Eric Trump, the second son of U.S. President Donald Trump, criticized the traditional financial system as slow and inefficient, emphasizing that cryptocurrency will replace it.
According to blockchain media outlet CoinPost on May 1 (local time), Eric Trump described the modern financial system as “broken, slow, and expensive,” specifically calling out the reliance on outdated technologies like the SWIFT system, which dates back to 1973, as an “absolute disaster” for interbank transfers. He highlighted the issue of international transfers taking days, claiming this benefits the ultra-wealthy rather than ordinary citizens.
Eric Trump stressed that blockchain technology can perform traditional banking functions faster, more efficiently, and at a lower cost. He predicted that “cryptocurrency will solve the issues of the current banking system, which operates only from 9 to 5, five days a week, and relies on outdated paperwork.”
Furthermore, he warned, “If banks don’t adapt within the next 10 years, they will disappear,” cautioning that the rise of digital assets will transform the financial landscape, and banks that ignore cryptocurrency adoption will become obsolete.
