The son of Donald Trump, Eric Trump, also the executive vice of the Trump Organization said banks can extinct in 10 years if they do not watch what is coming. I think what he meant is that if banks do not support cryptocurrencies.
He said modern financial system is broken. It is slow. It is expensive. There is nothing on the blockchain that can't be done better than the current financial institutions is working. Banks not working during weekends also not working more than 8am to 4pm which can be a disadvantage to those that is not able to pay money early before 4pm on Friday.
https://youtu.be/cLnNedcVgcU?si=wS2MAylU7I2LFfhCWhat is your opinion about this.
It's going to take a long time before such a situation materialises and for many different reasons. We are nowhere near a point where crypto could replace traditional financial transactions and it's mainly a capacity issue. Bitcoin does not have the ability to compete on speed and low fees, not can it handle more than a fraction of the volume that is required in transactions each day. It's probable that other cryptos might be able to overcome these limitations, but they are not trusted enough right now. There is an environmental concern as well, if these transactions are less energy efficient it wouldn't make sense to replace them with an inferior option. There will be some push back by governments who currently have the ability to see inside transactions and this assists them in investigations (warranted or not)