Adopt Crypto or Face Extinction, Eric Trump Tells Banks
The post Adopt Crypto or Face Extinction, Eric Trump Tells Banks appeared on BitcoinEthereumNews.com. Banks risk extinction if they fail to update their system with crypto. Beyond banking firms, other mainstream companies are also adopting crypto at a fast pace. Eric Trump, the son of US President Donald Trump, has issued a major warning to global banks regarding crypto adoption. The younger Trump warned that banks could go extinct in 10 years if they fail to adopt cryptocurrencies. Eric Trump Blasts Global Financial Systems Eric Trump, the executive vice president of the Trump Organization, issued this warning during a recent CNBC interview. He noted that global commercial banks can leverage blockchain to refine their processes. Eric complained that the modern financial system is broken, slow, and expensive. He even blasted the global international messaging network SWIFT, calling it an “absolute disaster.” He opined that SWIFT risks losing market share to decentralized alternatives. “There’s nothing that can be done on blockchain that can’t be done better than the way that the current financial institutions are working,” says Eric. Eric further highlighted a significant flaw in the global banking system. According to him, the system favors the ultra-wealthy and is weaponized against the vast majority of people in the US. This marginalization prompted him to begin exploring crypto. His criticism of banks comes as financial giants attempt to navigate the rapidly growing crypto industry through tokenization and decentralized finance integrations. For instance, JPMorgan Chase and Goldman Sachs have launched crypto trading desks in response to the growing popularity of digital assets. In a recent update, we covered, Goldman Sachs revealed a $1.5 billion investment in Bitcoin Exchange-Traded Funds (ETFs). Besides financial firms, global humanitarian organizations are also rapidly adopting crypto. As mentioned in our previous news brief, the World Food Program in the USA has embraced crypto for donations. This new decision aims to enable faster…
The post Adopt Crypto or Face Extinction, Eric Trump Tells Banks appeared on BitcoinEthereumNews.com.
Banks risk extinction if they fail to update their system with crypto. Beyond banking firms, other mainstream companies are also adopting crypto at a fast pace. Eric Trump, the son of US President Donald Trump, has issued a major warning to global banks regarding crypto adoption. The younger Trump warned that banks could go extinct in 10 years if they fail to adopt cryptocurrencies. Eric Trump Blasts Global Financial Systems Eric Trump, the executive vice president of the Trump Organization, issued this warning during a recent CNBC interview. He noted that global commercial banks can leverage blockchain to refine their processes. Eric complained that the modern financial system is broken, slow, and expensive. He even blasted the global international messaging network SWIFT, calling it an “absolute disaster.” He opined that SWIFT risks losing market share to decentralized alternatives. “There’s nothing that can be done on blockchain that can’t be done better than the way that the current financial institutions are working,” says Eric. Eric further highlighted a significant flaw in the global banking system. According to him, the system favors the ultra-wealthy and is weaponized against the vast majority of people in the US. This marginalization prompted him to begin exploring crypto. His criticism of banks comes as financial giants attempt to navigate the rapidly growing crypto industry through tokenization and decentralized finance integrations. For instance, JPMorgan Chase and Goldman Sachs have launched crypto trading desks in response to the growing popularity of digital assets. In a recent update, we covered, Goldman Sachs revealed a $1.5 billion investment in Bitcoin Exchange-Traded Funds (ETFs). Besides financial firms, global humanitarian organizations are also rapidly adopting crypto. As mentioned in our previous news brief, the World Food Program in the USA has embraced crypto for donations. This new decision aims to enable faster…
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