Eric Trump, executive vice president of the Trump Organization and son of U.S. President Donald Trump, has issued a bold warning to traditional financial institutions: adapt to cryptocurrency or risk becoming obsolete within the next decade.
In an April 30 interview with CNBC, Eric Trump stated that the current banking infrastructure is broken, describing it as slow, expensive, and designed to favor the ultra-wealthy. “It forced me into the crypto world,” he said, adding, “If banks don’t watch what’s coming, they’re going to be extinct in 10 years.”
SWIFT is “a Disaster,” Says Trump
Trump didn’t hold back when discussing the inefficiencies of traditional cross-border payment systems, particularly SWIFT, the international messaging service that financial institutions use.
“There’s nothing that can be done on blockchain that can’t be done better than how the current financial institutions are working,” he said. “SWIFT is an absolute disaster.”
He went on to praise decentralized finance (DeFi) and crypto’s superior speed, cost-efficiency, and transparency. “You can open up a DeFi app right now and send money from wallet to wallet, instantly, without the expense or variability,” Trump said.
Banking Industry Still Pushing Back
Despite Eric Trump’s bullish stance, many global banks remain resistant to crypto integration. For example, the Bank of Italy recently criticized stablecoins and warned against institutional Bitcoin adoption. However, with the U.S. gradually shifting toward a more crypto-friendly regulatory environment, many industry analysts believe that mainstream banking institutions will eventually have no choice but to adapt.
Trump’s Past Crypto Predictions
This is not Eric Trump’s first major prediction about digital assets. In December 2024, he projected that Bitcoin (BTC) would eventually reach $1 million per coin, as governments and institutions race to adopt the asset class to stay competitive in the global financial system.
Trump Family Stablecoin Raises Eyebrows
Eric Trump’s crypto advocacy comes just days after he promoted USD1, a new stablecoin backed by the Trump family. Launched in March 2025, USD1 claims to maintain a 1:1 peg with the U.S. dollar through a mix of cash reserves and short-term U.S. Treasuries.
Notably, USD1 runs on the BNB Chain, a blockchain network created by Binance. This connection has sparked speculation due to a March 2025 Wall Street Journal report, which alleged a deal between Binance and the Trump family to help resume operations of Binance.US in the United States. Both sides denied the claims, but the timing of Eric Trump’s latest remarks adds fuel to the controversy.
