment that 2025 could be a turning point for crypto integration into mainstream banking. He even predicted Bitcoin could eventually hit $1 million per coin.
Also Read: SUI’s 1,388% Surge Sparks $100 Dream – Will This Crypto Keep Soaring?
Controversy Around BNB Chain and USD1 Stablecoin
Trump’s remarks also coincide with his public backing of USD1, a stablecoin launched in March 2025 and built on Binance’s BNB Chain. The token claims full backing by U.S. government treasuries and cash equivalents. Allegations of a secret deal between the Trump family and Binance—denied by all parties—have only heightened scrutiny.
Is crypto truly the future of banking, or just another battleground for political and financial influence? Only time will tell.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
I’m your translator between the financial Old World and the new frontier of crypto. After a career demystifying economics and markets, I enjoy elucidating crypto – from investment risks to earth-shaking potential. Let’s explore!
