JPMorgan Chase & Co. (NYSE:JPM) was "crapping all over Bitcoin" less than two years ago, Eric Trump said, but now the banking giant is reportedly allowing clients to use Bitcoin holdings in mortgage lending.

According to Trump, this shift is proof that institutions can no longer ignore crypto.

Why Eric Trump Believes In Bitcoin

Speaking at Consensus alongside American Bitcoin (NASDAQ:ABTC) and Hut 8 Corp. (NASDAQ:HUT) CEO Asher Genoot, Trump said the traditional banking system once "deplatformed" his family and pushed him toward Bitcoin (CRYPTO: BTC), stablecoins and decentralized finance.

"They wanted to take the rails out from under us," Trump said. "That's what made me a believer that we could do it better."

Trump framed Bitcoin as both a store of value and a hedge against traditional real estate assets, arguing digital assets have outperformed nearly every major asset class over the last decade.

He said Bitcoin's appeal comes from its portability, 24/7 transferability and resistance to government control, fires, floods or physical transport risks tied to assets like gold.

"You could transfer $500 million in the middle of the night while sitting there having a glass of wine with your wife," Trump said.

Trump also said the banking industry fought crypto for years but has now changed course as institutional demand accelerates.

American Bitcoin's Pitch

Genoot said American Bitcoin aims to become "the Bitcoin company" by combining mining, treasury accumulation and ecosystem exposure.

He said the company is mining more than 10 Bitcoin per day and has maintained gross margins above 50%.

Genoot said American Bitcoin benefits from:

  • Low-cost U.S. energy
  • Access to newer mining chips
  • Infrastructure relationships with Hut 8
  • A strategy focused on growing Bitcoin per share

He said the company has raised more than $500 million while building its Bitcoin balance sheet.

Bitcoin Mining Vs. AI Power Demand

Genoot pushed back on concerns that AI data centers should get priority over Bitcoin mining for U.S. energy resources.

He said AI data centers need stable, always-on power, while Bitcoin miners can curtail energy use when power prices spike.

That flexibility, he said, makes Bitcoin mining useful for grids while keeping network security in the U.S. instead of countries like China, Russia or Iran.

Trump's Bitcoin Price Call

Trump said three forces are driving crypto's next leg higher:

  • U.S. regulatory clarity
  • Institutional adoption
  • AI-driven demand for digital payment rails

He argued AI payments will not move through cash, gold or legacy wire systems, but through digital assets.

Trump said he believes Bitcoin will hit $1 million and potentially move above that level.

"I've never had more conviction than right now," he said.

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