Amid the ongoing shift toward the asset class that has been embraced by the US president and his administration, Eric Trump has warned that banks against crypto will “be extinct in the next 10 years.” Indeed, the son of President Donald Trump warned of what awaits traditional finance firms that don’t embrace the future of finance.
Speaking to CNBC, Trump spoke out against the “broken, slow, and expensive” traditional banking system of today. Moreover, he didn’t mince words about those banks that refuse to accept the shift toward cryptocurrencies. Since the start of the year, the Trump family has launched its World Liberty Financial DeFi project in alignment with this belief.
JUST IN: Eric Trump says banks who don't embrace crypto will be extinct in 10 years.
— Watcher.Guru (@WatcherGuru) April 30, 2025
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Eric Trump Warns of The Fate That Awaits Banks Who Don’t Embrace Crypto
With his return to the White House, US President Donald Trump has headed the first pro-crypto administration in history. Indeed, he has completely overhauled the nation’s policy. Moreover, the US Securities and Exchange Commission (SEC) has sought to push the industry forward under his watch.
Throughout his first 100 days, Trump has shown a clear commitment to the asset class. That is one that is shared by his family and the empire that bears his name. In a recent interview with CNBC, Eric Trump warned that banks that don’t embrace crypto will go extinct in the next 10 years.
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The son of the US President was clear in his criticisms. He called traditional banking “broken, slow, and expensive” in its current state. Moreover, the Trump son extended his criticisms to SWIFT, the global banking network that facilitates international payments. Specifically, Eric Trump called that entity an “absolute disaster.”
Eric Trump went as far as to say that traditional finance is weaponized against the “vast majority” of Americans. Indeed, he says that it favors the “ultra wealthy” in his current operating structure. However, those limitations and hindrances are not placed on blockchain. With cryptocurrencies, Trump argues the playing field is leveled and operations are optimized.