Eric Trump takes shot at JPMorgan rethinking bitcoin after 'crapping' on asset

The U.S. president's son, who co-founded American Bitcoin, said there's been a turnaround from traditional institutional firms now embracing bitcoin.

What to know:

• Eric Trump said the major institutional financial firms have realized they've lost to the crypto movement.
• The son of President Donald Trump co-founded mining operation American Bitcoin, and he said it's getting bitcoin for 50 cents on the dollar, trying to be the cheapest operation in the field.

MIAMI — Eric Trump, the son of President Donald Trump and the co-founder of American Bitcoin (ABTC), said that bitcoin BTC$81,379.36 has reached a sharp influx of traditional financial giants, name-checking Bank of America Corp.'s Merrill division, Charles Schwab Corp. and JPMorgan Chase & Co.

"JPMorgan, who was crapping all over bitcoin 18 months ago, saying it was a joke asset," Trump said on Wednesday at Consensus Miami 2026. "It's really interesting — now they're allowing people to take down home mortgages against their bitcoin holdings at JPMorgan, this happened in a period of 18 months, my friends."

JPMorgan CEO Jamie Dimon had been a longtime critic of cryptocurrencies, though his bank has since been among those embracing blockchain technology and associated advances, including tokenization of assets.

Trump, whose father has pursued aggressive pro-crypto policies from the White House, said the crypto industry has "broken the banks" that had once turned away the Trump family, rejecting their business.

"The financial institutions all realize that they've lost and they can no longer push back," he said. "And so instead of actually fighting against the tide, you know what they're doing, they're swimming with it for the first time."

American Bitcoin, a mining company that is ranked as the 16th largest public holder of bitcoin, is mining bitcoin at 50 cents on the dollar, said Trump, the company's chief strategy officer. He said the company is trying to establish the cheapest bitcoin acquisition in the sector. And he said bitcoin is "seeing a new torque" in the asset.

"It's truly become one of the great stores of value ever," he said, repeating his frequent claim that the asset will eventually top a million dollars.

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