RT
Banks could face extinction within a decade if they fail to embrace blockchain technologies, US President Donald Trump’s second son Eric, a crypto entrepreneur, has warned.
In an interview with CNBC on Wednesday, Eric Trump lambasted what he described as the slowness and inefficiency of the traditional banking system.
“The modern financial system is broken, it’s slow, it’s expensive,” he told the business news channel.
Trump, who launched a bitcoin mining company called American Bitcoin in March, said he turned to digital currencies and decentralized finance when he realized that “our banking system favors the ultra-wealthy” and “was weaponized against the vast majority of people in our country.”
Decentralized finance platforms allow individuals to conduct transactions directly with one another, often with low or no fees, something traditional banks rely on to generate income.
Trump has argued that blockchain technology can perform all the functions of traditional banking systems more efficiently.
“I’m telling you, if the banks don’t watch what’s coming, they’re going to be extinct in 10 years,” he said.
In the interview, Trump also criticized the SWIFT interbank financial messaging network as an “absolute disaster,” highlighting the delays and inefficiencies in cross-border transactions.
US President Donald Trump’s family have expanded into the cryptocurrency sector, launching a decentralized finance project called World Liberty Financial. They have also announced plans for a dollar-backed stablecoin.
In 2021, major American financial services company Capital One severed ties with over 300 accounts linked to the Trump family and their businesses. The move came two months after the January 6 Capitol riot, where Trump’s supporters attempted to overturn his defeat in the 2020 presidential el
Last month, Eric and his brother Donald Jr. filed a lawsuit against Capital One, claiming its decision to close the accounts was an attack on free speech and free enterprise, and a response to their father’s political views.
The Most Revolutionary Act 
I have to split my comment, as WP/Akismet don’t allow it in full …
If people realise all the issues* involved with digital money, coins and notes will continue to be in circulation and used.
* Power supply issues. (Just look what happened in Spain few days ago …)
* Security (Political/criminal acts, peoples bank accounts has already been shut down without any legal reasons …, “hacking” act. “cracking” …) Remember, mobile phones and computers are not truely secure, despite claims. A number of state agencies, tech companies and some private persons know how to bypass …
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Since a number of years here in Sweden, regular shops can reject real money and only accept cards, due to the Socialists. The present right wing government have been talking about restoring the law of concern that forces the shops to accept, but that was before EU started to talk about a soon and complete transit to digital money. On the other hand, modern politics includes deliberate delays, so they might bring it up again after the next snational election. After, they may not be in charge anymore and not their problem … Well, that governmental switch might happen, as when any left winger made a verbal blooper, media tend to conduct a poll. For some odd and illogical reason, the party of concern increases their popularity, which raises concerns of a manipulated poll, but most people here completly trust MSM …
Part of it, EU informed a couple of years ago that in 2025, all EU members have to change their national currency to euro, if not already done. That’s interesting regarding Denmark, as part of their membership conditions, they are excepted from the euro/EMU. If so, Sweden will be the next [economical] “Olive country” …
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Fascinating, SasjaL. Thanks for the thoughtful comment.
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