MIAMI — Eric Trump, President Donald Trump’s son and co-founder of American Bitcoin (ABTC), says Bitcoin is rapidly flowing into traditional financial giants such as Bank of America’s Merrill division, Charles Schwab and JPMorgan Chase.
“This is J.P. Morgan who was making a fuss about Bitcoin 18 months ago, calling it a joke asset,” President Trump said Wednesday at Consensus Miami 2026. “It’s very interesting – now that we’re allowing people to write down mortgages on their Bitcoin holdings at JPMorgan, this has happened over the course of 18 months, my friend.”
JPMorgan CEO Jamie Dimon has long been a critic of cryptocurrencies, but his bank has since embraced blockchain technology and related advances, such as the tokenization of assets.
Mr. Trump, whose father promoted aggressive crypto-promoting policies in the White House, said that the crypto industry, which had previously been opposed to business by the Trump family after being refused business, had “beaten the banks.”
“All financial institutions know they have lost and can no longer resist,” he said. “So for the first time they’re actually swimming with the current instead of fighting it.”
American Bitcoin, the mining company that ranks as the 16th largest public holder of Bitcoin, mines 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 acquisition of Bitcoin in the space. And he said Bitcoin is “seeing new momentum” in the asset.
“This has really become one of the greatest stores of value ever,” he said, repeating his frequent claims that the assets would eventually exceed $1 million.
