Eric Trump, son of US President Donald Trump and executive vice president of the Trump Organization, is warning about banks’ extinction within a decade if they fail to embrace crypto. In a CNBC interview on April 30, Eric Trump hinted at the potential fall of traditional banks and the growth of the crypto market.
Let’s explore why Donald Trump’s second son sees crypto adoption as a necessity.
Eric Trump Urges Banks to Adopt Crypto: Why?
Media reports suggest that Eric Trump is urging banks to adopt cryptocurrencies, warning against an impending crisis. “If the banks don’t watch what’s coming, they’re going to be extinct in 10 years,” stated Trump.
According to Eric Trump, modern banks are expensive and “favor the ultra-wealthy.” Eric addressed the existing financial system as broken and slow. He criticized the traditional banking system, labeling it “antiquated” due to its slow and inefficient nature, echoing sentiments commonly shared by cryptocurrency enthusiasts.
In addition, he slammed existing cross-border transaction solutions like SWIFT, citing their slow transaction speeds. “SWIFT is an absolute disaster,” condemned Eric.
What Attracts Eric to Crypto Market?
Eric asserts that the unfair conditions in the traditional financial system have drawn his attention to the crypto market. He cited,
And what actually got me into [cryptocurrency] is the fact I realized our banking system was weaponized against the vast majority of people in our country, either the people that don’t have the zeros on their balance sheet, or people who might have worn that red hat that said ‘Make America Great Again.’ And it forced me into the crypto world.
Will Banks Adopt Crypto?
Significantly, global banks are gearing up to adopt cryptocurrencies, with Europe reportedly leading the charge. As CoinGape recently reported, Circle’s Patrick Hansen revealed Europe’s lead in crypto banking, boasting over 50 banks that offer digital asset services.
Meanwhile, the United States, especially under President Trump’s pro-crypto stance, is planning to expand crypto banking services. Key administrative figures, such as David Sacks, have pledged to thwart the controversial ‘Chokepoint 2.0,’ which has hindered the crypto market’s relationship with banks.
Recently, the Federal Reserve revised its restrictive stance on crypto banking, issuing a renewed guidance. This has sparked optimism regarding the potential flourishing of the crypto banking sector.
Nynu V Jamal
Nynu V Jamal is a passionate crypto journalist with three years of experience in blockchain, web3, and fintech spheres. She has established herself as a knowledgeable and engaging voice in the cryptocurrency and blockchain space. Her experience as an Assistant Professor in English Language and Literature has further added to her quest for crafting informative, well-researched, and accessible content.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
