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

[Agbamoni]

In his dreams for bank to go extinction. The bank operates under the traditional system of finance. The traditional system has existed before all of us here were born, centuries ago (BC/AC). No way it will go into existence due to crypto addiction because bank don't need cryptocurrency operations to exist, they while on the other way round, it is cryptocurrencies who need the existence of traditional banks to fully operate. If not, what is the point of owning a digital currency when you can't covert it to fiat.

Let Eric Trump think of the possibility of buying a digital currency without using Fiat as a medium of exchange.

[Sticky Bomb]

What is your opinion about this.

He's bluffing, just a well organized big bang theorem that results in a bluff, just like his father likes to assume things. Banks are government monetary tools, if they cease to exist, how does the government now control the economy through monetary policies? The same government which is crying that they have limited control over crypto and are finding every means to control it, when you remove fiat and banking, have you not rendered them totally powerless? Which government would accept that?.

He is just making a prediction and I get his points about banks shortcomings, but it doesn't in any way mean that banks would cease to exist, in fact, crypto isn't a replacement for banks, both financial institutions can coexist.

[Uruhara]

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.

But now, even several years ago, all world banks or central banks in many countries are also researching and developing their systems which also seem to be utilizing Blockchain. In the last year we have often talked about CBDCs and that is what I mean. So yeah, banks that don't try to adopt blockchain themselves will probably be left behind by banks that have started their research and trials in using blockchain in their banking financial systems. In fact, we have seen 3 countries that have launched their own CBDC. Like

1. China (e-CNY)
2. Bahamas (Sand Dollar)
3. Nigeria (e-Naira)

And I also heard that the Swiss National Bank also has a Helvetia project which also seems to be adopting Blockchain. ¹

I haven't read about developing countries that have launched CBDC trials for a long time, but I think it is still being developed and improved. And it seems like tens or hundreds of other countries are also researching and developing the same thing. So in the end the banking world will also lead to the crypto era or will not want to be left behind in the progress of the digital money era which is more transparent using blockchain.

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Reference:
1. https://www.bis.org/publ/othp35.htm

[KiaKia]

Maybe in America? As for my own country we are like 10 years back in everything compare to other big countries, I am sure that if every banks in America goes into extinct because of crypto adoption, my country will still be using banks as their trusted source of storing funds.

That aside, I don't think banks are going into extinct at any time unless Fiat is completely erased from this world, even if this dream is possible now isn't the time that it will happen, Trump son just decide to say what he feels like.

He must have forgotten that his father is still on the path of trying to make Bitcoin the reserve backing the dollar, lol, the same dollar that's been printed by the fed, this shows that Fiat still holds a lot of power.

It's going to take a long time if this is ever going to happen.

[CryptopreneurBrainboss]

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.

Banks aren't going extinct anytime soon if we're being honest. We look at the banks like only the physical banks that have buildings and forgetting that we have digital banks that operate 24hrs as the Blockchain does too. The only difference is that the Blockchain is decentralized while the banks are centralized and about the banks getting hacked, let's not forget that we aren't withdrawing physically this days as almost everything is done digitally therefore this banks don't have to own the cash equivalent of the transaction that they do online. They can be basically be sending money they don't own physically to you knowing you'll still be spending it digitally and so will the transaction keep going around. The banks don't need to adopt crypto to stay relevant just as how crypto don't need to integrate with he banks to stay relevant. Everybody can survive on their own lanes.

[Ambatman]

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.

Well he's the son of Trump, a family that says lots of things.
I don't see the banks going extinct anytime soon especially with their desire to keep up with current world changes.
They should realise that Bitcoin is an alternative not a replacement to the current system
The banks still have their use to assist the government in pushing it's monetary policy.

[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.

Well he's the son of Trump, a family that says lots of things.
I don't see the banks going extinct anytime soon especially with their desire to keep up with current world changes.
They should realise that Bitcoin is an alternative not a replacement to the current system
The banks still have their use to assist the government in pushing it's monetary policy.

Like Father Like Son, eh?

They do sure say lots of things and thats why it comes into a point that people wont be that trying out to listen up anymore on what they do say on which this isnt that limited to Trump and family but also in other known people or who do have the power in correlation into the things that come out into their mouth. Its true that there's no way that current monetary system or simply banking system would be gone anytime soon just because of cryptocurrencies existence. Crypto might gained up that attention and recognition but it wont be enough to replace the current banking system. Even myself wanting or being positive with cryptocurrencies development but not into the point that I've been thinking that it could be able to replace or make banks wont be able to exit. We do hate centralization but cant be able to deny that when it comes to functionality that brings up convenience and comfort then this is something that we do prefer. Just like on what everyone else been talking that despite of being positive towards cryptocurrencies but coming into a point that we've been thinking about on replacing bank anytime soon then this is something which is that impossible.

[EluguHcman]

~

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.

Even if crypto will chase the fiats to exile of no returns, I doubt if it would happen in this our generation but the future generations because currently as it is, we still have high level of illiterates who are literally not readabilities to cope with the digital currencies neither are they internet exposed.

It really seems impossible to even see this happening while the governments folds it hands watching the fiats under their control vanishes for decentralized currencies that they will not have power of control on except for having limited power of order on adoption based on regulations and as well the possessions over centralized exchanges since they are connected with the fiats.

And likely, it the CBN opts out their fiats from the crypto for assets exchange wit the P2P, that may be a degree having crypto negative influences on it usability for exchange as digital hold of values.

Note that the value of Bitcoin is visible and adorable when valuable commodities are in competition on which on poses a good hedge of values. So, there is every essence for the fiats to stay even when looses it values.
Still, fiats is impossible to go on extinction in such margins of 10 years because there is still a poor number of adoptors.

[Yokkattannee]

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.

Well he's the son of Trump, a family that says lots of things.
I don't see the banks going extinct anytime soon especially with their desire to keep up with current world changes.
They should realise that Bitcoin is an alternative not a replacement to the current system
The banks still have their use to assist the government in pushing it's monetary policy.

all have been considered in the current system bank.only certain people consider bitcoin easy to used in today's progress, although there are positive things from bitcoin with crypto currency that is still developing but it is not easy or not because the system already has a path in its place, and bank still maintain the stability of current finances in taking monetary policies to balance the economy.

[Raflesia]

Rather than saying about extinction I prefer to say they will be left behind by the conditions of civilization that are different.
Currently, banks still stick to their conventional systems that can never be changed so that in the end this will create a situation where when civilization becomes more sophisticated there will be a condition where trust will slowly shrink. Although they will still exist, over time this trust will shrink even though it will not disappear or even become extinct.

This condition will clearly create a situation where of course the economy that is always used as a benchmark for banks as a wheel in managing a healthy order cannot be implemented properly so they will try more even though they will slightly overhaul the system that they have built for a long time.
Credibility is a non-negotiable price and the future if in the end the bank still survives with conditions where they are still difficult to try to make peace and see crypto from another side then in the end the competition for them will be more difficult because crypto will make them even more pressured. Fiat will always exist but their credibility will be smaller when compared to crypto in the future if they still take passive steps as always happens.

[Oluwa-btc]

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 I know is banks have been in existence before crypto came in so even with an adoption or not the banks can't go on extinctions mainly because they've got to a point where they can be used to balance the monetary policy but then there's a need for an upgrade cause the fiat system is depreciating and moreso the banks and cryptocurrency works differently and I think it's the government that needs to make crypto adoption possible but not withstanding the banks can't be out of existence cause people need them.

[Ruttoshi]

As long as government is in charge and controls  the country, banks would never go into extinction in generation to come. This is because, it's from the bank that the government uses to make money by giving out to loans to the bank and the bank gives look for people that are capable of paying the loan to inform them that they can take a loan.

Government owns fiat, and banks deals on fiat. I don't see how cryptocurrency will take over from fiat because they work hand in hand. A lot of cryptocurrency out there are shitcoins which was created to scam people. Only bitcoin is decentralized with no intention to scam anyone.

[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.

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.

I agree, surely crypto was "part" of what he meant, I am not saying crypto wasn't it, but at the same time we are talking about way more than that. Banks have been doing a terrible job for a while and they are only caring about making a cent more without caring about what it means tomorrow.

And any company that doesn't future-proof themselves will have to bankrupt in the future. They were almost there, in 2008, and they were saved, but if they keep this up, they are going to be in more trouble too. Like they learned absolutely nothing from 2008, just 12 years later, when dovic happened, they needed help again. Everyone needed help, but Banks needed cash injection help, and that shows how weak they are. If they keep this up, then eventually there will be someone who doesn't help them, and then they will bankrupt.

[Rockstarguy]

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 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.

[Muba20]

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.

It is true that banks will not disappear completely, but there is certainly logic in his words. Cryptocurrency is currently being used as one of the most familiar and one of the investment platforms of people. Again, the freedom it has given in financial transactions is not possible in any conventional banking system.

Therefore, if these banks do not update them, then the new generation will directly conduct their daily activities with cryptocurrency instead of leaving conventional banking system.

At some point, banks will not be able to survive in business. But if they express their interest in cryptocurrency from now, depending on the trend and people's interest and future potential, then they will be able to move forward successfully. From my personal point of view, I think that banks will definitely accept cryptocurrency in the future and they will plan on how to increase its use further.

[Accardo]

Talks has been going on in the congress for wall street banks to treat Bitcoin as a liability. In 2022, during Biden's administration the SAB121 bill was passed to restrict banks from using cryptocurrency, and he's refused to turn the law down, until Trump came in, and encouraged that banks, specifically wall street banks adopts crypto to enable easy payment of American workers with a virtual and decentralized system. Not surprised it came from his son, the news is everywhere, maybe that was their last night's Father and Son conversation, probably the goal is to extend to a broader level of banking institutions.

[Saint-loup]

Yes banks don't deserve to survive the 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. There won't be anymore unbanked people because banks don't like what you do or who you are. So I don't think it will be a bad thing for humanity to be honest. People will get more freedom and more independence, and more financial opportunities.

[Issa56]

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.

And you think people are gonna abandon banks? I don’t really think so. You should know that not all government will have legalize bitcoin even in the next 10 years, and even if the government legalize bitcoin, that’s doesn’t mean they are going to abandon banks, as long as we are still in use of fiat currency, then you should know that banks will still be in existence, so don’t even think anything will be happening to banks anytime soon.

Banks don’t open during the weekend doesn’t you cant still make transactions, you might not be able to have access to the bank, but you can still make transactions with your mobile devices, as long as fiat currency is in existence, then nothing will be happening to banks, because that’s where cash and other valuable Items are stored.

[freedomgo]

Banks don’t open during the weekend doesn’t you cant still make transactions, you might not be able to have access to the bank, but you can still make transactions with your mobile devices, as long as fiat currency is in existence, then nothing will be happening to banks, because that’s where cash and other valuable Items are stored.

They might not be open physically, but most things are online now and online is 24/7. So as long as you know how to use it, there's really no problem transacting. The best thing about banks is the insurance they offer. If a bank goes bankrupt, we can still get our deposits back up to a certain limit. So thinking that banks will disappear just because crypto will take over? That’s highly unlikely. We should look at it from another angle, let banks do their thing, while the crypto market grows and gains adoption.

[mirakal]

Let’s be realistic here, banks are still gaining high demand from the people, so there’s no reason that it will go extinct even if they don’t co-exist with cryptocurrencies. And until the government is hesitant to support cryptocurrencies most particularly bitcoin, these banks will continue to exist and serve the people.

However, we do accept the fact that fiat’s value is dropping while btc price is appreciating in time. But the problem is, people do not recognized bitcoin, so they will never trust bitcoin or any form of cryptocurrency but will only stick to fiat, except for those who are crypto enthusiasts that are silently investing on it.