Eric Trump: Anti-Crypto Banks Will Be ‘Extinct in 10 Years’
The post Eric Trump: Anti-Crypto Banks Will Be ‘Extinct in 10 Years’ appeared on BitcoinEthereumNews.com.
In brief Eric Trump criticized traditional banking as “broken, slow and expensive,” warning banks they’ll become extinct in 10 years if they don’t embrace cryptocurrency. Trump highlighted the inefficiencies of current banking systems, including limited hours, long settlement times, and excessive delays for services like mortgages. The Trump family is expanding into cryptocurrency ventures, with Eric Trump recently launching American Bitcoin Corp, World Liberty Financial, and the USD1 stablecoin. Eric Trump has launched a scathing attack on traditional finance—and is warning banks that if they fail to embrace crypto, they’ll “be extinct in 10 years.” Speaking to CNBC, the Trump Organization’s executive vice president said modern systems used to move wealth worldwide are “broken, slow and expensive.” He described SWIFT, the global network used to facilitate international payments, as an “absolute disaster.” The president’s son said his business regularly ends up racing to send or receive funds before 4 p.m. on a Friday afternoon—and missing this cut-off time can mean transactions won’t be settled for 72 hours. By contrast, he says crypto exchanges and DeFi apps enable money to be sent from wallet to wallet instantaneously without punishing fees. Trump believes the current banking system is “broken, antiquated and favors the ultra-wealthy,” and the current way of doing things is “insane.” “Why do banks work 9 a.m. to 5 p.m., with a long lunch break Monday through Friday,” he asked. “It doesn’t make a whole lot of sense.” During the interview, filmed in the United Arab Emirates, he warned such inefficiencies have real-world impacts on everyday consumers. He claimed hard-working Americans trying to get a mortgage in the U.S. often have to wait up to 120 days to complete Know Your Customer checks—even if they’re applying through the bank they’ve used for 25 years. “By the time you get…
Filed under: News - @ April 30, 2025 8:25 pm