Eric Trump Predicts Banks Will Go Extinct in the Next 10 Years If They Don't Embrace Crypto

During his CNBC interview on April 30, Eric Trump flatly stated that he believes banks will become extinct during the following decade if they do not join the cryptocurrency revolution. As the pressing demand for bank sector transformation mounts, Eric Trump claims that financial institutions must utilize cryptocurrencies or risk becoming obsolete. His interview documents show his reasoning and envisions the future scenario of traditional banking institutions in combination with crypto technologies.

Why Does Eric Trump Believe Banks Must Embrace Crypto?

Eric Trump’s remarks highlight a broader narrative shift in how people view traditional banking institutions. In the CNBC interview, he asserted his analysis of banking by calling the system "outdated, slow, and dysfunctional." According to him, the current system proves too expensive for ordinary people because its advantages mainly enrich the ultra-wealthy class and those in political power. Many crypto advocates maintain dissatisfactory views regarding traditional banking organizations since they view these establishments as unnecessary bureaucratic structures that function with slow processing rates.

This statement arrived during a period of heightened optimism within the cryptocurrency industry. The Biden administration's actions show support for the crypto market. Aimed at destroying "Chokepoint 2.0" efforts that sought to restrict banking collaborations with crypto businesses, this initiative by David Sacks faced difficulties. Furthermore, the Federal Reserve issued new crypto banking operation guidelines, indicating enhanced support for digital asset infrastructure implementations in U.S. banking institutions.

What Attracts Eric Trump to the Crypto Market?

Discussing his viewpoint on the standard financial operating structure, Eric Trump chose to highlight the difficulties encountered by people with moderate bank funds and political dissenters among his father's MAGA base. He documented instances of these difficulties, showcasing the difficulties faced by those on the fringes of the system.

According to Eric Trump, this drove him to explore the cryptocurrency market and its potential to disrupt the existing financial landscape. He observed how the system appeared to work against individuals who were not at the top, leading him to seek out alternatives. Trump's son arrived at this stark warning to the banking industry due to his belief that current economic systems do not benefit the general public. Claiming that banks are heading toward an imminent destiny, he predicts they will become extinct within 10 years unless they adapt by integrating crypto technologies and operating models into their structure.

However, he asserted that "there's nothing that can be done on blockchain that can't be done better than the way that the current financial institutions are working." In essence, Eric Trump views cryptocurrency as a natural evolution of financial services, offering superior solutions to existing problems in the traditional banking sector. He believes that banks could learn from cryptocurrencies and integrate their strengths to serve the public interest more effectively.

During the interview, Trump expressed his opposition to the SWIFT payment network, which he identified as a target for his criticism. When discussing SWIFT, he declared the system a “complete disaster.” Retailers and businesses worldwide have pointed out SWIFT's inefficient structure due to its outdated way of transferring money, especially since decentralized cryptocurrencies offer faster alternatives.

This statement arrived during a period of heightened optimism within the cryptocurrency industry. The Biden administration's actions are showing support for the crypto market. Aimed at destroying "Chokepoint 2.0" efforts that sought to restrict banking collaborations with crypto businesses, this initiative by David Sacks faced difficulties.

Furthermore, the Federal Reserve issued new crypto banking operation guidelines, indicating enhanced support for digital asset infrastructure implementations in U.S. banking institutions. This move will likely encourage more banks to integrate cryptocurrencies into their services.

The financial sector is also showing signs that it will start engaging with digital currencies. Banks from various parts of the world are continuously seeking to include cryptocurrency solutions into their operations.

Europe's digital asset service sector continues to expand. Currently, more than 50 banks provide these services, and additional banks are planning to enter this market. This marks a major development in the financial industry as blockchain technology and digital currencies find their place in standardized systems for financial operations.

However, this expansion is encountering obstacles due to the slow pace of regulatory clarity in the United States, leading to negative responses from governing agencies before the emergence of positive indicators. Nevertheless, the current administration of President Trump is showing support for the cryptocurrency market through actions.

Despite facing difficulties from the Inclusive Innovation Initiative (i3) to shut down "Chokepoint 2.0" efforts, which aimed to prevent large institutions from collaborating with crypto businesses, the administration is making progress.