Eric Trump Says Banks "could be extinct in 10 years"
Blockchain technology promises to enhance the efficiency of financial transactions, according to Eric Trump, the son of the U.S. President. Eric, a cryptocurrency entrepreneur, has issued a stark warning that banks could become obsolete within...
TroibNews 
Blockchain technology promises to enhance the efficiency of financial transactions, according to Eric Trump, the son of the U.S. President.
Eric, a cryptocurrency entrepreneur, has issued a stark warning that banks could become obsolete within a decade if they do not adopt blockchain technologies. In a Wednesday interview with CNBC, he criticized the traditional banking system for its slowness and inefficiency.
“The modern financial system is broken, it’s slow, it’s expensive,” he stated during the interview.
Having launched a bitcoin mining venture named American Bitcoin in March, Trump explained that he gravitated toward digital currencies and decentralized finance upon realizing that “our banking system favors the ultra-wealthy” and “was weaponized against the vast majority of people in our country."
Decentralized finance platforms enable users to carry out transactions directly with each other, frequently with minimal or no fees—an income source for traditional banks.
Trump believes that blockchain technology can replace all the functions of conventional banking systems with greater efficiency.
“I’m telling you, if the banks don’t watch what’s coming, they’re going to be extinct in 10 years,” he remarked.
He also took aim at the SWIFT interbank financial messaging network, labeling it an “absolute disaster” due to the delays and inefficiencies associated with cross-border transactions.
The Trump family has made strides into the cryptocurrency arena, launching a decentralized finance initiative called World Liberty Financial, along with plans for a dollar-backed stablecoin.
In a notable incident, Capital One terminated over 300 accounts linked to the Trump family and their businesses in 2021, shortly after the January 6 Capitol riot, where supporters attempted to overturn the 2020 electoral defeat.
Recently, Eric and his brother Donald Jr. have filed a lawsuit against Capital One, alleging that the account closures were an infringement on free speech and free enterprise, triggered by their father's political stance.
Once a critic of cryptocurrency, President Trump has shifted his stance and is now actively appealing to the industry. Since returning to the White House, he has expressed his ambition to establish the U.S. as the “crypto capital of the world” and to act as a “crypto president.”
Allen M Lee for TROIB News
Eric, a cryptocurrency entrepreneur, has issued a stark warning that banks could become obsolete within a decade if they do not adopt blockchain technologies. In a Wednesday interview with CNBC, he criticized the traditional banking system for its slowness and inefficiency.
“The modern financial system is broken, it’s slow, it’s expensive,” he stated during the interview.
Having launched a bitcoin mining venture named American Bitcoin in March, Trump explained that he gravitated toward digital currencies and decentralized finance upon realizing that “our banking system favors the ultra-wealthy” and “was weaponized against the vast majority of people in our country."
Decentralized finance platforms enable users to carry out transactions directly with each other, frequently with minimal or no fees—an income source for traditional banks.
Trump believes that blockchain technology can replace all the functions of conventional banking systems with greater efficiency.
“I’m telling you, if the banks don’t watch what’s coming, they’re going to be extinct in 10 years,” he remarked.
He also took aim at the SWIFT interbank financial messaging network, labeling it an “absolute disaster” due to the delays and inefficiencies associated with cross-border transactions.
The Trump family has made strides into the cryptocurrency arena, launching a decentralized finance initiative called World Liberty Financial, along with plans for a dollar-backed stablecoin.
In a notable incident, Capital One terminated over 300 accounts linked to the Trump family and their businesses in 2021, shortly after the January 6 Capitol riot, where supporters attempted to overturn the 2020 electoral defeat.
Recently, Eric and his brother Donald Jr. have filed a lawsuit against Capital One, alleging that the account closures were an infringement on free speech and free enterprise, triggered by their father's political stance.
Once a critic of cryptocurrency, President Trump has shifted his stance and is now actively appealing to the industry. Since returning to the White House, he has expressed his ambition to establish the U.S. as the “crypto capital of the world” and to act as a “crypto president.”
Allen M Lee for TROIB News
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