Trump's eldest son Eric Trump, on April 30 in Dubai, gave a stern warning about the future of traditional banking during an interview with CNBC reporter Dan Murphy interview. He bluntly pointed out that the modern financial system is heading towards collapse, with slow and expensive exchanges, predominantly favoring the super-rich, which will spark a revolution and force him and his family business to turn towards the crypto world:
I'm telling you, if banks don't pay close attention to what's happening, they'll be extinct in 10 years, especially cross-border payment systems like SWIFT, which is an absolute disaster
In contrast, he highly praised the efficiency and convenience brought by crypto and its underlying Block technology, stating that Block's functionality and efficiency can solve most banking operational and administrative issues, with speed, low cost, and high efficiency being key to replacing financial services:
There's nothing Block can do that existing financial institutions do better. You can now open a DeFi application, you can open any crypto application, you can instantly send money from one wallet to another, with no fees and no variables.
From "Being Canceled" to Embracing Crypto: The Trump Family's Choice
Eric Trump also candidly shared the personal reasons for his and his family business's deep dive into the crypto realm. He told CNBC that the Trump family's enterprises can be considered the "most canceled companies on earth". He claimed that it was precisely this political and financial pressure from the traditional system, especially the banking sector, that prompted them to seek alternatives and ultimately embrace crypto.
He described entering the crypto field as a form of "resistance" during what he called a "war against the industry", mentioning that banks were closing accounts of crypto users (i.e., "debanking"), regulatory bodies like the SEC were cracking down on exchanges, and users risked account closure simply for holding tokens, which he believed should be changed:
You realize crypto is much faster, much more practical, much more transparent, and exponentially cheaper... They were hunting people down, they were prosecuting everyone. Banks were closing accounts of people who just wanted to own Bit.
It was in this context that Eric Trump began connecting with like-minded individuals in the crypto circle and gradually immersed himself. He said this experience of resistance seemed to convince him that crypto was not just a new technology, but a challenge to existing power structures and financial systems.
Currently, Eric Trump is actively involved in multiple crypto projects, including the Bit mining enterprise American Bit with listed mining company Hut 8, and supporting a stablecoin project through World Liberty Financial aimed at competing with giants like Tether.
At this point, I almost know everyone in the industry. I fell in love with the industry last year and truly became fully invested.
Banking's Crossroads: Resistance, Acceptance, and the Future
In fact, the Trump family's choice on the crypto path is likely a warning to the banking industry, and this warning is permeating globally through the political influence of the US dollar system. On one hand, many traditional banks and regulators are still resisting the popularization of crypto. For example, the Bank of Italy recently criticized the growth of stablecoins and Bit investments, raising concerns about volatility, regulatory uncertainty, and potential money laundering and financial stability risks.
On the other hand, crypto industry executives are optimistic about banks accelerating crypto technology adoption in 2025. They believe that as technology matures, application scenarios expand, and potentially more friendly regulatory environments emerge (especially in major markets like the US), banks will find it increasingly difficult to ignore the opportunities brought by crypto and Block technology, whether in improving payment efficiency, reducing transaction costs, or developing new financial products and services. Some large financial institutions have already begun to test the waters, such as exploring tokenized assets, offering crypto custody services, or using Block for settlements.
Eric Trump's "banks will be extinct in ten years" is radical, but it touches on the core challenges facing the banking industry: how to respond to disruptive impacts from emerging technologies while maintaining sound operations and meeting regulatory requirements? Whether to choose to defend traditional territories or actively embrace change and integrate crypto into their business models will be a key decision determining the fate of many banks in the next decade.
