{"id":128270,"date":"2025-04-30T08:17:41","date_gmt":"2025-04-30T08:17:41","guid":{"rendered":"http:\/\/cryptospotters.net\/?p=128270"},"modified":"2025-04-30T08:17:41","modified_gmt":"2025-04-30T08:17:41","slug":"banks-must-adopt-crypto-or-be-extinct-in-10-years-eric-trump-says","status":"publish","type":"post","link":"http:\/\/cryptospotters.net\/?p=128270","title":{"rendered":"Banks must adopt crypto or be extinct in 10 years, Eric Trump says"},"content":{"rendered":"<p>Source: Cointelegraph.com NewsEric Trump, executive vice president of the Trump Organization and son of US President Donald Trump, has delivered a warning to global banks regarding cryptocurrency adoption.<br \/>\nBanks around the world will have to adopt cryptocurrency or go extinct in a decade, Trump predicted in an interview with CNBC\u2019s Dan Murphy in Dubai on April 30.<br \/>\n\u201cThe modern financial system is broken, it\u2019s slow, it\u2019s expensive,\u201d the businessman said, adding that the existing banking system \u201cfavors the ultra-wealthy.\u201d<br \/>\n\u201cIt forced me into the crypto world,\u201d he continued, adding: \u201cAnd I\u2019m telling you, if the banks don\u2019t watch what\u2019s coming, they\u2019re going to be extinct in 10 years.\u201d<br \/>\nSWIFT is an \u201cabsolute disaster\u201d<br \/>\nWhile emphasizing the need for banks to closely monitor developments in the crypto industry, Trump highlighted the benefits of cryptocurrency\u2019s underlying blockchain technology for the financial system.<br \/>\nHe slammed the existing cross-border transaction solutions like the global international messaging network SWIFT, which has often been criticized for its slow transactions.<br \/>\n\u201cThere\u2019s nothing that can be done on blockchain that can\u2019t be done better than the way that the current financial institutions are working. SWIFT is an absolute disaster,\u201d he stated.<br \/>\nWith the emergence of crypto, traditional payment tools like SWIFT are at risk of losing market share to decentralized alternatives, Trump said:<br \/>\n\u201cYou can open up a DeFi [decentralized finance] app right now, you can open up any cryptocurrency app, and you can send money, wallet to wallet, instantaneously, without the expense, without the variability.\u201d<br \/>\nBanks pushing back, but the industry is bullish<br \/>\nTrump\u2019s warning comes amid many global banks still pushing back against cryptocurrency adoption, with the Bank of Italy slamming stablecoin growth and Bitcoin (BTC) investments.<br \/>\nOn the other hand, many industry executives are bullish on crypto adoption by banks already in 2025, amid governments like the US pushing a more crypto-friendly agenda.<br \/>\nTrump\u2019s new prediction comes in line with his previous bold forecasts on crypto. In December 2024, Eric Trump predicted that Bitcoin would inevitably hit $1 million per coin, while global governments and institutions would have to adopt the cryptocurrency to compete in the fast-growing market.<br \/>\nMagazine: Bitcoin $100K hopes on ice, SBF\u2019s mysterious prison move: Hodler\u2019s Digest, April 20 \u2013 26<a href=\"https:\/\/cointelegraph.com\/news\/bank-must-adopt-crypto-or-be-extinct-eric-trump?utm_source=rss_feed&amp;utm_medium=rss&amp;utm_campaign=rss_partner_inbound\" target=\"_blank\" class=\"feedzy-rss-link-icon\" rel=\"noopener\">Read More<\/a><\/p>","protected":false},"excerpt":{"rendered":"<p>Source: Cointelegraph.com NewsEric Trump, executive vice president of the Trump Organization and son of US President Donald Trump, has delivered a warning to global banks regarding cryptocurrency adoption. Banks around&hellip; <\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[5],"tags":[],"_links":{"self":[{"href":"http:\/\/cryptospotters.net\/index.php?rest_route=\/wp\/v2\/posts\/128270"}],"collection":[{"href":"http:\/\/cryptospotters.net\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/cryptospotters.net\/index.php?rest_route=\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"http:\/\/cryptospotters.net\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=128270"}],"version-history":[{"count":0,"href":"http:\/\/cryptospotters.net\/index.php?rest_route=\/wp\/v2\/posts\/128270\/revisions"}],"wp:attachment":[{"href":"http:\/\/cryptospotters.net\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=128270"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptospotters.net\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=128270"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptospotters.net\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=128270"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}