This statement by Trump's son is a figure of speech that he used in conveying a message because with the rate at which crypto currency is on the rise it's definitely going to affect the banking sector but I don't think that banks will go extinct simply because they didn't not adopt crypto currency we all know the role of the banking sector so it will not be possible for banks to go extinct.
I think that Bitcoin is reshaping the financial world this is the reason why calls like this is coming so that banks can incorporate crypto into the banking systems will will be more effective for users this could be seen as adopting to the changing environment that the financial sector is gradually experiencing
Banks will ultimately adapt themselves to stay ahead in the game. As long as governments exist, don't expect banks to go anywhere soon. Why replace banks, though? Bitcoin and other cryptocurrencies can live alongside banks for generations. Thanks to Satoshi's invention, people can now enjoy true financial freedom. I mean, that's the whole purpose of crypto. Not to enrich ourselves and remain a "slave" to the Fiat monetary system.
Considering that centralized exchanges and institutional firms dominate the space, banks and governments will only get bigger and stronger over time. We might as well as forget about Satoshi's original vision for Bitcoin. At least, it was "fun" while it lasted.