US President Donald Trump’s son Eric Trump, in an interview with CNBC, said banks can survive if they adopt crypto currency and technology in the next decade. Eric Trump said that the current financial system is slow, expensive and serves only certain segments.
Eric Trump’s warning
Trump pointed out the inefficiency of the traditional banking system and made harsh criticism of the situation of banks. “If banks do not notice the future change, they will lose their existence within ten years, Eric said Eric Trump. He emphasized that the existing system is no longer in line with the requirements of the age and that technological transformation is inevitable.
Crypto market attractiveness
Eric Trump said he turned to the crypto market due to inequality in the financial sector. The current banking system said it does not appeal to the masses with its high costs and limited access. He shares the view that crypto technology can make a more fair financial structure possible.
Future of Crypto and Banking
In addition, Trump criticized the current methods by finding international financial systems inadequate. He touched upon the slowness of the methods used in money transfers abroad. Eric Trump argued that these problems in the financial system will continue because of the lack of adoption of innovative technologies.
These statements of Eric Trump fueled the discussions on the adoption of new technologies in the financial sector and digital transformation. The fact that many banks in Europe started to provide crypto asset services is considered as a global transformation signal. In the USA, the authorities point out that similar steps are under planning.
These discussions in the financial sector lead to the focus of the alternatives offered by crypto technology. The fact that the banking system adapts to innovations is considered important for the digital transformation of the economy. Market actors and organizers continue their evaluations on this issue.
In the light of these developments, stakeholders in the financial sector are trying to develop various strategies in the process of adapting to the change of technological innovations. The transformation in the sector may be a harbinger of digital financial services that have reached a wider audience in the future.
Responsibility Rejection: The information contained in this article does not contain investment advice. Investors should be aware that crypto currencies carry high volatility and thus risk and carry out their operations in line with their own research.
