In a recent speech at Consensus Miami 2026, Eric Trump, son of former President Donald Trump and co-founder of American Bitcoin (ABTC), highlighted a significant shift in the relationship between traditional financial institutions and the cryptocurrency market. Referencing the current bitcoin valuation of $81,379.36, Trump noted the increasing acceptance of cryptocurrencies by major banks such as Bank of America Corp.’s Merrill division, Charles Schwab Corp., and JPMorgan Chase & Co.
Trump remarked on the dramatic turnaround from JPMorgan’s previous stance, where CEO Jamie Dimon openly criticized bitcoin as a mere “joke asset” just 18 months prior. “Now they’re allowing people to take down home mortgages against their bitcoin holdings at JPMorgan,” Trump said, emphasizing the rapid change in the bank’s approach to digital currencies. This evolution reflects a broader trend among financial giants that have historically dismissed the potential of cryptocurrencies.
He drew attention to the broader implications of this shift, stating that the crypto industry has effectively “broken the banks” that were once resistant to its influence. Trump asserted, “The financial institutions all realize that they’ve lost and they can no longer push back. And so instead of actually fighting against the tide, you know what they’re doing? They’re swimming with it for the first time.”
As chief strategy officer of American Bitcoin, Trump also discussed the company’s position in the cryptocurrency landscape. He revealed that ABTC is currently ranked as the 16th largest public holder of bitcoin, and noted their strategy of mining bitcoin at a cost of 50 cents on the dollar. Trump expressed confidence in the company’s ability to establish a competitive edge in the sector by acquiring bitcoin at some of the lowest rates available.
In closing, he reinforced his belief in bitcoin’s future growth. “It’s truly become one of the great stores of value ever,” he stated, reiterating his projection that the asset could eventually reach a valuation of one million dollars.
