Eric Trump talks to Zach Witkoff from World Liberty Financial and Tron -Maker Justin Sun about how the institutional banks ‘in the dust’ will be left if they do not embrace crypto.
On May 1 during the Token2049 Fireside chat session, Eric Trump opened about how he and his family were “canceled” by the modern financial system, making him discovered the world of cryptocurrency.
“Modern finances was absolutely broken. And when the banks came behind our family, I will never forget, we have become the most canceled people in the world because we are associated with politics in the United States,” Trump said on the podium of the Token2049.
“And to be honest, I really believe that cryptocurrency, and certainly our company in Cryptocurrency, will regret the big banks,” he continued.
He criticized how financial institutions such as banks still move at a relatively slower pace compared to crypto companies. Trump used the process of applying for a loan from a bank as an example, because it usually took 90 to 120 days to be processed. In the meantime, Blockchain technology makes it possible for people to move large sums of money and make it public and make it accessible to everyone to follow.
“They push paper shapes that are there, things that can be done immediately on blockchain, things that can be done cheaper, faster and more efficiently,” Trump said.
Tron (TRX) Maker Justin Sun repeated Trump’s sentiment and stated that he noticed how people have become incredibly low in the United States in the United States. With the blockchain, however, people can regain a sense of transparency that modern banks are missing.
“Nobody knows what’s going on on the couch, they just move around $ 5 million around and the customer doesn’t even know what happened. But on blockchain these kinds of things will never happen again because everything will be transparent on the blockchain,” Sun said.
World Liberty Financial Co-founder Zach Witkoff stated that the reason why the project was founded in the first place was because of the ‘gaps in the traditional financial system’. That is why the project wants to democratize access to the financial system, in particular by combining it with decentralized finances.
“We will wake up in a world in four or five years, where the two things will merge a bit. I think you will see Defi and traditional finances, just come together in a way that they really can’t really be unhindered,” Witkoff said.
Modern financing runs the risk of staying in the dust
Zach Witkoff stated that financial institutions should learn to adapt to the changing economic landscape that is increasingly lived by crypto. If they refuse, he continued, they can run the risk of lagging behind.
“I think time will tell, you know what choice they make, but hopefully they will be on the right side of history,” Witkoff said.
Eric Trump believes that it will be difficult for large financial institutions to change gear and embrace crypto, especially because of how their entire business model is built on the old -fashioned mechanisms that are erased by crypto.
“If the banks don’t embrace this, if they don’t buy it, if they don’t embrace crypto now, they will just be extinct because you actually eliminate the function,” Trump said.
In terms of technological progress, he noted that crypto is “100 times as fast as these large banks”. Not only that, it has also become much more accessible for non -banged populations.
“What Crypto really does is bringing an even playing field to the world. If you don’t have access to Jamie Dimon, if you don’t have access to the biggest financial institutions, congratulations, you have your phone,” Trump said.
