Donald Trump's second son, Eric Trump, the executive vice president of the Trump Organization, stated that if bankers do not embrace Blockchain technology, they may face the fate of "extinction within 10 years."
Eric Trump pointed out during an interview with CNBC on Wednesday: "The modern financial system has long been fragmented, inefficient, and costly." He added:
Anything that operates on the Blockchain can do it better than existing financial institutions. Take the international banking communication and payment system SWIFT (Society for Worldwide Interbank Financial Telecommunication) as an example, it's simply a disaster.
The Trump family is no stranger to cryptocurrency and blockchain technology. Eric Trump and his brother Donald Trump Jr. have been actively involved in the crypto space in recent years, and they recently participated in the issuance of the stablecoin USD1.
Eric Trump further mentioned: "Now anyone can open a DeFi application or any cryptocurrency wallet to make peer-to-peer transfers directly, with no transaction fees and without the uncertainties and friction of traditional banks."
Eric Trump emphasized that his interest in cryptocurrency partly stems from a distrust of traditional financial systems. He stated that traditional banking has long tended to serve the "super wealthy" at the top of the pyramid. He said:
What truly led me into the cryptocurrency realm was discovering that the banking system has actually been weaponized against most American citizens — those with not many zeros in their accounts, or those who once wore the "Make America Great Again" red hats. This compelled me to dive into the world of cryptocurrency.
I can tell you that if banks still cannot see the future trends, they will face extinction within 10 years.
In fact, in order to enhance the efficiency of cross-border payments and fund settlements, several large banks in the United States have been testing and adopting blockchain technology in recent years, with JPMorgan being the most representative.
However, due to former President Joe Biden's tough regulatory stance on the cryptocurrency industry during his administration, these attempts have always failed to fully blossom. The market widely expects that a reversal in relevant policy direction will occur after Trump returns to the White House.
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Eric Trump, the second son of Trump, warned: If banks do not adopt Blockchain, they could face extinction within 10 years.
Donald Trump's second son, Eric Trump, the executive vice president of the Trump Organization, stated that if bankers do not embrace Blockchain technology, they may face the fate of "extinction within 10 years."
Eric Trump pointed out during an interview with CNBC on Wednesday: "The modern financial system has long been fragmented, inefficient, and costly." He added:
The Trump family is no stranger to cryptocurrency and blockchain technology. Eric Trump and his brother Donald Trump Jr. have been actively involved in the crypto space in recent years, and they recently participated in the issuance of the stablecoin USD1.
Eric Trump further mentioned: "Now anyone can open a DeFi application or any cryptocurrency wallet to make peer-to-peer transfers directly, with no transaction fees and without the uncertainties and friction of traditional banks."
Eric Trump emphasized that his interest in cryptocurrency partly stems from a distrust of traditional financial systems. He stated that traditional banking has long tended to serve the "super wealthy" at the top of the pyramid. He said:
In fact, in order to enhance the efficiency of cross-border payments and fund settlements, several large banks in the United States have been testing and adopting blockchain technology in recent years, with JPMorgan being the most representative.
However, due to former President Joe Biden's tough regulatory stance on the cryptocurrency industry during his administration, these attempts have always failed to fully blossom. The market widely expects that a reversal in relevant policy direction will occur after Trump returns to the White House.