According to a report by CNBC, Eric Trump, the second son of President Trump and Executive Vice President of the Trump Organization, stated during an interview that "the modern financial system has failed," operating slowly and at high costs. He praised the benefits of decentralized finance (DeFi) and called for banks to change their operating methods, or they will be eliminated.
Eric Trump stated during a CNBC interview in the United Arab Emirates:
"Anything that can be done on the blockchain, traditional financial institutions do not do better; SWIFT is terrible." (He refers to the international financial transaction messaging system)
Eric criticized the traditional banking system for its slowness and inefficiency, calling it 'outdated' and biased towards the super-rich. He stated:
"The real reason I got into cryptocurrency is that I realized our banking system is actually used as a weapon against most of the people in this country, whether they are the ones with not many zeros in their accounts or those who might have once worn the 'Make America Great Again' red hats. And this made me step into the world of cryptocurrency. I tell you, if banks do not face the impending trends, they will disappear in ten years."
His criticism comes at a time when the banking industry is trying to cope with the rapidly rising cryptocurrency sector. This sector is driving financial decentralization and gradually replacing the reliance on traditional intermediaries like banks.
During the interview, Eric discussed the benefits brought by cryptocurrency technology, such as allowing people to obtain mortgages anywhere, while traditional finance even requires consideration of institutional business hours. He said:
"You can now open a DeFi application, or any cryptocurrency app, and instantly transfer funds from one wallet to another without the fees and inconsistencies of banks."
Related report: (Why did the whole family invest in cryptocurrency? Eric Trump reveals the truth behind it)
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