Eric Trump: DeFi is tearing apart the fee system that sustains the banking 'skyscrapers' Eric Trump explained the advantages of using Bitcoin as collateral for loans and its impact on the traditional financial system during an interview with Grant Cardone on the Money Talks podcast on November 27. When users hold $1 million worth of Bitcoin, they can skip the 120-day KYC process and various cumbersome procedures required by banks, directly proceeding with collateralized loans. Traditional banks like JPMorgan resist this model because they lose out on loan origination fees and kickbacks. He stated that blockchain technology not only ensures stable collateral ratios but also allows for real-time adjustments to collateral when asset prices drop. Source: Grant Cardone