Eric Trump, executive vice president of the Trump Organization, suggested banks that ignore cryptocurrencies risk being left behind.
In an interview with CNBC on April 30, he said that the current financial system is outdated and unfair, which prompted him to explore cryptocurrency.
He pointed out that banks are slow and expensive, and that the system is designed in a way that mostly benefits the very wealthy.
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According to Eric, this setup will not hold up for much longer. He stated:
If the banks don’t watch what’s coming, they’re going to be extinct in 10 years.
He explained that one of the main problems is how money moves across countries. Traditional tools, like the SWIFT system used for international payments, are too slow and costly.
Eric believes that blockchain can do a better job. “SWIFT is an absolute disaster,” he said, adding that blockchain-based solutions are more efficient.
Furthermore, Eric mentioned decentralized finance (DeFi) apps, which allow people to send money from one wallet to another almost instantly, without the high fees or delays often associated with traditional banking.
He said, “You can open up a DeFi app right now… and send money, wallet to wallet, instantaneously, without the expense, without the variability”.
Recently, Donald Trump Jr. and Eric Trump supported a Bitcoin mining venture through a company called American Bitcoin. What is the company’s purpose? Read the full story.
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