Eric Trump, Son of Donald Trump: Blockchain Operations Outperform Traditional Finance; Banks Must Transform or Face Obsolescence

According to CNBC,

Eric Trump, the second son of U.S. President Donald Trump and Executive Vice President of the Trump Organization, stated in an interview that “the modern financial system has failed,” citing its slow operation and high costs. He praised the benefits of decentralized finance (DeFi) and called for banks to change their ways of doing business, or they will be eliminated.

During an interview with CNBC in the United Arab Emirates,

Eric criticized the traditional banking system for its slowness and inefficiency, claiming it has become “outdated” and biased towards the ultra-wealthy. He stated:

His criticism comes at a time when the banking industry is trying to cope with the rapidly rising cryptocurrency sector. The crypto industry is pushing for financial decentralization and gradually replacing the reliance on traditional intermediaries such as banks.

During the interview, Eric discussed the benefits brought by crypto technology,

such as enabling people to obtain mortgages from anywhere, while traditional finance even requires consideration of institutional operating hours. He said:

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