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- Banks risk extinction if they fail to update their system with crypto.
- Beyond banking firms, other mainstream companies are also adopting crypto at a fast pace.
Eric Trump, the son of US President Donald Trump, has issued a major warning to global banks regarding crypto adoption. The younger Trump warned that banks could go extinct in 10 years if they fail to adopt cryptocurrencies.
Eric Trump Blasts Global Financial Systems
Eric Trump, the executive vice president of the Trump Organization, issued this warning during a recent CNBC interview. He noted that global commercial banks can leverage blockchain to refine their processes.
Eric complained that the modern financial system is broken, slow, and expensive. He even blasted the global international messaging network SWIFT, calling it an “absolute disaster.” He opined that SWIFT risks losing market share to decentralized alternatives.
“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,” says Eric.
Eric further highlighted a significant flaw in the global banking system. According to him, the system favors the ultra-wealthy and is weaponized against the vast majority of people in the US. This marginalization prompted him to begin exploring crypto.
His criticism of banks comes as financial giants attempt to navigate the rapidly growing crypto industry through tokenization and decentralized finance integrations.
For instance, JPMorgan Chase and Goldman Sachs have launched crypto trading desks in response to the growing popularity of digital assets. In a recent update, we covered, Goldman Sachs revealed a $1.5 billion investment in Bitcoin Exchange-Traded Funds (ETFs).
Besides financial firms, global humanitarian organizations are also rapidly adopting crypto. As mentioned in our previous news brief, the World Food Program in the USA has embraced crypto for donations. This new decision aims to enable faster transactions, lower costs, and broader access amid the global hunger crisis.
Despite its growing popularity, critics warn that crypto lacks regulation and is prone to security vulnerabilities. They have also complained about its volatility and limited consumer protections, posing serious user risks.
The Trump Family Exploring Crypto and Blockchain Technology
Nevertheless, Donald Trump’s new administration has vowed to usher in a booming era for the crypto industry. President Trump and his wife, Melania, launched their memecoins days before the Presidential swearing-in ceremony.
The memecoins’ release led to concerns from ethics experts about potential conflicts of interest. Still, Trump’s recent endorsement of the TRUMP memecoin triggered a $300 million surge, skyrocketing above $12.25.
Also, the Trump family is spearheading a crypto platform, World Liberty Financial (WLF). The family co-founded the platform with real estate billionaire and current White House Middle East envoy Steve Witkoff.
As reviewed in our recent publication, WLF has a proposal for its first on-chain airdrop, aiming to distribute $1 worth of USD1 per wallet on the Ethereum Mainnet. In addition to this, the WLFI platform has inked strategic partnerships with Justin Sun, DWF Labs, and others in a bid to drive crypto-based innovations.
