Re: Will banks go on extinction if they do not adopt cryptocurrencies?
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=wS2MAylU7I2LFfhC
What is your opinion about this.
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=wS2MAylU7I2LFfhC
What is your opinion about this.
Eric Trump is right. At least, the part about the financial system being broken. But I don't think banks will disappear anytime soon. Especially when governments want to keep control on people's finances. In such an scenario, two things can happen: either central bank launch digital currencies of their own (CBDCs) or they make a partnership with crypto companies to make stablecoins legal tender. This last option will make corporations more powerful (as they will control the money supply). But the government will still be able to control who or what gets access to the system. Think of it as a public/private partnership where both governments and corporations have a stake in the mainstream economy. Between this and the launch of CBDCs, I can't tell which one is worse.
iAs for Bitcoin and other cryptocurrencies, they will remain "second-class" options for those seeking an alternative from the newly-formed financial system. They will never replace Fiat because of their decentralized design. At least, it's better something than nothing. Right?
