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Trump's Son: Traditional Banks Urgently Need to Change Their Operations, Blockchain Technology Is More Efficient Than Current Traditional Financial Operations

3 hours ago

On April 30th, Eric Trump, the son of former U.S. President Donald Trump, issued a warning to the banking industry, stating that if they didn't change their ways, they would face extinction. He pointed out that "the modern financial system has collapsed, with slow speeds and high costs." Eric Trump said on Tuesday, referring to the global financial transaction messaging network SWIFT, that "everything that can be done on the blockchain is more efficient than the current operating methods of financial institutions. SWIFT is a disaster." He severely criticized the slow and inefficient nature of the traditional banking system, calling it "outdated." This is a common criticism held by many, especially cryptocurrency enthusiasts. In recent years, as the son of the former U.S. President, Eric Trump has made frequent visits to the UAE. As the Trump brand continues to expand its real estate projects in the country and the wider Gulf region, the desert emirate is rapidly emerging as a global cryptocurrency hub. As a strong supporter of digital currency, Eric Trump predicted at the Bitcoin MENA 2024 conference in Abu Dhabi last December that the price of Bitcoin would reach $1 million.
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