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

[_BlackStar]

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.

Banks are not going to go bankrupt - even if they don't adopt crypto. Interest in real use cases will certainly increase over time - but I don't know what the exact reason is that banks will go bankrupt without crypto. Banks and crypto are both needed - it's hard to say one or the other will disappear into history and be replaced. Banks will still be strong - but Eric Trump's statement seems to have a sentiment.

I just hope that both of them can coexist without drowning each other out - fiat and crypto are both currencies and means of payment, but the real use cases of crypto are not yet fully legalized in all countries. I just want to know what happens after this - will the price pump?

[AmoreJaz]

Banks are not going to go bankrupt - even if they don't adopt crypto. Interest in real use cases will certainly increase over time - but I don't know what the exact reason is that banks will go bankrupt without crypto. Banks and crypto are both needed - it's hard to say one or the other will disappear into history and be replaced. Banks will still be strong - but Eric Trump's statement seems to have a sentiment.

I just hope that both of them can coexist without drowning each other out - fiat and crypto are both currencies and means of payment, but the real use cases of crypto are not yet fully legalized in all countries. I just want to know what happens after this - will the price pump?

Traditional banking will still survive because up until now only few percentage of the world's population are into crypto. Most financial transactions are still in using the traditional method though some are already digital but still using the fiat money, only in digital form. And in case, they can surely co-exist to serve certain customers as each customer has their respective preference when it comes to banking services.

[uchegod-21]

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.

Banks are going no where. They will still be around in decades. They have gone cashless upto 70% and that will keep them in business. They will have to incorporate and synergize with crypto for a brighter future. I hate it to understand that people believe that banks and crypto will not co-exist. They are not at war with each other.
I still believe that bitcoin or crypto is the future of finance.

[Wexnident]

~

That... is highly unlikely? I mean it's supporting the world from various different angles at this point, uprooting them means uprooting literally the roots of the finance stuff of literally everyone. Heck, migrating a users data from one system to another is already an irritating headache, imagine this lol.

If it was gradual, sure, maybe. But would banks even let that happen with how much power they hold? Lol. They'd probably just incorporate crypto instead. And yes, still be as slow and as inefficient.

[shinratensei_]

Bank will still exist as long as the government still needs it.
Maybe if they don't accept crypto they willl have lesser and lesser user but i'm sure great amount of people will still use the traditional way of dealing things financially. That's where bank will be unshaken.

However, it'd be great if more of them can be more accepting of bitcoin and embrace it instead.
It can improve efficiency and so on, even taking advantage of bitcoin's technology is already such an improvement in term of efficiency for them.
I'm hopeful that's the case.

[laijsica]

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.

If some are scared of cryptocurrency as a risky investment plan, are they looking for a middle ground? I think the answer should be no. I think it is time for banks to be allowed to hold cryptocurrency reserves and for governments to reform monetary policy. Through a combination of centralized and decentralized systems. If governments allow decentralized financial systems (cryptocurrencies) as reserves then perhaps some pressure on real assets will continue to decrease and inflation will continue to decrease.

People are desperate for a change of era and they are more inclined towards a limitless financial system outside the banking system. Eric Trump comments about the current banking system may be realistic because those institutions are still spending a lot of time in old concepts setting deadlines for providing services. They may be confused about involving themselves with blockchain technology. Especially if the government does not want them to. The power of those banking institutions is very limited.

[slapper]

Extinction is a strong word, too strong if you’re looking at banks as institutions with political lifelines and regulatory entrenchment. But functional obsolescence? Maybe. Indeed, cryptocurrency is among the accelerators. Not only are banks slow, they also lack modern user expectations, human pacing, and worldwide interaction models

Eric Trump may not be your go-to futurist, but the core idea is aligned with the convergence of decentralization, digitization, and expectation collapse. People want access twenty-four hours a day. They want frictionless financial identity. They want to transfer value right away, not waiting till Monday. They don’t want paper, gatekeepers, or compliance delays that make no moral sense in a zero-delay world

Blockchain is not perfect. But it’s programmable, transparent, borderless. Already, three existential challenges to a system based on delayed trust and fractured networks exist. If the only value banks provide is compliance and delay, why are they necessary when protocols can do the same thing faster, cheaper, and without lunch breaks?

New generations will not tolerate inefficiency. There are the types that build solutions because the system is broken, not despite it. If banks believe brand legacy or loyalty will protect them, they have misinterpreted the speed with which cultural architecture may be changed. Value is coded instead of printed at this point

[justdimin]

Extinction is a strong word, too strong if you’re looking at banks as institutions with political lifelines and regulatory entrenchment. But functional obsolescence? Maybe. Indeed, cryptocurrency is among the accelerators. Not only are banks slow, they also lack modern user expectations, human pacing, and worldwide interaction models

Eric Trump may not be your go-to futurist, but the core idea is aligned with the convergence of decentralization, digitization, and expectation collapse. People want access twenty-four hours a day. They want frictionless financial identity. They want to transfer value right away, not waiting till Monday. They don’t want paper, gatekeepers, or compliance delays that make no moral sense in a zero-delay world

Blockchain is not perfect. But it’s programmable, transparent, borderless. Already, three existential challenges to a system based on delayed trust and fractured networks exist. If the only value banks provide is compliance and delay, why are they necessary when protocols can do the same thing faster, cheaper, and without lunch breaks?

New generations will not tolerate inefficiency. There are the types that build solutions because the system is broken, not despite it. If banks believe brand legacy or loyalty will protect them, they have misinterpreted the speed with which cultural architecture may be changed. Value is coded instead of printed at this point

The point isn't to "extinct all banks", the point is, the ones who are adopting, will grow bigger. But that 24 hour access thing will definitely be true. Basically we need banks to go more online, it is not just about crypto or bitcoin, it is about the fact that you should be able to move money around all over the world without any breaks and you shouldn't be having trouble with any of them. Bitcoin can do that, no matter what time it is here, or no matter what time it is for you, I can send you bitcoin anytime I want, could be midnight, could be Sunday, I can just do that. Banks needs THAT, and that is not available for banks.

Sure, if you want to go to bank store and talk to some teller then you could be doing just Monday-Friday and 9-5, that can be time limited, but if you want to move money around, invest, divest, trade, then that should be 7/24.

[X-ray]

~

That... is highly unlikely? I mean it's supporting the world from various different angles at this point, uprooting them means uprooting literally the roots of the finance stuff of literally everyone. Heck, migrating a users data from one system to another is already an irritating headache, imagine this lol.

If it was gradual, sure, maybe. But would banks even let that happen with how much power they hold? Lol. They'd probably just incorporate crypto instead. And yes, still be as slow and as inefficient.

The most logical future for bank is to incorporate crypto and I think right now this is in progress already.

After regulation about crypto becomes mature enough, i'm pretty sure those digital banks gonna incorporate crypto like there's no tomorrow. Some bank will preserve their current vision and might not adopt crypto, but I'm doubtful they'll go extinct.

[Iranus]

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?

I would be surprised if anyone believed this guy just because he said what we wanted to hear. From what he said, it seems like this guy is learning to be a politician like his father.

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.

Not just bitcoin, the crypto industry is also being used as a speculative market and people are turning it into a place to seek quick wealth. Most people only care about profits and leave at the end of the day when they have made enough profit. Not many people are really interested in technology, the crypto revolution, how can we expect it to replace banks one day?

[justdimin]

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.

That is what I understood as well. Like there is Bank A and there is Bank B, the Bank A adapts to crypto and starts using it and allowing people to invest into bitcoin etc etc, like be part of the crypto world and start to take that, and Bank B doesn't use crypto and stays just like banks today, which one has a higher chance.

That doesn't mean Bank A ends up with JUST crypto, it still does what it does today, it just ads crypto into their portfolio. In that case, I am pretty sure that we are going to end up with Bank A  doing much better and Bank B doing nothing at all and eventually bankrupt. Why? Because people will prefer Bank A and will not use Bank B, which will mean less money in Bank B and that means they are going to end up not making enough to continue.

[Majestic-milf]

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 has made a valid point. What he's trying to say, from my standpoint is that banks should learn to be flexible and be able to work with whatever change that is coming if they want to be relevant because in ten years time(which to me is very far), the way people view the banks won't be the same way they see it now but if they can stop viewing Bitcoin like a competitor, something trying to seize power from them( this not limited to the banks but to the government of the country), more citizens would feel safe to engage.
 If you look at it, the reason why people prefer to stick to the banking system is that it seems safe and they can be held accountable in case something happens to their funds and it has been there for a very long period of time so their trust is on the demon they know, but when there's flexibility from the banks, I think things would be more easier.

[Darker45]

I certainly agree. It may not be in 10 years, but if they don't adapt, they'd surely perish. There must be a version of the biological principle of natural selection and adaptation in human society. It's either you adapt or you go extinct. The technological environment is fast changing. Banking isn't insulated from it.

I've been to the bank a few hours ago. My withdrawal had to be approved by an officer. He wasn't in his table, so I waited for a while. This, for example, is too old-fashioned. Manual approval by a single assigned staff is too inefficient, slow, inconvenient, even unreliable and inaccurate. A certain smart contract could eliminate all of this.

[Findingnemo]

Banks will go extinct on one specific scenario that is people are not in need of loans anymore until that traditional banking system will exist whether they accept crypto or not.

But most of the small scale banks that focus on the savings and other investments schemes rather loan can go bankrupt and it happens time to time though. Also in the next 5 years how we access banking may be changed drastically even now we don't have to visit bank anymore, everything is done online so weekends or user experience from bank doesn't get that much importance.

[hyudien]

It is unlikely that banks will go extinct just because they do not adopt crypto, let's see the difference banks still have a high level of trust from customers in all countries compared to crypto, banks also have an important role in the financial system. I don't want to think about things like this and also 10 years is a short time, but it is also good if banks consider adopting new technologies offered by crypto, this is good for increasing efficiency and also customer service.

[serjent05]

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.

I think he meant more than that.  There are things need to be met so that the case where banks goes extinct if they don't adopt or support cryptocurrency will come true.

First, fiat currency must be obsolete
Second, cryptocurrency must be the main currency of every nation.
Third, there are no other options for trade, payment, and other financial transactions but cryptocurrency transactions.

The certain factor I stated seems impossible to happen.  It means bank will not go to extinction if it does not support cryptocurrency.  I believe it is not about cryptocurrency but the failure of bank to adopt financial changes.

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.

What is your opinion about this.

But online transactions involving bank transactions are integrated into 24-hour services.  Major banks offer 24/7 support for emergency support like card blocking, inquiries, and crime reporting like fraud.  Also, banks have apps that work 24/7.  They also have an atm stationed near the community for cash withdrawals and/or deposits.

Besides banks also offer other services that give them profit.

So I guess even without supporting cryptocurrency, banks will manage to get through the challenges as long as they do not part with the government system.

[HajiBagi]

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.

Did we know that no matter how we explain the advantages of cryptocurrencies to people there are still people who will never believe in cryptocurrencies, they are people who are not educated enough to believe in cryptocurrencies and if banks did not support cryptocurrencies I don’t think anything will affect them because banks and cryptocurrencies will always remain different, I know that when it comes to cryptocurrencies you can have 24 hours access to it but that doesn’t mean that banks are going to lose their customers or its value.

The life we are living is all about technology and things that our grandparents did not know but when it comes to money or valuable things banks will remain one of the best places where we can keep our money and valuable things, I’m saying this to make us understand that no matter it is some people that will never cryptocurrency or using wallets more important than banks.

[Swordsoffreedom]

We are still waiting, hoping that all governments will soon legalize crypto, so that they become  more popular and we can use them more easily and conveniently. That means the future of crypto is entirely up to the government . How  can we imagine a scenario where crypto replace banks, the traditional monetary system, which is run by the government and stands behind it?

Not to mention, blockchain is supposed to be the future of finance but  look , it still has many disadvantages . Bitcoin is too slow, cannot scale and is prone to congestion if too many transactions happen at once. Meanwhile, altcoin blockchains often suffer from outages, weak security, or attacks...Crypto has too many drawbacks to address before even thinking about replacing a small part of a bank's job , let alone replacing the entire role and mission of the banking industry .

[shield132]

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 long will it take banks to adopt cryptocurrencies? It will take them few weeks. Banks have lots of talented employees and if they need to create a new product, they can hire one of the best developers in the world, banks have that resources, so if they don't have Bitcoin or other cryptocurrencies today, they'll quickly and safely implement them tomorrow if they need.
I want you to also consider that many banks own subsidiary companies. For example, in my country, one local bank owns a crypto exchange under the name of a different company. Officially, they say that they are a different company and the relationship between them is partnership but I know what's happening behind the scenes, they are owned by the bank but pretend to be a completely different company. I believe many banks will be doing this in other countries too.

[DanWalker]

Banks play an important role and are considered the backbone of the economy, without it, the national/world economy could collapse. So they won't go extinct just because they don't adopt crypto.

Let's compare a bit: The role of banks in today's economy is as a financial intermediary (savings deposits, capital mobilization, lending...), managing currency to support, maintain and ensure the economy in the best conditions, not simply sending and receiving money. Meanwhile, what can cryptocurrencies do? means of payment, store of value or investment. Other than that, I don't see how it can do anything else or provide the services that the banking system provides.
Based on these, it can be seen that our world does not even need cryptocurrency, let alone it will play an important role in the economy or have the potential to replace banks.