On universal Banach spaces of density continuum

We consider the question whether there exists a Banach space $X$ of density continuum such that every Banach space of density not bigger than continuum isomorphically embeds into $X$ (called a universal Banach space of density $\cc$). It is well known that $\ell_\infty/c_0$ is such a space if we assume the continuum hypothesis. However, some additional set-theoretic assumption is needed, as we prove in the main result of this paper that it is consistent with the usual axioms of set-theory that there is no universal Banach space of density $\cc$. Thus, the problem of the existence of a universal Banach space of density $\cc$ is undecidable using the usual axioms of set-theory. We also prove that it is consistent that there are universal Banach spaces of density $\cc$, but $\ell_\infty/c_0$ is not among them. This relies on the proof of the consistency of the nonexistence of an isomorphic embedding of $C([0,\cc])$ into $\ell_\infty/c_0$.