In short
- Eric Trump criticized traditional banking as ‘broken, slow and expensive’, warning banks that they will die out in 10 years if they do not embrace cryptocurrency.
- Trump emphasized the inefficiencies of current banking systems, including limited hours, long settlement times and excessive delays for services such as mortgages.
- The Trump family is spreading to cryptocurrency ventures, where Eric Trump recently launches the American Bitcoin Corp, World Liberty Financial and the USD1 Stablecoin.
Eric Trump has launched a destructive attack on traditional finances – and warns that if they do not embrace crypto, they ‘will die out in 10 years’.
Spend against CNBC“ The Executive Vice President of the Trump organization said that modern systems used to move, ‘broken, slow and expensive’ are ‘broken.’
He described Swift, the global network that was used to facilitate international payments, as an ‘absolute disaster’.
The president’s son said that his company regularly racet to send or receive funds on Friday afternoon before 4 p.m.
On the other hand, he says that crypto exchanges and Defi apps make it possible for money to be sent immediately from wallets to wallet to the wallet without punishing costs.
Trump believes that the current banking system is “broken, outdated and prefer the Ultra-Rijk”, and the current way of doing things is “insane”.
“Why work from 9 a.m. to 5 p.m., with a long lunch break from Monday to Friday,” he asked. “It’s not very logical.”
During the interview, filmed in the United Arab Emirates, he warned that such inefficiencies have real consequences for daily consumers.
He claimed that hard-working Americans in the US try to get a mortgage, often have to wait up to 120 days to make your customer controls complete and even if they apply through the bank that they have used for 25 years.
“By the time you get the mortgage, the house you wanted to buy is already gone and your dream has already been implanted,” Trump said. “This is not modern finances, this is incompetence.”
He further claimed that the banking system is armed against “the vast majority” of Americans, either because they are not rich or his father supported last year’s elections.
The entrepreneur argues that blockchain technology can handle everything that does existing financial infrastructure with better results.
Since the penetration in January, President Trump has unveiled a series of pro-Crypto policy, making it easier for banks to embrace digital assets.
His family business also expands aggressively in space.
Earlier this month Eric Trump announced a new mining company called American Bitcoin Corp in combination with Hut 8. He also launched the Defi Project World Liberty Financial last year, and the USD1 Stablecoin in March.
Published by Stacy Elliott.
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