Eric Trump mocked JPMorgan Chase for rethinking Bitcoin after "downplaying" the asset.

CoinFeed reported on May 7th, citing CoinDesk, that Eric Trump, son of US President Donald Trump and co-founder of American Bitcoin, stated at the Consensus conference that traditional financial institutions' attitudes towards Bitcoin have reversed. He quipped that JPMorgan Chase, which 18 months ago denigrated Bitcoin as a "joke asset," now allows clients to use their Bitcoin holdings as collateral for mortgage applications. He also mentioned that institutions like Merrill Lynch and Charles Schwab are embracing Bitcoin. Eric Trump stated that financial institutions have finally realized they have lost and can no longer fight this trend, thus choosing to go with the flow rather than go against it for the first time. As the Chief Strategy Officer of American Bitcoin, he stated that the company is mining at a cost of 50 cents per Bitcoin, aiming to become the lowest-cost Bitcoin acquirer in the industry.