Donald Trump's son said he entered the cryptocurrency sector after encountering the inefficiency of the banking sector.
Eric Trump, son of Donald Trump. Source: YouTube/Reproduction.
Eric Trump, son of American President Donald Trump, believes that banks will be extinct in the next 10 years. The reason would be the inefficiency of the banking sector compared to cryptocurrencies.
In addition to serving as Executive Vice President of The Trump Organization, Eric is also connected to World Liberty Financial, a cryptocurrency project linked to his family.
Donald Trump's son says cryptocurrencies will replace banks
In a conversation with CNBC, published this Wednesday (30), Eric Trump expressed his discomfort with the inefficiency of the banking sector. According to his words, cryptocurrencies have an extreme advantage.
"The modern financial system is broken, it’s slow, it’s expensive," Eric Trump started.
Narrating his own experiences, the executive shares how he struggles to make or receive transfers on Friday afternoons, worried if he will be able to get everything done in time.
"You might end up not seeing the money you were supposed to receive [and have to wait] for another 72 hours or something like that. It’s insane," he commented.
"Why do banks operate from 9 to 5, with a long lunch break, from Monday to Friday? It doesn’t make much sense."
Citing other examples, Eric Trump talks about how difficult it is for a family to get a loan from a bank they have used for 25 years, as well as international transfers.
"This is not modern finance. This does not inspire confidence."
"You want to buy a watch, a car, do anything. The banks take half of the process," Eric commented. "In the meantime, you can open a DeFi app right now, any cryptocurrency app, and send money from wallet to wallet instantly, at no excessive cost, without variability."
In Brazil, recently a big Bitcoin enthusiast explained that he started using the cryptocurrency after facing a huge line at an Itaú branch. At the time, Narcélio recalled that he couldn't even use his phone while waiting to be attended.
Banks will disappear in the next 10 years, says Eric Trump
Returning to Eric Trump, the executive concluded the conversation with CNBC pointing out that banks will fail in the next 10 years if they do not adapt to the new financial reality.
"Our banking system is broken. Our banking system is outdated. Our banking system favors the ultra-rich. And what led me to enter this world was realizing that the banking system was rigged against the vast majority of people in our country."
Although the American Central Bank presented FedNow back in 2022, a kind of "Pix of the USA," the country is still very far behind Brazil in this regard, relying on outdated solutions.
One of the hopes is the use of dollar-backed stablecoins. World Liberty Financial, linked to the Trump family, launched its own coin, USD1, last month.
"This forced me to enter the world of cryptocurrencies. And I'm telling you: if banks do not pay attention to what’s coming, they will be extinct in 10 years."