Eric 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 the world will have to adopt cryptocurrency or go extinct in a decade, Trump predicted in an interview with CNBC’s Dan Murphy in Dubai on April 30.
“The modern financial system is broken, it’s slow, it’s expensive,” the businessman said, adding that the existing banking system “favors the ultra-wealthy.”
“It forced me into the crypto world,” he continued, adding: “And I’m telling you, if the banks don’t watch what’s coming, they’re going to be extinct in 10 years.”
SWIFT is an “absolute disaster”
While emphasizing the need for banks to closely monitor developments in the crypto industry, Trump highlighted the benefits of cryptocurrency’s underlying blockchain technology for the financial system.
He slammed the existing cross-border transaction solutions like the global international messaging network