Token2049: Eric Trump Predicts Crypto To Replace 'Broken' SWIFT Payment System

Highlights

Eric Trump highlights the potential of cryptocurrencies to replace the traditional financial system.
At Token2049, Eric forecasted the possible fall of SWIFT payment and the rise of crypto.
Eric calls the traditional financial system absolutely broken and inadequate.

In a bold prediction at Token2049, Eric Trump, the second son of US President Donald Trump and executive vice president of the Trump Organization, forecasted the potential emergence of a crypto era. According to Eric, cryptocurrencies are poised to disrupt the traditional financial system, especially the “broken” SWIFT payment system.

Crypto To Disrupt SWIFT, Says Eric Trump at Token2049

Speaking at Token2049, a global crypto conference series, Eric Trump shared insights on the potential growth of the crypto industry, replacing the traditional financial system. Citing its limitations like slow processing speed, high cost, and limited accessibility, Trump forecasted the demise of SWIFT (Society for Worldwide Interbank Financial Telecommunication).

Further, Eric highlighted the advantages of crypto over the SWIFT payment system. As per Eric’s statement, cryptocurrencies are “easy to move and accessible to anyone.” For him, cryptocurrencies have become a game-changer. Reinforcing his argument, Eric stated that the modern financial system is inadequate and “absolutely broken.”

Recently, Eric Trump issued a stark warning that global banks may collapse within a decade if they fail to integrate cryptocurrency. Criticizing existing payment systems like SWIFT, he posited, “SWIFT is an absolute disaster.”

World Liberty Financial’s USD1 to Close MGX’s $2B Binance Investment

At the crypto event, Eric announced that the USD1 stablecoin will facilitate MGX’s $2 billion investment in Binance, a top crypto exchange. Highlighting the value propositions of USD1, Eric added,

USD1 will become one of the most transparent and regulated stablecoin in the world. It is backed by short term treasury and cash equivalent, not only do we want to create a product in our stable point USD, one that can be sent across borders in a very seamless way, but transparency and frankly, consumer safety is paramount, right?”

In addition, Eric Trump revealed plans for the USD1 stablecoin’s future integration into billionaire Justin Sun’s Tron network. Speaking at the same crypto event, World Liberty co-founder Zach Witkoff hinted at upcoming partnerships for the DeFi protocol. This development comes on the heels of the USD1 stablecoin’s debut on BNB and Ethereum blockchains.

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Nynu V Jamal

Nynu V Jamal is a Senior Journalist at CoinGape. She boasts more than 3 years of experience in content writing, with expertise in crypto and blockchain. She has contributed to platforms like CoinEdition and CryptoTale, demonstrating her proficiency in navigating the dynamic crypto landscape. Beyond her journalistic pursuits, Nynu is a literary enthusiast, having served as an Assistant Professor of English Language and Literature. She is a Master's degree holder in English Literature and a UGC NET qualifier. Her academic background has enabled her to publish research papers on literature, while also nurturing her creative side as a published poet. Her creative side extends to music, crafts, and art, which she actively explores. Her unique blend of analytical and creative skills allows her to craft engaging stories that captivate audiences. Stay updated with Nynu on LinkedIn

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