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Eric Trump: Banks may disappear in 10 years due to the rise of blockchain technology
What happened? The second son of US President Donald Trump, Eric, criticized the traditional banking system for its inefficiency and focus on the ultra-wealthy. In his opinion, banks will disappear within 10 years if they cannot integrate blockchain technologies. In an interview with CNBC, he noted that the crypto industry offers financial decentralization and eliminates the need for intermediaries, making peer-to-peer transactions cheaper and processed faster.
Material from CNBC
What else is known?
"There is nothing in traditional financial institutions that couldn't be improved with blockchain. SWIFT is an absolute disaster," Eric stated.
Eric Trump's comments came ahead of his father's scheduled visit to the Persian Gulf region from May 13 to 16, during which he will stop in the UAE, Saudi Arabia, and Qatar. Trump will be the first US president to visit the UAE since George W. Bush in 2008.#CryptoAdoption #AltcoinETFsPostponed
What happened? The second son of US President Donald Trump, Eric, criticized the traditional banking system for its inefficiency and focus on the ultra-wealthy. In his opinion, banks will disappear within 10 years if they cannot integrate blockchain technologies. In an interview with CNBC, he noted that the crypto industry offers financial decentralization and eliminates the need for intermediaries, making peer-to-peer transactions cheaper and processed faster.
Material from CNBC
What else is known?
"There is nothing in traditional financial institutions that couldn't be improved with blockchain. SWIFT is an absolute disaster," Eric stated.
Eric Trump's comments came ahead of his father's scheduled visit to the Persian Gulf region from May 13 to 16, during which he will stop in the UAE, Saudi Arabia, and Qatar. Trump will be the first US president to visit the UAE since George W. Bush in 2008.#CryptoAdoption #AltcoinETFsPostponed
Disclaimer: Includes third-party opinions. No financial advice. May include sponsored content. See T&Cs.
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