Eric Trump: Why Blockchain Could Make Banks Obsolete by 2035

Eric Trump has issued a stark warning to traditional banks, urging them to embrace cryptocurrency or risk extinction within a decade. 

Speaking at the AIM Summit in Dubai on April 30 during an interview with CNBC’s Dan Murphy, Trump criticized the legacy financial system as “broken, slow, and expensive,” and claimed it disproportionately benefits the ultra-wealthy.

Also read: Why Eric Trump Thinks Crypto Will Save the Trump Business Empire

“It forced me into the crypto world,” said Trump. “And I’m telling you, if the banks don’t watch what’s coming, they’re going to be extinct in 10 years.”

Eric Trump Calls SWIFT “Absolute Disaster”

Trump took particular aim at the SWIFT payment network, calling it “an absolute disaster.” He pointed to the growing efficiency and appeal of decentralized finance (DeFi) applications, which offer low-cost, near-instant transactions without the need for intermediaries.

Average settlement times via SWIFT versus stablecoins (Source: Bvnk.com)

“There are no delays, high fees, or middlemen—you can open a DeFi app right now and send money wallet to wallet instantly,” Eric Trump added.

Blockchain technology, the foundation of cryptocurrencies like Bitcoin and Ethereum, enables transparent, peer-to-peer transactions and has the potential to transform the global financial system by bypassing conventional banking infrastructure.

Skepticism Among Banks Remains

Despite increasing momentum in the crypto space, many global banks remain cautious. Institutions like the Bank of Italy have criticized the rise of stablecoins and investments in Bitcoin, citing volatility and regulatory uncertainty.

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However, the tide may be turning. As more countries develop crypto-friendly regulatory frameworks, major financial players such as JPMorgan and Goldman Sachs have begun integrating digital assets into their service offerings. Central banks worldwide are also piloting central bank digital currencies (CBDCs), signaling growing institutional acceptance.

The Future is Decentralized

Eric Trump’s recent remarks echo his earlier bullish stance on cryptocurrency. In December 2024, he predicted Bitcoin could eventually reach $1 million per coin—a view shared by several industry advocates who regard the asset as “digital gold.”

Also read: Donald Trump: “I Know Much More About Interest Rates Than Powell Does”

Beyond currency speculation, blockchain is finding use cases in supply chains, real estate, and healthcare, reinforcing the notion that it is a foundational technology rather than a passing trend.

With decentralized finance offering faster, cheaper, and more inclusive financial solutions, the next decade could be make-or-break for legacy banks. As fintech and crypto continue to evolve, institutions that fail to innovate may be left behind.