Trump's Son Predicts Cryptocurrency Will Kill Traditional Banks
Date: 2025-05-02 Author: Gabriel Deangelo Categories: CRYPTO PAYMENTS
According to him, the financial system based on traditional banks is already inefficient and will soon become unnecessary. During a discussion with well-known figures in the crypto world, such as Justin Sun and Zach Witkoff, Trump expressed confidence that digital assets will dominate the financial sector.
Trump noted that traditional banks, which rely on fees, are unable to innovate and adapt to the rapid development of technology. In his opinion, it is cryptocurrencies that will push them out of the market, leaving old financial institutions in the past. “Banks cannot survive unless they change their business models,” he said. Comparing banks to an outdated film camera, Trump emphasized that the financial system of the future will work much faster and more efficiently than today's.
The crypto industry, he said, is growing 100 times faster than the banking system. “I would love nothing more than to see these banks that have persecuted my family go bust,” he added. Trump also emphasized the importance of cryptocurrencies as a tool for financial freedom, allowing anyone with a smartphone to access money, regardless of government or unstable currencies.
Eric Trump also touched on the topic of stablecoins and their role in the economy. He spoke about a $2 billion deal between Abu Dhabi investment company MGX and crypto exchange Binance, which will use the USD1 stablecoin from World Liberty Financial. This stablecoin, he said, will be part of the TRON ecosystem and will be backed by short-term bonds and cash equivalents. Trump noted that transparency and security are top priorities when working with this currency.
He also predicted that USD1 could become the main stablecoin for DeFi and CeFi platforms, as well as be used for international transfers and in traditional payment systems. Witkoff also hinted at future partnerships for the company, which indicates a growing interest in cryptocurrencies among major players. Eric Trump is a strong supporter of Web3 and is an ambassador for WLF, an organization whose efforts are aimed at the development of cryptocurrencies and digital assets. In February 2025, he recommended investing in Ethereum, noting that WLF had increased its stake in the asset.
