{"id":24546,"date":"2025-04-30T15:16:58","date_gmt":"2025-04-30T15:16:58","guid":{"rendered":"https:\/\/dogewisperer.com\/?p=24546"},"modified":"2025-04-30T15:16:58","modified_gmt":"2025-04-30T15:16:58","slug":"banks-must-adopt-crypto-or-be-extinct-in-10-years-eric-trump-says","status":"publish","type":"post","link":"https:\/\/dogewisperer.com\/?p=24546","title":{"rendered":"Banks Must Adopt Crypto or ‘Be Extinct in 10 Years,’ Eric Trump Says"},"content":{"rendered":"
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Eric Trump, son of U.S. President Donald Trump and executive vice president of the Trump Organization, said banks will need to utilize blockchain technology if they want to survive the next decade.<\/p>\n

\u201cThe modern financial system is broken, it\u2019s slow, it\u2019s expensive,\u201d he said in an interview with CNBC<\/a> on Wednesday. \u201cThere\u2019s nothing that can be done on blockchain that can\u2019t be done better than the way that the current financial institutions are working. SWIFT is an absolute disaster.\u201d The Society for Worldwide Interbank Financial Telecommunication, or SWIFT, is the banking industry’s international system for messaging and payments instructions.<\/p>\n

Trump, who will take the stage at CoinDesk\u2019s flagship Consensus 2025 event<\/a> in Toronto this May, has long been an advocate for the technology and \u2014 together with his brother Donald Trump Jr. \u2014 has been involved in several crypto projects, most recently the launch of a stablecoin called USD1<\/a>.<\/p>\n

\u201cYou can open up a [decentralized finance] app right now, you can open up any cryptocurrency app, and you can send money, wallet to wallet, instantaneously, without the expense, without the variability\u201d of banks, he said. <\/p>\n

The traditional banking system favors the ultra-wealthy, Eric Trump said, which is one of the reasons why he became curious about the industry.<\/p>\n

\u201cWhat actually got me into [cryptocurrency] is the fact I realized our banking system was weaponized against the vast majority of people in our country, either the people that don\u2019t have the zeros on their balance sheet, or people who might have worn that red hat that said \u2018Make America Great Again.\u2019 And it forced me into the crypto world. And I\u2019m telling you, if the banks don\u2019t watch what\u2019s coming, they\u2019re going to be extinct in 10 years,\u201d he said.<\/p>\n

Many U.S. banks have been experimenting and effectively using blockchain technology for years, most prominently JPMorgan, as the industry\u2019s popularity has grown. However, crackdowns by the previous administration under President Joe Biden made it difficult to tap the full potential \u2014 something that is supposed to change under the current president.<\/p>\n

Earlier this week, fintech SoFi announced a major push into crypto<\/a> after suspending services in 2023 in its effort to become a regulated bank. On Tuesday, CEO Anthony Noto said there\u2019s been a \u201cfundamental shift\u201d in the crypto landscape in the U.S., allowing it to reenter the industry without fear.<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

Eric Trump, son of U.S. President Donald Trump and executive vice president of the Trump Organization, said banks will need to utilize blockchain technology if they want to survive the next decade. \u201cThe modern financial system is broken, it\u2019s slow, it\u2019s expensive,\u201d he said in an interview with CNBC on Wednesday. \u201cThere\u2019s nothing that can […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"iawp_total_views":0,"footnotes":""},"categories":[2],"tags":[3,4,5],"class_list":["post-24546","post","type-post","status-publish","format-standard","hentry","category-news","tag-crypto","tag-doge","tag-news"],"_links":{"self":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts\/24546","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=24546"}],"version-history":[{"count":0,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts\/24546\/revisions"}],"wp:attachment":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=24546"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=24546"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=24546"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}