Banks must adopt crypto or be extinct in 10 years, Eric Trump says

While the existing financial system is slow and expensive, crypto apps already allow people to send money instantly and cheaply, Eric Trump stated.

Eric Trump, executive vice president of the Trump Organization and son of US President Donald Trump, has delivered a warning to global banks regarding cryptocurrency adoption.

Banks around the world will have to adopt cryptocurrency or go extinct in a decade, Trump predicted in an interview with CNBC’s Dan Murphy in Dubai on April 30.

“The modern financial system is broken, it’s slow, it’s expensive,” the businessman said, adding that the existing banking system “favors the ultra-wealthy.”

Read more