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

[MarjorieZimmermanGinger]

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.

In the long term, there will probably be a lot of innovation that will be done by the banking sector and that must be done to maintain existence. Now there are many banks that support crypto and even our country is regulated regarding this, especially when converting crypto to fiat currency. Apart from the applicable taxes, I think banks have tried to make an approach as another benefit of financial institutions so that they can maintain their existence on the journey of the Bank itself.

If they are protected by regulations in each country then it is impossible for banks to go bankrupt as a whole because there are certain aspects that can be done to maintain the existence of the bank. But if the Bank is not affiliated with the government then I believe that it is very likely that such a Bank will go bankrupt and many have happened now.

[fuguebtc]

I agree with him. I think the banking system is very expensive and slow. The only people who benefit from the banking system are those who are already rich; they can get loans from the bank to invest in businesses that can make them even wealthier, but the banking system is not helping the average person.

 When the average person saves money in the bank, there are charges, and inflation will make the money lose value. This proves that the banking system is expensive, and you can't always get your money as fast as you want; there is always a delay.

I agree that the banking system is expensive and slow but in return it provides many services and utilities, the crypto industry cannot provide. As you have admitted, they provide loan packages for businesses and do you know what the huge benefit of that is? Businesses attract foreign investment, create jobs, help people earn income to cover their living expenses or bring in huge tax revenues...thereby promoting the development of the national economy. Can cryptocurrency do that?

Furthermore, anyone can borrow money to start a business, not just the rich. A common person like you can also borrow money to start a business and they are willing to provide you with capital if you meet their requirements. The question is whether you have the courage to take out a loan and start a business, don't worry that they will reject you.

[AVE5]

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.

No I don't think he meant bank supporting crypto is the way but rather than the economy system where regulation policies and market manipulations had been thriving on appreciating recessions.
Obviously the CBN has lost it reputable qualities on printing excessive monies for cash cushion and as it's, the fiats has lost it value so whalers are diverting to have their fund stored in bitcoin as store of value which is a reliable source rather than say it's crypto.

[icebar]

People are now comfortable using cryptocurrencies, this is the reason why the cryptocurrency world is currently expanding widely. After being aware of this expansion, banking institutions could not get involved in cryptocurrencies in the same way. The regulatory body of banks OCC has advised them to use cryptocurrencies. Of course, they have also been given various instructions on how banks can quickly adopt them in cryptocurrencies. Most of the banking institutions have not shown much interest in crypto, highlighting various types of risks.

Banks believe that cryptocurrencies, especially Bitcoin, are highly volatile currencies. There is a high possibility of rapid rise and fall after investment. Big investors can make the market more unstable by spreading various types of rumors in the market, which is why there is a high level of risk associated with investment.

Generally, banks are very concerned about AML or KYC concerns when using cryptocurrencies. They feel that since there is no information about a crypto recipient, the possibility of illegal activities like money laundering increases. Which can help in increasing crime.

Moreover, banks feel that cryptocurrencies are basically a competitor to banking services. You can send money to its recipient quickly without any transaction fees. Money can be transferred without any third party.

https://www.wolfandco.com/resources/insights/how-cryptocurrencies-may-impact-the-banking-industry/

If they can find good solutions to overcome these fears, they will be interested in using cryptocurrency. But if not find a good solution in the future, it is certain that it will be difficult for them to survive in their business.

[CageMabok]

No I don't think he meant bank supporting crypto is the way but rather than the economy system where regulation policies and market manipulations had been thriving on appreciating recessions.
Obviously the CBN has lost it reputable qualities on printing excessive monies for cash cushion and as it's, the fiats has lost it value so whalers are diverting to have their fund stored in bitcoin as store of value which is a reliable source rather than say it's crypto.

Fiat currencies will never be equal to any cryptocurrency especially with Bitcoin which generally has a limited supply limit so banks will never be able to work with a system like Bitcoin because even if banks want to develop their digital currency, it will never be the same as Bitcoin and other cryptocurrencies. I also agree with what you said that fiat currencies have lost their value in the eyes of the public since many people know that fiat money can be printed as desired by the country's leaders. So investors or anyone else should not expect much from fiat currencies except for just a means of exchange.

[Justbillywitt]

He is actually making some sense of you pay close attention to what he's saying. I think the time will come for the banks to start supporting crypto currencies, because if they don't they will be relegated to just a place where people will just be going for cash withdrawal and facilitating of fiat transfers. Because people won't be that interested in saving big money in banks anymore. The banks know that they can't escape crypto currencies forever. What I believe is that they are still working at modalities on how to incorporate it to their system so that they will be benefiting from it. So I think Eric Trump is right with what he said. Many things can still happen from now to 10 years time, but I see a future where the banks will support crypto currencies.

[YOSHIE]

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.

Most likely what Eric Trump said could have happened, at this time the bank's revenue from crypto transactions reached 356.16%, meaning that every year the bank increased the transaction value of crypto assets to 556.53 trillion in the Fiat currency in my country.

We understand that bank credit is often jammed, many users are running, there are also difficult banks to get new customers, if the bank supports their crypto by sitting sweet money into the bank. Conversely if they are We understand that bank credit is often jammed, many users are running, there are also difficult banks to get new customers, if the bank supports their crypto by sitting sweet money into the bank. Conversely if they are.

[GPVibes]

Yes bank don't deserve to survive crypto revolution coming. I don't know if it will only take 10 years to be honest. But new economic models are coming, more efficient and more fair above all. No more unbanked people because banks don't like what you do or who you are.

But will the new economic model include the use of fiat? If that economic model will take away banks so where is the place of fiat or are you saying fiat too will disappear like the banks will be affected by the new economic revolution. For me I don't think the time has come for that in 10 years or any time soon because bitcoin is still not yet accepted globally. It takes more time than being in a haste for such historical financial change.

[slapper]

I agree with him. I think the banking system is very expensive and slow. The only people who benefit from the banking system are those who are already rich; they can get loans from the bank to invest in businesses that can make them even wealthier, but the banking system is not helping the average person.

 When the average person saves money in the bank, there are charges, and inflation will make the money lose value. This proves that the banking system is expensive, and you can't always get your money as fast as you want; there is always a delay.

I agree that the banking system is expensive and slow but in return it provides many services and utilities, the crypto industry cannot provide. As you have admitted, they provide loan packages for businesses and do you know what the huge benefit of that is? Businesses attract foreign investment, create jobs, help people earn income to cover their living expenses or bring in huge tax revenues...thereby promoting the development of the national economy. Can cryptocurrency do that?

Furthermore, anyone can borrow money to start a business, not just the rich. A common person like you can also borrow money to start a business and they are willing to provide you with capital if you meet their requirements. The question is whether you have the courage to take out a loan and start a business, don't worry that they will reject you.

Indeed, bank loans produce actual economic consequences in terms of jobs, taxable income, investor confidence. If access to credit is technically "open to all", then why are approval rates and interest conditions still biased towards the already-secure? True, crypto challenges who sets the gate, though it does not yet solve it. The banking system is necessary, but not sacred. Let’s improve both. Real innovation cannot take place in replacement. It’s pressure for evolution

[jaberwock]

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.

Yeah, some people often say or think that Fiat systems will go extinct in the future and we won't need them anymore, and that cryptocurrencies are going to completely replace the traditional financial system, but I don't think that's ever going to happen. Because those in power of those centralized systems aren't going to let it happen, they will only allow cryptocurrencies and their users to breathe free as long as they get to have their share of the control over the financial systems within a country.

As soon as they feel like people are moving more towards cryptocurrencies are kinda abandoning the centralized traditional systems, they will start pushing them away and we know they can do that since they are in power to do so, and we, regular people, wouldn't be able to do much about it because at the end of the day, we are compelled to at least use a system and if there is only one, we have to use that because we need cash, and we need to spend that to get our needs fulfilled.

[qwertyup23]

<..snip..>

What is your opinion about this.

No I do not agree that banks would go extinct if they do not adapt cryptocurrencies in their payment system.

Remember, the greatest limitation of cryptocurrencies is on its nature- it solely exists on the internet. Without any device capable of storing your digital coins, this kind of payment method could not be implemented world-wide given that there are developing and underdeveloped countries that still struggle with other priorities.

For first-world countries, sure, banks may adopt cryptocurrencies on their system but fiat should and will always be king in the foreseeable future. Totally converting to a digitalize payment scheme would only benefit the rich and prejudice the poor due to the lack of any accessibility on the latter.

[justdimin]

Most likely what Eric Trump said could have happened, at this time the bank's revenue from crypto transactions reached 356.16%, meaning that every year the bank increased the transaction value of crypto assets to 556.53 trillion in the Fiat currency in my country.

We understand that bank credit is often jammed, many users are running, there are also difficult banks to get new customers, if the bank supports their crypto by sitting sweet money into the bank. Conversely if they are We understand that bank credit is often jammed, many users are running, there are also difficult banks to get new customers, if the bank supports their crypto by sitting sweet money into the bank. Conversely if they are.

Plus, that type of savings could mean a lot more capital for them. And having a capital is a huge benefit to any bank, they are run on capital and if they start accepting bitcoin for example that means a lot of people will put their bitcoin into banks, and that would be billions of dollars worth cash injection. They do not even have to use it, they could show that as collateral and still get so much.

This is why it is quite important to focus on how we could improve without a doubt, it has to be something that you can gain a lot of value from. We can definitely see a lot of rises in value for the longest time. Banks ALWAYS need more money, that is their entire lifeline, and having bitcoin accepted will be a very good addition for them and will be profitable.

[viljy]

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 speaks correctly. But it's not about cryptocurrency. The very system of financial speculative capitalism has exhausted itself. That's what he's talking about. It is impossible to produce money from money forever, which is what banks do, being in fact the largest moneylenders. This system of economic organization will be replaced by some other one, in which money probably will not be a form of debt, since this is the root of the problem. The bike is stable while it is in motion, but then the pedals no longer turn and the bike falls. The financial system is also falling, because there is no perpetual motion machine, which was mistakenly considered monetarism.

P.S. By the way, cryptocurrency is currently embedded in the existing financial system relative to fiat (a form of debt), but cryptocurrency itself is not a form of debt.

[iv4n]

What is your opinion about this.

Just like many years ago... crypto makes banks obsolete and unnecessary, at least for many things. But we don't need to worry about banks, they have accumulated enough money to transform their business in any direction or simply buy any exchange (or some other service) that is already doing well and continue on that path.

Big changes don't happen overnight, the process is slow and can take a very long time.

[Coyster]

I am not sure Eric Trump knows a lot about crypto. I will use bitcoin as an example here, Satoshi didn't create bitcoin for it to be intertwined with the banking sector, the reason was clear, and that's for it to be a decentralized alternative. I think it is actually a perfect thing if the banks leave crypto and focus on what they were created for, which is to handle fiat and its transactions.

Banks are not going extinct, at least not because they do not adopt bitcoin, and TBH i don't know where Eric Trump picked up that weird idea from, or is he just giving cryto enthusiasts something to cheer him and his father for.

[Fortify]

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.

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)

[Stablexcoin]

No I don't think he meant bank supporting crypto is the way but rather than the economy system where regulation policies and market manipulations had been thriving on appreciating recessions.
Obviously the CBN has lost it reputable qualities on printing excessive monies for cash cushion and as it's, the fiats has lost it value so whalers are diverting to have their fund stored in bitcoin as store of value which is a reliable source rather than say it's crypto.

Fiat currencies will never be equal to any cryptocurrency especially with Bitcoin which generally has a limited supply limit so banks will never be able to work with a system like Bitcoin because even if banks want to develop their digital currency, it will never be the same as Bitcoin and other cryptocurrencies. I also agree with what you said that fiat currencies have lost their value in the eyes of the public since many people know that fiat money can be printed as desired by the country's leaders. So investors or anyone else should not expect much from fiat currencies except for just a means of exchange.

Fiat is what we can't stop using, governments are the ones backing fiat as long government remains, i doubt if fiat can go into extinction. Banks won't go into extinction no matter how populated Bitcoin becomes, there is a purpose why Bitcoin cannot replace them totally, controlling the fiat system is corrupt and those in possession are not ready to let it end in a bad condition.

Banks creating any digital currency is the worst mistake they could make, why leave decentralized Bitcoin to invest somewhere same managed and manipulated by the government, there are many factors to consider and security is one among the mentions, government no matter how they develop remains what they usually are, i don't trust my funds with them in regards to investing in their currency if they do.

[bitgolden]

I am not sure Eric Trump knows a lot about crypto. I will use bitcoin as an example here, Satoshi didn't create bitcoin for it to be intertwined with the banking sector, the reason was clear, and that's for it to be a decentralized alternative. I think it is actually a perfect thing if the banks leave crypto and focus on what they were created for, which is to handle fiat and its transactions.

Banks are not going extinct, at least not because they do not adopt bitcoin, and TBH i don't know where Eric Trump picked up that weird idea from, or is he just giving cryto enthusiasts something to cheer him and his father for.

It isn't even just about him, it is about the generation. The famous "z generation" grew up with bitcoin, for them, it isn't some brand new invention, it is what existed for most of their life. They were like 10 years old when bitcoin was created at most, and they are of course seeing this as something that is taking time.

We need to realize things are not moving that fast and we could have some troubles with the future here. So we need to see how this could be a tough period to handle and how we can't make this work if we just let them be in the back seat, these kids needs to drive the show. While I hate them both, if you asked me who would run the nation better, I would say Eric would have done a better job than Donald without a doubt, even better than any of his other kids.

[Oluwa-btc]

There's no such extinction for Banks,the only problem I have with Banks is that if they ignore the crypto uptrends and evolving financial fields,they would be risking a whole lot from regulatory affairs and losing trust.An ungrade awaits Banks because numerably, people, businesses still rely on them for day to day activities.

[Abiky]

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.

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?