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Bullish: Eric Trump has warned that cryptocurrencies could replace banks if they don’t integrate them in the next decade. So, how is the banking system lagging behind crypto?
Speaking at the Token 2049 event in Dubai, Eric Trump has called out the banking system for embracing old, slow processes and failing to evolve with the market demands. According to the talk, the modern financial system is broken and static in terms of location, making the financial transaction process very slow and procedural. According to him:
Sending money internationally through SWIFT is slow, costly, and complex. Crypto makes banks redundant.
So, how is the banking system lagging?
SWIFT payments have multiple intermediaries involved in money transfer, often taking days and high fees to finalize processes. Banks are also located at specific places and have fixed operational hours. Moreover, the banking system experiences political oversight, leading to biased operations across the globe.
On the other hand, cryptocurrencies have no intermediaries, offices, or hours of operation. They are trustless and with no political oversight in transactional operations. Above all, they take seconds to finalize transactions. As a result, crypto is becoming the preferred choice for global transactions.
