30-4-2025 – Eric Trump, the Trump Organization’s executive vice president, has declared traditional banking institutions could face extinction within a decade should they continue to resist cryptocurrency adoption.
Speaking to CNBC, the former US President’s son delivered a scathing critique of contemporary financial systems, characterising them as fundamentally flawed and disproportionately favouring society’s most affluent members. His personal frustrations with conventional banking apparently catalysed his venture into digital currencies.
The younger Trump reserved particular criticism for SWIFT, the longstanding international payment network, dismissing it as “an absolute disaster”. He extolled the virtues of blockchain technology, emphasising how decentralised finance applications enable instantaneous, cost-effective transfers between digital wallets.
This pronouncement arrives amidst significant developments in the Trump family’s cryptocurrency ventures. Their recently launched stablecoin, USD1, operates on the BNB Chain – a network with reported connections to the cryptocurrency exchange Binance. The digital currency, introduced in March 2025, purportedly maintains its dollar parity through various financial instruments, including US government securities.
Trump’s bullish stance on cryptocurrency adoption echoes his December 2024 forecast, where he projected Bitcoin would reach the seven-figure milestone. However, his enthusiasm contrasts sharply with traditional banking sector sentiment, exemplified by the Bank of Italy’s recent criticism of stablecoin growth and Bitcoin investments.
Despite institutional resistance, industry leaders remain optimistic about widespread banking adoption of cryptocurrencies by 2025, particularly given the United States’ increasingly accommodating regulatory stance towards digital assets.
