Will banks go on extinction if they do not adopt cryptocurrencies?

[_act_]

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.

[Hatchy]

Let's take a look at it from another angle. Will crypto currency go on extinction if they don't allow use of centralised platforms? Meaning we have more decentralised cryptocurrency, which we know very well the government is not in support of. The answer is no. Both the financial systems and the crypto currency system works on their own. But then, They literally can exist in a way to support each other. Banks has existed far before the era of crypto. People are shifting from banks for so many reasons be that they need more financial freedom. Some are still scared about cryptocurrency being a huge risky investment plan.

[mindrust]

I don’t think that’s a realistic expectation. Banks exist because people need them. People need crypto too. That’s why they will coexist. If banks don’t adopt crypto, It won’t matter at all. Actually it will be better if don’t. Banks should deal with FIAT and leave crypto alone. Crypto shouldn’t be integrated into the legacy banking system too much. Otherwise crypto will lose its freedom/privacy aspect. I sometimes wish wallstreet didn’t touch crypto tbh. It used to be more free. Now they treat crypto same as legacy banking which is pretty disgusting.

Maybe he says this because he thinks crypto will replace FIAT soon and banks will have to accept crypto because it won’t make a difference for them. They used to deal with fiat and when the fiat is dead, it will be crypto.

[davis196]

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.

He's talking a bunch of BS, if you ask me. This is just yet another "crypto is cool, banks suck" type of propaganda speech. Crypto adoption simply cannot move forward, if banks don't provide support. In fact, crypto adoption would have been 100 times smaller, if the banks were hostile towards the cryptocurrency world.
The financial system is broken because of the central banks and the constant money printing, not because of the commercial banks.
So far, blockchain technology failed at competing with the conventional financial systems. Also blockchain technology cannot fully replace banking services such as lending money to consumers and business owners.
Banks not working during weekends isn't a problem. Mobile banking is a thing.

[Zlantann]

What is your opinion about this.

Physical banking might be going extinct. I observed in my area that Banks are closing their physical offices because they are going online. So I might agree with Donald Trump Jnr if he is saying that banking hall bank services might become archaic in ten years.

Online banking will not become obsolete in ten years.  Online banking services are still cheap and fast and you don't need to go into any banking hall. Chime, Capital One 360 and Alla are very fast online banking systems.Crypto platforms will function as an alternative to fiat banking. However, I think banks will begin to add crypto services to their portfolio because it would help them get more customers. Young people who are crypto minded will choose to bank with banks that have alternative services

[peter0425]

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.

This might be taken in a wrong way. People might think that banks going extinct is an implication that fiat will soon go extinct and therefore we would no longer need banks. But from how I see this, he is saying that if banks do not adopt cryptocurrencies they will be left behind and other banks or platforms who will adopt cryptocurrencies as well as its technology will be the ones in demand. Or at least that is how I see his statement. As son of president, such statements have weight on them and people will definitely take his words seriously.

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.

Well he would be right. I believe he is hinting about decentralized platforms where we are allowed to hold our money in and make transactions in and out of.

[Felicity_Tide]

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.

I will save the YouTube link and watch the video in my free time.

Well, this is clearly what he thinks, but has he sat down to ask himself: how many percent of the world population is currently up-to-date, i.e, follow latest trend and uses internet and technology to their own advantage. Aside the fact that a good number of people are not up-to-date, he has to understand that the banking system operates in a way that will certainly makes the banking sector continue to evolve around us.

Though, I'm glad that so many of us has figured out the irritating side of the banking system and have been able to navigate our way out, but what about those that literally don't know how the whole Blockchain thing works. In the next 10 years, we might definitely see some amendments, but trust me, the banking sector will continue to readjust things to their own favor,, which means going into extinct won't be possible. The whole manipulation and corrupt practices will continue to exist, since that's the foundation they were built on.

[Roseline492]

Yes there is no other he was saying apart from cryptocurrency but just as how a lot of politicians does they will not state the investment they would want people to diversify investment so that when the press ask questions why the particular investment they advised they wouldn't be struggling to find words but he has passed what he intended to because as it is now Bitcoin is the only thing people can quess. However how is the Fiat going to be affected on this because banks are like the generator of mass usage of Fiat because bank is a Bitcoin to altcoins, however is what is coming he mentioned I don't understand because if I should say is Bitcoin that's coming it will be contradicting because Bitcoin is already operating and does not have such potential in ten years to extinct bank.

[Russlenat]

Do you trust that guy? Isn’t he the one with insider information who tweeted that something big would happen, and then the market pumped?

Banks will never disappear, as it was very clear from the very beginning that Bitcoin was only meant to be an alternative currency. We have to admit the reality that Bitcoin’s primary use now is for investment, not for daily transactions or small purchases that banks can offer us through their debit/credit cards. So I don’t believe it will happen in the future. The best-case scenario would be that banks accept Bitcoin, but that’s it, not Bitcoin replacing banks.

[Synchronice]

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.

How on earth can banks go extinct? Banks control the money flow, they are the space where businesses go to take a loan and then pay back, the number of money in banks is always going up.
Eric Trump will say what's in his or his father's interests. Banks won't magically go extinct and they'll adapt everything that's necessary for them to stay in power. First of all, we should understand the meaning of bank, it is a building where tons of money is collected and you go there to take some money and return back with some percentage. That system can't ever go away till humanity exists.

The fact that he is Trump's son, doesn't make him smart. In fact, it makes him even worse because his father isn't sane and he didn't grow up in a sane family. He grew up with a billionaire and he got everything on a plate. People like him always talk whatever they want for their own personal benefits, they do not care about the society. For them, every project is a business that they should suit to people to generate more money.

[EluguHcman]

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.

Indeed the processes of facilitating on crypto currency transactions is far preferable than the banking system system not just because crypto could serve as an asset but the fact it cryotherapy could provide 24/7 uninterrupted functional operations unlike the banking sector.

Although this is not an enough context to say the bank will be outdated for the crypto Blockchain to gain dominance because the digital operational knowledge before users being able to use the Blockchain for transactions can be challenging for elderly and uneducated people who are not friendly with digital technologies such our devices.

The most interesting aspect that the Blockchain will would silent the banking methods is the friendly and convenient facilitations of transactions is the private mode which users can always offer itself self services unlike when you have to walk to the desk of the banking officers before you could execute transactions.

[GPVibes]

In 10 years? In this same generation that is, hell no. Banks ain't going into extinction because national currency would exist. Or which country will allow her currency identity to disappear? I don't think so. El Salvador that is typical example of countries that have legalized bitcoin still has banks existing there. In fact, their banking sector is adopting modern technology to better customer's services.

How do banks go into extinction when there is fiat? Government likes control and fiat is one means that government control and regulate the system.

Meanwhile, why didn't he come on air since bitcoin was bearish since the inauguration of his father. He has suddenly woken up because of the strategic order policy that his father announced. I think he is just supporting his father's policy and administration.

[Mahanton]

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.

Come to think that Banks are way that been existing since it was being made on which of course its main function on which it had been trusted up by the humanity when it comes to monetary system and other correlated aspects on which it do serves its function. Yes, we can say that banks are shit but cant be able to deny that it does give out that convenience and functionality on which it do brings out convenience into our lives. No matter how cryptocurrency do have its relevance but still it wont be that making banks obsolete. This is why sometimes these kind of positive words turned out to be that full of BS just to try on hyping things up. No matter what we do and on no matter how positive crypto is but still it wont be that making banks to be eradicated. Its not that im saying that crypto isnt capable but we cant be able to deny that bank functions are more that better in terms of swiftness. Although it is just that too much centralized on which this is the main disadvantage but in overall when it comes to function then it do brings out that good function on which it cant be denied that it do make transactions more faster or instant. This is why you should be careful on trying out to get hyped with these kind of sentiments on which i dont really have trust when it comes to this. They do have that some sort of manipulative acts just for their purpose or whatever they do have in mind. Come to think that these fellas are that holding up significant amount into their stashes and now trying to throw out different positive sentiments into this regard. So it will be that up to you on how you do take up these words or just that dont put up any attention at all.

[Queentoshi]

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.

Anything is bound to go into extinction if it fails to evolve, I think the banks too as well are not free from this reality.

It may not really be about Cryptocurrency taking over but as a refusal of the banks to change their mode of operations to meet modern day need and demands. For instance, banks need to start considering more workers so they can operate 24hours 7days a week so they can always have people walk in for transactions and complaints.

[m2017]

What is your opinion about this.

I think that with the world changing (towards digitalization and the introduction of cryptocurrencies / blockchain), financial institutions such as banks need to adapt to these changes. Banks will be forced to do this. Namely, to integrate cryptocurrencies into their system. If this is not done, then banks will be thrown out of the modern world financial system, which, of course, their owners will not want to allow. Therefore, I assume that most banks will implement cryptocurrencies and blockchain. Those banks that are late with this can really lose their target audience and eventually die.

Although here we should ask the question, what banks are we talking about? Private, commercial? Here nuances arise. Central banks, of course, will survive and many of them are already working on the implementation of cryptocurrencies. And here an interesting situation arises. Intermediaries, in the person of commercial private banks, turn out to be unnecessary between the central bank and users, since with the help of cryptocurrencies and blockchain it will already be possible to perform all functions. Therefore, I expect that in the long term, ordinary banks will simply turn out to be unnecessary and superfluous.

[NeuroticFish]

What is your opinion about this.

Banks are private companies in a very competitive area. This means they need profits, great profits, no matter where from.

Crypto / DeFi is where the money goes around very fast, the fees are still big after quite a good number of years of existence. And we are still early. Companies are just touching it. Financial instruments are just being built. If the banks manage to avoid scams and hacks, they can earn big.

If they don't, the bolder competitors who will make more money... will just buy the banks that have remained "small".


So I think that he's correct, just "extinction" in this case doesn't mean bankruptcy, instead it means being "eaten" by the "bigger fish".
PS. This doesn't mean I trust him, though

[batang_bitcoin]

IMHO, it's still far from seeing that they'd go extinct. But that time will come if most of them stops generating huge revenues not just for their corporations but also for the government. That's why I don't think that they'll be in that form because the government has the huge use case on them they won't just allow it to happen even with the disruptive emergence of blockchain technology and as well as with the cryptocurrencies especially with the growing value and popularity of Bitcoin nowadays. And instead of them going extinct, we're already some of them are starting to adopt and embrace the reality about crypto.

[Richbased]

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.

10 years is too small to say that banks will go into extinction if they don't adopt cryptocurrency, like does it even make any sense for banks to adopt cryptocurrency? Bank represent a government institution which is managed by centralized authority, cryptocurrency is decentralized making it difficult to interfere with transactions so how can the bank accept what is against their own ethics?. Even if cryptocurrency is adopted globally, banks will still be there so no body can say that banks will go on extinction just because of crypto acceptance by all. If cryptocurrency did not have trading and investing potentials due to volatility, do you think many people would venture?. Am even feeling that cryptocurrency may not get full adoption because of their volatility, when they fall it cause pandemonium in the market so there are people that will literally afraid of investing on them.

[Mrbluntzy]

I would have said it's going to be possible only if Bitcoin and some other centralized altcoins are allowed to become a legal tender by the government across all countries. All of this banks rely on government policies and authorities, Bitcoin does not, some of these shitcoins can not even be able to fit in as a legal tender because of their easy manipulative behaviors. It's only Bitcoin that can better serve as a legal tender more than any other cryptocurrency but the government has to approve it. If they do and everyone is adopting to using it effectively, that's only when I think bank can go extinct.

[WillyAp]

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's quite smart but Banks if not internationally connected have nothing to fear,
They also are very different to crypto, their function in society is system endemic.
Crypto is not. Crypto can disappear over night and hardy any harm is done.

But people's fantasy is living without banks would be a better world. No more grocery stores to buy from.