Eric Trump, son of former U.S. President Donald Trump and co-founder of American Bitcoin, took the stage at the Consensus 2026 event in Miami to highlight a dramatic surge of interest in Bitcoin from Wall Street giants. Trump drew attention to recent shifts in attitude towards Bitcoin by major financial institutions, specifically citing Bank of America’s Merrill unit, Charles Schwab, and JPMorgan, all of which have markedly changed their approach to the cryptocurrency in recent months.
Traditional finance pivots toward Bitcoin
JPMorgan’s transformation—from outspoken Bitcoin critic to active participant—was underscored as particularly significant. Eric Trump reminded the audience that just 18 months ago, JPMorgan publicly dismissed Bitcoin as a “joke asset.” Now, the bank reportedly allows clients to use Bitcoin holdings as collateral to secure mortgages. Despite CEO Jamie Dimon’s long-held skepticism towards cryptocurrencies, JPMorgan has gradually invested in blockchain technology and asset tokenization.
“Eighteen months ago, JPMorgan was mocking Bitcoin, considering it a joke asset. Now, clients can present their Bitcoin holdings as mortgage collateral. All of this changed in just 18 months,” Eric Trump summarized, highlighting the rapid transformation in the financial sector.
Eric Trump pointed out that in the past, the Trump family was regularly turned away by major financial institutions. Now, those same institutions have reversed course, unable to ignore the advance of crypto. In his view, big banks have chosen to adapt rather than resist the evolving market landscape.
Competition and targets in Bitcoin mining
American Bitcoin currently ranks as the 16th largest publicly held holder of Bitcoin globally. According to Trump, the company is producing Bitcoin at a cost of just 50 cents for every dollar, one of the lowest production costs among industry competitors and a figure that positions American Bitcoin as a cost-leading player in the mining sector.
As the company’s chief strategy officer, Trump argued that Bitcoin has recently gained fresh momentum. Despite market volatility, he emphasized that Bitcoin is increasingly being seen as a store of value—a perception that is gaining traction among both retail and institutional investors.
Sector outlook and future expectations
Trump reiterated his belief that Bitcoin could eventually reach a value of $1 million. At the Consensus event, he stressed that Bitcoin is transforming from merely a financial investment tool into an integral component of institutional alternative asset portfolios—with more and more major players including Bitcoin in their strategies.
The adaptation of crypto by leading banks has begun to make its mark on the broader financial system. Especially with JPMorgan’s recent actions, many see this as the dawn of a new era in mainstream acceptance for digital assets.
“Financial institutions now realize they can no longer stand in the way. The only option left is to join the trend,” Eric Trump commented, summarizing the shifting dynamics in the industry.
According to industry experts, the trend of once-reluctant major banks investing in crypto assets could accelerate the maturation process of the sector. Bitcoin remains at the heart of this shift, setting the tone for the rest of the market.
During Donald Trump’s presidency, stronger support for crypto has contributed to greater awareness and acceptance in the American financial system. This, in turn, has helped boost interest in crypto among both institutions and individual investors.
Mining companies like American Bitcoin are thus playing a central role, thanks to their cost optimization strategies and capacity for expansion. Long-term projections for BTC price continue to drive headlines and industry conversations alike.
