Blockchain technology can perform financial transactions more efficiently, the president’s son has said.
Banks could face extinction within a decade if they fail to embrace blockchain technologies, US President Donald Trump’s second son Eric, a crypto entrepreneur, has warned.
In an interview with CNBC on Wednesday, Eric Trump lambasted what he described as the slowness and inefficiency of the traditional banking system.
“The modern financial system is broken, it’s slow, it’s expensive,” he told the business news channel.
Trump, who launched a bitcoin mining company called American Bitcoin in March, said he turned to digital currencies and decentralized finance when he realized that “our banking system favors the ultra-wealthy” and “was weaponized against the vast majority of people in our country.”
Decentralized finance platforms allow individuals to conduct transactions directly with one another, often with low or no fees, something traditional banks rely on to generate income.
Trump has argued that blockchain technology can perform all the functions of traditional banking systems more efficiently.
“I’m telling you, if the banks don’t watch what’s coming, they’re going to be extinct in 10 years,” he said.
In the interview, Trump also criticized the SWIFT interbank financial messaging network as an “absolute disaster,” highlighting the delays and inefficiencies in cross-border transactions.
US President Donald Trump’s family have expanded into the cryptocurrency sector, launching a decentralized finance project called World Liberty Financial. They have also announced plans for a dollar-backed stablecoin.
In 2021, major American financial services company Capital One severed ties with over 300 accounts linked to the Trump family and their businesses. The move came two months after the January 6 Capitol riot, where Trump’s supporters attempted to overturn his defeat in the 2020 presidential election.
Last month, Eric and his brother Donald Jr. filed a lawsuit against Capital One, claiming its decision to close the accounts was an attack on free speech and free enterprise, and a response to their father’s political views.
Once a crypto critic, President Trump has changed his position on digital currencies, attracting significant industry support. Since returning to the White House, he has pledged to make the US the “crypto capital of the world” and to serve as a “crypto president.”
Image credit: Subham Dhage
Banks are going bankrupt any way. Merging is a way to hide banking bankrupcies.
Too big to fail ? It is going to take some time, but there are still so many ” toxic” products since 2008 that it is only a question of time before everything breaks down
Don t leave too much cash on your bank account. Governments are also bankrupt and are not in position any more of warranting anything , so you will lose all your deposits .
Do as all central bankers.
Buy gold and if you cant, buy silver
NZ central bank didn’t get the memo. It has zero gold holdings, but you are right, trade your failing fiat currency for gold and silver, real money.
Yep and replaced with digital currency, probably private stablecoins etc these will still be track n trace and controlled by the AI grid etc that is being built by Trump / Palantair etc…
Physical CASH will always be king.
Problem reaction solution from a Trump. What a surprise.
Central bank digital currencies is what he really means. Elon and his mates getting the control structure in place right now.
And…if you are politically-INcorrect, they’ll just cut you off from transactions…!
Best to get some gold, or sell-off the junk gold you have at market price, and the same for silver and platinum.
As Jeff Berwick recommends, get into Monero, as this is a non-CBDC virtual currency that cannot be traced, cut-off, and trades easily when converting to Bitcoin for payment(s). Bitcoin is then scheduled to be traded equally with CBDCs so at least you’ll have a methodology in the event of being cut-off from a mainstream / mainline Bank’s CBDC.
Some Banks are now taking gold, silver and platinumnow in their transactions for payment(s) / accreditation regarding financial transactions.
This is what the UBC / UBI is all about.
You will receive your Globalist-inspired and controlled pittance allowing you a meager existence, while you live in your :15 minute EMF-saturated and monitored ‘city’.
Indoors, you’ll be playing video games, texting your ‘Bestie’ (who is probably a government spy / paid informant), waiting for the rugby game to start, and fearing a knock on your door!
After 5 days inside your dog-kennel apartment which will cost you 2/3rds of your UBI, you will go in search of a new shirt to buy, using CBDC’s, as you are only allocated 2 shirts per year. CBDC credit left-over means that you can go and buy some GMO modified food, or mince with human DNA mixed-in.
Got a medium to low IQ and a marginal job? No problem- you’ll get a bonus CBDC payment if you go and get castrated, or have a hysterectomy as the PTB do not want marginalised humans classified as ‘Useless Eaters’ in their :15 Minute Cities. Planatir will profile all of that alongside Stats NZ…and IF you fail to comply, you’ll be totally cut-off from UBI, CBDC’s, power, gas and water.
They will then offer you euthanasia with mandatory organ donor status. They will pay your immediate relative a CBDC bonus IF you agree to be snuffed-out and harvested.
Whatever is left of you will be found blended into laboratory beef, pork and chicken products, and the rest cremated, and the ashes blended into composted fertilizer for their GMO farms.
The ‘Brave New World (Order) is FULL of sniveling cowards who have allowed themselves to become the victims of this horrendous and hellish future / planned system!!!
Oh, & BTW- you won’t have any firearms to defend yourselves against government tyranny & terror, mirroring the 1917 Bolshevik Revolution in Russia and the Ukraine!
you can always go back to nature. Build a cabin somewhere and live off the land.
And be free.
That is if you are young, did not go to university but have a technical/ builder background