Eric Trump Warns Banks: Adapt or Die

CRYPTO
Eric Trump Warns Banks: Adapt or Die

Eric Trump warned that banks face extinction within a decade if they fail to adopt blockchain technology, calling the current financial system “broken,” “slow,” and “weaponized.” Speaking ahead of his appearance at CoinDesk’s Consensus 2025, Trump praised decentralized finance (DeFi) as a faster, cheaper, and fairer alternative to outdated systems like SWIFT. He claimed crypto’s appeal lies in its ability to bypass the elite-dominated banking system and empower everyday Americans—especially those politically marginalized.

“You can send money instantly, without the cost or delays of traditional banks,” he said, citing DeFi’s wallet-to-wallet functionality. Trump, a longtime crypto advocate alongside brother Donald Trump Jr., recently helped launch a stablecoin, USD1. He emphasized that his interest in crypto grew after realizing how banks discriminate against average Americans and Trump supporters. While many U.S. banks, like JPMorgan, have embraced blockchain, Trump believes broader adoption is urgent. “If banks don’t wake up, they’ll be gone in 10 years.”

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TECH
Meta Boosts AI Infrastructure Spending

Mark Zuckerberg appears to have no ceiling on infrastructure spending as Meta ramps up its AI ambitions. On Wednesday, Meta raised its 2025 capital expenditure forecast to $64–$72 billion, up from $60–$65 billion just three months ago—and more than double the $28 billion spent in 2023. Zuckerberg emphasized Meta’s push toward “full general intelligence” and said the company is accelerating both near- and long-term infrastructure projects. Some of the increased costs stem from higher hardware prices, tied to Trump-era tariffs and supply chain pressures.

Despite economic uncertainty, Meta’s Q1 results exceeded expectations, with revenue rising 16% and EPS hitting $6.43 versus the expected $5.22. Strong advertising demand, especially from online retailers, helped fuel growth. Meta expects Q2 revenue between $42.5 and $45.5 billion, suggesting up to 16% year-over-year growth. Shares jumped over 5% after hours. Unlike Snap and Alphabet, Meta delivered a confident forecast despite broader economic concerns and rising competition in AI.

FINANCE
Robinhood Shifts Focus Beyond Crypto

Robinhood is shifting focus beyond crypto as it navigates a volatile market and a drop in digital asset trading. Though crypto has become a major revenue source since its 2018 debut, the platform’s Q1 earnings show signs of diversification. CEO Vlad Tenev acknowledged crypto’s unpredictability on Wednesday’s earnings call, stating the company is working to become less dependent on trading volume from digital assets.

Robinhood reported $927 million in revenue for Q1, down from $1 billion in Q4, primarily due to a 30% drop in crypto revenue—from $358 million to $252 million—as trading volume fell from $71 billion to $46 billion. Despite that, Robinhood beat analyst expectations, delivering 37 cents in EPS versus the expected 33 cents. The company’s revenue has climbed 50% compared to a year ago. Crypto income spiked last quarter after Trump’s re-election drove Bitcoin to $109,000, but the price has since slipped. Robinhood shares rose nearly 2% after hours.

DISCLAIMER: None of this is financial advice. This newsletter is strictly educational and is not investment advice or a solicitation to buy or sell any assets or to make any financial decisions. Please be careful and do your own research.