At the Token2049 conference, Eric Trump and other experts discussed the future of finance and the need for banks to adapt to cryptocurrency.
Challenges of Traditional Banks
Eric Trump expressed the view that the traditional financial system has serious issues. He mentioned that his family became a victim of this system, leading to their acquaintance with cryptocurrencies. According to Trump, banks operate slowly and inefficiently, as evidenced by the lengthy loan application process which typically takes 90 to 120 days.
Benefits of Cryptocurrency
Trump believes that cryptocurrency offers faster, safer, and more accessible ways to conduct financial transactions. He claims that blockchain technology can significantly simplify processes, eliminating the need for many paper forms.
Future of Financial Technologies
According to Zach Witkoff, co-founder of World Liberty Financial, traditional financial institutions must adapt to new realities or risk being left behind. Witkoff predicts that in the future, the financial system and decentralized finance will merge into a single entity.
Experts suggest that if banks do not start integrating cryptocurrency, they may find themselves at a disadvantage compared to more modern financial technologies.
