Eric Trump: DeFi is tearing apart the fee system that maintains the "skyscrapers" of banks. In an interview with Grant Cardone on the Money Talks podcast on November 27, Eric Trump discussed the advantages of using Bitcoin as collateral for loans and its impact on the traditional financial system. When users have $1 million in Bitcoin, they can bypass the 120-day KYC process and various cumbersome procedures of banks, directly engaging in collateralized lending. Traditional banks like JPMorgan reject this model due to the loss of loan initiation fees and kickbacks. He stated that blockchain technology not only ensures stable collateral rates but also allows for adjustments to collateral at any time when asset prices drop. Source: Grant Cardone