- Eric Trump warns that banks will disappear in 10 years if they ignore the adoption of cryptography.
- He calls obsolete swift and promotes blockchain for instant and low -cost global transactions.
Eric Trump issued a strong warning to banks during an interview in Dubai, saying that they had to adapt to crypto or disappearance. The Trump organization vice-president said the traditional financial system was no longer effective. He stressed that banks were to adapt to technological change or risk becoming exceeded in the ten years.
Obsolete systems called dear and slow
Talk to CNBC On April 30, Eric Trump criticized the global financial infrastructure. He described the system as slow, expensive and obsolete. He said Swift, the messaging network used for cross -border payments, is not reliable. He called this a disaster, pointing long delays and high costs in transactions.
According to him, blockchain systems now allow instant transfers with low costs. Eric said that decentralized applications are already working better than traditional banks. He said users can send portfolio funds to the portfolio without fees or delays. Eric added that blockchain eliminates the need for intermediaries in the transfer process. He said modern applications provide P2P services that banks cannot match.
These tools offer more direct access, removing many restrictions observed in the traditional bank. In addition, he said that the conventional banking system promotes ultra-rich. He also noted that this achievement led him to the cryptography sector. He said he thought that many Americans feel excluded from essential services.
Banks continue to grow back while the Trump family dives deeply
Despite increased adoption, some banks remain cautious. The Italian Bank has raised concerns about the use of digital assets. Stablecoins and bitcoin continue to face the opposition in several jurisdictions. However, many institutions are moving towards the blockchain infrastructure to follow the pace.
He stressed that world banks are still resisting rapid adoption. However, several large companies such as JPMorgan and Goldman Sachs have launched cryptographic offices. These steps mark a change in the way financial companies see decentralized tools.
The Trump family remains active in the cryptography sector. As indicated in our latest article, Eric Trump recently co -founded American Bitcoin with Hut 8 CEO Asher Genoot. The family is also linked to World Liberty Financial, a digital platform supported by Steve Witkoff. The collaboration also solidifies the Trump family and the support of the crypto while the market continues to evolve.
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