Eric Trump, co-founder of American Bitcoin and son of President Donald Trump, publicly criticised JPMorgan this week for its shift in stance on Bitcoin after years of institutional scepticism toward the asset.
Speaking at Consensus Miami, Trump said there has been a “complete turnaround” from traditional financial institutions that previously dismissed Bitcoin, with major banks now embracing the asset as part of their product and investment offerings. He pointedly called out JPMorgan for “crapping” on Bitcoin before reversing course.
American Bitcoin, the Trump family-linked mining company, reported a 23% drop in its cost per Bitcoin in Q1 2026, bringing its average production cost to roughly $36,200 from $46,900 in Q4 2025. This places it among the lowest-cost public mining operations in the industry.
JPMorgan, which has historically been one of Bitcoin’s most vocal institutional critics, has in recent months expanded its crypto-related services. CEO Jamie Dimon, who once called Bitcoin a “fraud,” has softened his public stance as institutional and client demand for digital assets has grown sharply.
