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In an interview with CNBC on April 30, he said that the current financial system is outdated and unfair, which prompted him to explore cryptocurrency.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.
Having completed a Master’s degree in Economics, Politics, and Cultures of the East Asia region, Aaron has written scientific papers analyzing the differences between Western and Collective forms of capitalism in the post-World War II era.With close to a decade of experience in the FinTech industry, Aaron understands all of the biggest issues and struggles that crypto enthusiasts face. He’s a passionate analyst who is concerned with data-driven and fact-based content, as well as that which speaks to both Web3 natives and industry newcomers.Aaron is the go-to person for everything and anything related to digital currencies. With a huge passion for blockchain & Web3 education, Aaron strives to transform the space as we know it, and make it more approachable to complete beginners.Aaron has been quoted by multiple established outlets, and is a published author himself. Even during his free time, he enjoys researching the market trends, and looking for the next supernova.
