Eric Trump, executive vice president of the Trump Organization, has warned that banks need to embrace cryptocurrency to avoid becoming obsolete in the next decade. He criticized the current financial system for being slow and costly, arguing that it disproportionately benefits the ultra-wealthy. Trump highlighted the immediate and cost-effective capabilities of crypto applications for money transfers. He described traditional systems like SWIFT as inadequate, stating that blockchain technology can offer superior alternatives. In his view, if banks fail to adapt to the evolving financial landscape driven by decentralized technologies, they risk extinction within ten years. He urges banks to closely observe developments in the cryptocurrency sector, suggesting that the emergence of crypto could severely threaten traditional payment methods. Trump's remarks align with his previous predictions regarding the necessity for global institutions to engage with cryptocurrencies in a rapidly advancing market.

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