Eric Trump, executive VP of the Trump Organization and son of former U.S. President Donald Trump, has issued a stark message to traditional banks: embrace cryptocurrency or risk becoming obsolete within ten years.
Speaking in an April 30 interview with CNBC, Trump criticized the current financial system, describing it as outdated and rigged in favor of the wealthy elite.
“The system we have now is broken — it’s inefficient, it’s costly,” he said. “It pushed me toward crypto.” He warned that unless banks adapt to the rapidly evolving digital finance landscape, “they won’t survive the next decade.”
“SWIFT is falling apart”
Trump pointed to blockchain technology as a vastly superior solution compared to legacy financial infrastructure. He took particular aim at SWIFT, the widely used global banking communications system, calling it “a complete failure.”
“Anything that’s being done now through old financial channels can be done faster, cheaper, and more transparently on blockchain,” Trump argued. “SWIFT is outdated and clunky.”
As decentralized technologies continue to improve, traditional services like SWIFT may quickly lose ground to more efficient crypto-based alternatives.
“With a DeFi app or any decent crypto platform, you can transfer funds instantly, wallet to wallet, no fees, no delays,” he said.
Resistance from banks, momentum from crypto
Despite resistance from several major banks — including the Bank of Italy’s recent critique of stablecoins and Bitcoin investments — many in the industry believe a shift is already underway.
With governments like the United States becoming more open to digital assets, financial institutions are under pressure to modernize and integrate crypto into their services.
Trump’s outlook aligns with his earlier bold statements on crypto. Back in December 2024, he predicted that Bitcoin could eventually reach $1 million per coin, stating that global institutions would have no choice but to join the movement or fall behind.
Promoting the Trump-backed USD1 stablecoin
Trump’s latest crypto-related comments come shortly after the launch of USD1, a new stablecoin endorsed by his family. Introduced in March 2025, USD1 aims to maintain a 1:1 value with the U.S. dollar and is backed by short-term U.S. treasury assets, cash, and dollar deposits.
USD1 operates on the BNB Chain — a network originally developed by Binance — adding fuel to ongoing speculation about the Trump family’s ties to the crypto exchange.
In March, The Wall Street Journal reported on an alleged partnership between Binance and the Trump family involving a stake in a crypto venture to revive Binance.US. Both Trump and former Binance CEO Changpeng Zhao have publicly denied the claims.
However, Eric Trump’s public endorsement of crypto and his new stablecoin may reignite debate over the connection.
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