CoinDesk
Eric Trump told the Consensus Miami 2026 audience on Wednesday that JPMorgan has reversed its stance on bitcoin, telling the crowd that the bank once "crapping all over" the asset as a "joke" is now letting clients take mortgages against their bitcoin holdings.
"JPMorgan, who was crapping all over bitcoin 18 months ago, saying it was a joke asset," Trump said. "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." Trump, chief strategy officer of American Bitcoin (ABTC) and son of President Donald Trump, framed the shift as evidence that the crypto industry has "broken the banks."
The miner, which Trump co-founded and which ranks as the 16th-largest public holder of bitcoin, is producing bitcoin "at 50 cents on the dollar" and "trying to be the cheapest operation in the field," Trump said. He repeated his long-running thesis that bitcoin will eventually top $1 million per coin and called it "one of the great stores of value ever."
Why it matters
JPMorgan CEO Jamie Dimon spent years publicly dismissing bitcoin and crypto more broadly, even as his bank quietly built out blockchain infrastructure on the institutional side. The mortgage-against-BTC product Trump referenced marks a further leg of that institutional product build-out — moving from custody and trading into consumer credit products collateralised by the asset. The 18-month window Trump cited tracks roughly with the spot ETF approvals and the post-election pro-crypto policy environment out of Washington, both of which materially lowered the reputational cost for traditional banks to lean in.
The political layer is hard to separate from the commercial one. Trump's framing was explicitly adversarial toward the banks that once rejected his family's business — "the financial institutions all realize that they've lost and they can no longer push back." That posture, delivered from a White House-aligned platform with mining-company economics behind it, is itself part of the market structure now: policy tailwinds and family-affiliated miners both feeding the same narrative.
Frequently asked questions
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What did Eric Trump say about JPMorgan and bitcoin at Consensus Miami 2026?
Eric Trump said JPMorgan spent 18 months publicly dismissing bitcoin as a "joke asset" but has since reversed course, now letting clients take mortgages against their BTC holdings. He framed the shift as proof the crypto industry has "broken the banks."
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What is American Bitcoin (ABTC) and what production cost did Trump claim?
American Bitcoin is a mining company co-founded by Eric Trump, who serves as chief strategy officer. At Consensus Miami 2026 Trump said ABTC is producing bitcoin at roughly 50 cents on the dollar, well below most public miners' all-in cost basis, making it the 16th-largest public holder of BTC.
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What bitcoin-collateralised product is JPMorgan offering?
Per Trump's comments, JPMorgan now allows clients to take mortgages using their bitcoin holdings as collateral — moving the bank from custody and trading products into consumer credit products collateralised by BTC. JPMorgan did not publicly confirm the specific product detail in the seed material.
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Why is Jamie Dimon's stance on bitcoin considered to have changed?
Dimon publicly criticised bitcoin and crypto for years, but JPMorgan simultaneously built blockchain infrastructure on the institutional side. The mortgage-against-BTC product Trump referenced sits inside a broader institutional product build-out spanning custody, trading, tokenisation, and now consumer credit.
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What price target did Eric Trump repeat for bitcoin?
Trump repeated his long-running claim that bitcoin will eventually top $1 million per coin, calling the asset "one of the great stores of value ever." The forecast is his stated personal view, not a market or analyst consensus.
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