What Eric Trump JUST Said about Blockchain.

Hey everyone, me Kevin here. In this

video, I want to break down this

interview with Eric Trump. And I have to

say it was really disappointing and I

wouldn't expect this of Eric Trump. So,

I'm disappointed in him, but I want to

go through it because I think it's

important for us to see where there are

major misconceptions and what's going

on. And I have a feeling I know what's

driving this. A spoiler alert has a lot

to do with some insider front running on

crypto. In fact, it's almost on a daily

basis we see these disclosures that

senators are, you know, buying crypto

ahead of cryptocurrency legislation and

stable coin legislation. Mind you, I

think tokenization and stable coins are

really good way to conduct banking. Like

blockchain is way faster. It is the

future of banking. Does that necessarily

mean cryptocurrencies are going to rise

in price? Not necessarily. But those

built-in factors are coming and they're

going to be faster and better than the

systems we have today. But this

interview right here, I'm a little

disappointed by it. Let's go through

some of

it. Well, let's actually make it so you

can hear it though. How about that? You

know, the two and the willingness to to

again say yes back to the the first part

of our our interview. Um you know, the

willingness to actually look forward and

realize that the modern financial system

is broken. It's slow. It's expensive.

Um, and there's nothing that can be done

on, you know, blockchain that can't

this. First of all, I agree. We can be

faster on blockchain. Totally agree so

far. Can't be done better than the way

that the current financial institutions

are are working. You know, Swift is an

absolute disaster. Um, there's not a

week that goes by that I'm neither

trying to send out a wire on a Friday

afternoon or trying to receive a wire on

a Friday afternoon. You're worried if

you're going to hit that 4:00 cut off

time. Yeah. where you might not hear,

you know, whatever funds you're supposed

to be receiving in the ordinary course

of business, you know, for another 72

hours or whatever it might be. It's it's

it's insane. I mean, it's not really

that insane. This this, I think, is just

sort of an exaggeration because you're

using a Friday example. And why are you

sending or trying to receive your wires

right before the cutoff? A little bit of

pre-planning could avoid this sort of

problem because again if you send wires

on any day before fe 4 4 pm Eastern

they're almost instantaneous. I'd say

they show up within 30 minutes. We do

this all of the time with house hack and

a real estate business. Not a big deal.

Yeah. Okay. Wires don't process on the

weekend. So if you miss the Friday

cutoff, it's kind of on you. So I think

this one's a little bit of an

exaggeration. you know, why do banks

work 9 to5, you know, with a with a long

lunch break, you know, Monday through

Friday. Okay. Wires don't stop because

of a lunch break. It doesn't make a

whole lot of sense. It's, you know, you

could go try and get a, you know, a

mortgage in the United States or really

anywhere else around the world, but, you

know, you and, you know, whoever your

spouse is, you could sit there for 90

days, 120 days going through and know

your customer with a bank that's

literally been your banker for the last

25 years. Okay, this is this is where I

start losing it a little bit. Not only

have I been a mortgage loan originator,

but I'm still a real estate broker and

I've done a lot of loan transactions.

KYC takes like five minutes, okay? You

can literally like scan your face and

your ID on a phone these days and KYC is

like automated and done in minutes. No,

like this is not a big deal at all. Like

running you through ORFAC takes like 30

seconds. It's not that big of a deal.

This is totally normal. But then this

idea that it takes 90 to 120 days to get

a mortgage. Who's your mortgage lender?

Like what are you smoking? I'm seeing

loans get done in 21 to 30 days on a

consistent basis. Yes, sometimes someone

self-employed, more complex filing might

take closer to 45 days. But that also

assumes that they haven't been

pre-underwritten or you know even in

some cases just a pre-approval will get

you cleaned up a lot and keep you within

30 days. But some buyers in real estate

are, and this is a good strategy if you

ever want to buy a property, is you get

your pre-approval letter and then you

ask your lender, hey, you know, do you

think in this more competitive

environment, some markets are more

competitive right now, uh, it might make

sense getting pre-underwritten? And they

actually send your file up all the way

through an underwriter, so you don't

have to do it anymore when you're in

escrow. You just send the property

through, you're already approved,

basically. Uh, and you can get loans

done in less than 21 days. So, um, like

I personally don't like it when

politicians exaggerate in a nonfactual

basis. This is just rhetoric and opinion

and it's disappointing coming from Eric

Trump. I feel like you should be smarter

than this, you know, and it takes you

what, 120 days to get a mortgage to buy

a house. You know, by the time you get

the mortgage, the house that you want to

buy is already gone. And, you know, your

dreams already imploded. Then you like,

again, you're you're using the wrong

banker. You're not hooked up with the

right agent. I I don't know. You're

doing something wrong. Like, this isn't

modern finance. This is this isn't a

lie. You're right. It's a lie. Try and

transfer money across the world. You

want to go buy a a watch. You want to go

buy a car. You want to go, you know, do

whatever it is. You know, the banks take

half of that currency conversion rate.

No, no bank takes half of your

international wire. We pay international

folks all the time. Banks are not taking

half of the money. They do the currency

conversion for you. Makes it easy.

you're usually getting pretty dang close

to spot anyway on the conversion and I

sent international wires and they show

up within you know within 90 minutes

often in fact I think the statistic

right now is that 90% of crossber

payments made over swift which he's

bagging on uh clear within an hour now

sometimes it takes a little longer half

a day to a day depending on you know

what's going on with local banks but yes

and don't get me wrong blockchain's

going to be way faster and we'll

eventually get to a blockchain based

Swift, but I I I feel like exaggerating

to get there isn't the way to go about

it. You have all sorts of things. You

have to find a branch bank in a country

with a person, a banker you've never

spoken to before. You don't even know if

they're, you know, a real life banker or

they're fraudster. Well, that's that's

the point of the receiving entity.

That's their job. It's not like you,

Eric, you want to buy a watch from

Switzerland because you don't know what

to do with your money anymore.

It's not like you you need to contact

that banker. The Swiss watch maker tells

you this is my banker.

Whereas you can open up a DeFi app right

now. You can open up, you know, any

cryptocurrency app and you can send

money wallet to wallet instantaneously

without This is true blockchain.

Fantastic. Big fan of this. And we're

getting there. The expense without the

variability. Um our banking system is

broken. Our banking system is

antiquated. our banking system favors

the ultra wealthy. Um, probably. And

what actually got me into it is the fact

I realized our our banking system, it

was weaponized against the vast majority

of people in our country, either the

people that don't have the the zeros on

their balance sheet. I mean, in

fairness, this is where we get probably

a little bit more true. Uh, the banking

system is a great tool for people who

can get financing or businesses who can

get financing. Everybody else kind of

gets ripped off get ripped off on credit

card fees and rates. Uh uh you know,

lending is generally unavailable for for

folks unless they have significant

assets already. So I I I agree with Eric

on this. I I don't know when the last

time was that Eric bought a house, but

apparently it wasn't anytime recently.

So some of this is exaggeration, but I

will say there, you know, this is where

I want to get bullish on blockchain

tech. you know, right now if you buy

shares in the stock market, you know,

they take a day to settle. So, it still

takes a day where a broker dealer might

have to deal with fails to deliver.

Might have, in other words, like the

shares don't show up. Uh they have to

account for all of this nonsense back

and forth. It increases the regulatory

burden. It increases the costs of broker

dealers. If you can move broker dealers

in the stock market or banks to

blockchain, all of that becomes

instantaneous, way better. So big fan of

blockchain and and I think we're going

to see a lot of blockchain and real

estate coming as well. Uh it's something

we're looking into with house hack as

well. Uh mostly because in the future we

expect uh to be able to trade zero fee

real estate. And one of the tools that

could actually enable that faster and

cheaper is blockchain. Uh not using

cryptocurrencies but using stable coins,

right? So it's not like you know making

some kind of like memecoin or whatever

but using blockchain technology for

settlement and custody or dividends.

That's going to be a big deal in the

future. So, I'd definitely say uh he's

right that there is a transformative

effect possible, but the way he's trying

to get there is is kind of full of lies

or just mistruths, I guess we could call

it. Uh but I will agree, you know,

there's going to be some excitement

around what we could do with blockchain

in the future. We're excited at House

Hack or people who might have worn that

red hat that said make America great

again. Um and uh and it forced me into

the crypto world and and I'm telling you

um if the banks don't watch what's

coming, they're going to be extinct in

10 years.

Yeah. So you're still going to have

custody banks, right? So even if you're

full crypto, somebody's still like

people don't want to custody everything

themselves. You can, but there's just a

greater risk of of potentially you

losing your wallet or whatever, right?

So people still, especially elderly

folks, they still want a banker. people

still want somebody taking that risk and

ensuring that risk. And so I think, you

know, more FDIC protections will come

for uh stable coin wallets. So in the

future, banking will probably evolve to

where you could actually bank your

stable coins with your bank and they're

responsible for protecting it. So if

they lose it, you're insured by a

governmentbacked entity. That's really

where you get blockchain that takes off,

right? That's really, you know, where

you don't have to so much worry about

like you could go to Anchorage Digital

today, wallet provider, uh, you know,

custody provider. Hey, what kind of

insurance do you have? It's kind of hard

to get a straight answer out of it. And

it's hard to know how resilient is that

insurance policy actually going to be.

Whereas when you have too big to fail

banks, you can actually ensure and have

faith that you know JPA is going to come

bail out your stable coin wallet should

there be some issues in the financial

system in the future. So as a result, I

don't think banks will go extinct, but I

do think they will adopt uh blockchain

technology and I'm excited about the

possibilities for that. But again, I I

think Eric Trump may have some bias with

their exposure to World Liberty

Financial. You know, the Trump family

just took control of about what 70% of

World Liberty Financial, which is really

their their token that uh uh their meme

token that they created that so far

doesn't really have any utility.

Supposedly, they profited somewhere

around half a billion dollars from it.

Uh and it's nice to argue that, you

know, their token somehow benefits from

stable coin regulation, which I think is

the implication. That's why he got all

in on crypto. But I think when we

separate what blockchain can do, we

could be really optimistic about

blockchain but not necessarily be

optimistic on, you know, like a Trump

token or some kind of rugpull. Anyway,

uh, thanks so much for watching this

video. Hopefully this was insightful, my

opinion on why I'm disappointed in what

Eric Trump is saying, but also why I'm

actually pretty bullish on blockchain.

Thanks so much for watching. We'll see

you in the next one. Goodbye and good

luck. Why not advertise these things

that you told us here? I feel like

nobody else knows about this. We'll

we'll try a little advertising and see

how it goes. Congratulations, man. You

have done so much. People love you.

People look up to you. Kevin Praath

there, financial analyst and YouTuber.

Meet Kevin. Always great to get your

take.