Washington (Agencies): Eric Trump, son of US President Donald Trump and a prominent crypto entrepreneur, has predicted the extinction of traditional banks within the next ten years if they fail to adopt blockchain technologies. Speaking in an interview with CNBC on Wednesday, Trump criticized the inefficiencies of the current financial system, calling it “broken, slow, and expensive.”
Trump, who founded the bitcoin mining company American Bitcoin in March, highlighted the advantages of decentralized finance (DeFi) platforms, which allow direct transactions between individuals with minimal or no fees. He argued that blockchain technology could outperform traditional banking systems in efficiency and functionality. “If the banks don’t watch what’s coming, they’re going to be extinct in 10 years,” he warned.
He also took aim at the SWIFT interbank financial messaging network, describing it as an “absolute disaster” due to delays in cross-border transactions. Trump’s remarks come as his family expands its footprint in the cryptocurrency sector, launching a decentralized finance project called World Liberty Financial and announcing plans for a dollar-backed stablecoin.
The Trump family’s foray into crypto follows a contentious history with traditional financial institutions. In 2021, Capital One severed ties with over 300 accounts linked to the Trump family, a move Eric and his brother Donald Jr. later challenged in court, alleging it was politically motivated.
As blockchain technology continues to disrupt the financial landscape, Trump’s bold prediction underscores the growing tension between traditional banking systems and emerging decentralized platforms.