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.
Banks are not going anywhere for a long time, even in the age of crypto currency we have exchanges which are effectively a more modern bank - people sign up to accounts, often have their funds shared in centralized wallets and it is simply what the average tech savvy person is most comfortable using. It's funny that you mention the financial system is "slow, expensive" because at various times when trying to send bitcoin I have faced both scenarios - there have been spikes in transaction fees where one day I can pay a couple dollars to move a couple hundred and other days I've spent $8-10 in transaction fees in order to send the same amount with varying speeds in transactions being confirmed - that is currently an even greater weakness of crypto than it is for banks.