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Eric Trump said traditional banks could “be extinct in ten years” unless they embrace cryptocurrency and blockchain, telling CNBC that today’s financial plumbing is too slow, costly, and exclusionary.
Eric Trump: SWIFT Is ‘a Disaster,’ Blockchain Does It Better
Eric Trump, executive vice president of the Trump Organization, argued that legacy rails such as the SWIFT messaging system “are an absolute disaster,” noting he often races to beat 4 p.m. wire cut-off times only to wait days for funds to settle. He contrasted that with wallet-to-wallet transfers that clear “instantaneously without the expense, without the variability.”
He described the mortgage process as so cumbersome that “by the time you get the mortgage, the house that you want to buy is already gone,” adding that compliance checks can stretch to 120 days.
“Our banking system is broken, our banking system is antiquated, our banking system favors the ultra-wealthy,” he told the network, saying the hurdles pushed him toward digital assets.
Trump said decentralized finance (DeFi) apps now let consumers bypass currency-conversion fees and opaque intermediaries when sending money abroad. He warned the incumbents:
If the banks don’t watch what’s coming, they’re going to be extinct in ten years.
His comments add to a growing chorus of crypto advocates who see blockchain as a faster, cheaper alternative to conventional clearing houses. While President Donald Trump has recently courted bitcoin advocates, the younger Trump’s remarks go further by predicting obsolescence for institutions that fail to adapt.
Trump’s assessment adds to mounting pressure on banks to modernize payments infrastructure as digital-asset regulation advances in Washington. He also questioned why branches still operate “9 to 5 with a long lunch break,” calling the hours ill-suited for a 24/7 global economy and proof, he said, that incumbents are lagging fintech innovation.