Trump's second son Eric Trump: Blockchain technology has significant advantages, and the banking industry will be eliminated within ten years if it does not reform

Odaily News Eric Trump, vice president of the Trump Organization and Trump's second son, publicly criticized the traditional financial system at a cryptocurrency event in Dubai, saying that the SWIFT system is inefficient and that the banking industry will be eliminated within ten years if it is not reformed. He said: "The modern financial system is broken, slow and costly. Everything that blockchain technology can do will be better than the way current financial institutions operate. SWIFT is simply a disaster. Our banking system favors the super-rich. What really got me involved in the (cryptocurrency) field was that I realized that our banking system is being used against the vast majority of people in our country. This forced me into the world of cryptocurrency. I tell you, if banks don't pay attention to the coming changes, they will go extinct within ten years."
It also praised decentralized finance as a way to bypass the costs and lack of privacy of traditional banks. In recent years, Eric Trump has frequently visited the desert emirate as it has quickly become a global center for cryptocurrency. (CNBC)