Eric Trump asks: ‘What is it that JPMorgan Chase does that DeFi and blockchain can’t do better?’

• Eric Trump questions traditional banking, endorses blockchain as faster, cheaper, and more transparent.
• Jamie Dimon warns of recession risks while reaffirming his skepticism toward Bitcoin.

On the 16th of May, Eric Trump sparked conversation in the financial world by taking aim at JPMorgan Chase, questioning the relevance of traditional banking institutions in today’s rapidly evolving digital economy.

Highlighting blockchain as a superior alternative, his comments came shortly after JPMorgan Chase CEO Jamie Dimon voiced concerns about looming recession risks and rising global uncertainty in a Bloomberg interview. 

Eric Trump criticizes JPMorgan Chase CEO

rump said during an appearance on CNBC. 

“So why do these banks even need to exist? What is it that JPMorgan Chase does that DeFi and blockchain can’t do better, cheaper, more efficiently, more transparently?”

For those unaware, Dimon had voiced concerns over the economic instability fueled by Trump’s foreign policy direction, cautioning that such uncertainty is rarely beneficial for business environments.

While he opined that recent tariff measures may not be as inflationary as some fear, Dimon noted that market volatility continues to create mixed outcomes for clients, some benefiting from price swings, while others suffering losses.

JPMorgan Chase’s crypto approach

He also emphasized that despite the Trump team’s diplomatic breakthrough with Sir Keir Starmer’s government, apprehensions surrounding global market dynamics remain unresolved.

He added, 

 “I would expect continued volatility. I think it’s a mistake to think we can go through all the things we’re going through and the volatility itself will come down.”

Dimon highlighted a mix of domestic and international pressures, ranging from elevated interest rates to mounting deficits and global conflicts, that are contributing to market uncertainty.

He warned there’s a 50% chance of a U.S. recession.

Notably, Dimon has remained a staunch Bitcoin [BTC] skeptic, famously branding it “worthless” and a “fraud,” positioning him at odds with the growing momentum behind digital finance.

A year ago, he also said, 

“I defend your right to smoke a cigarette, I’ll defend your right to buy a bitcoin.”

Eric Trump backs his father

However, Eric Trump stood strong with what the current President is doing. Backing his father stance at Consensus in Toronto, Canada, he said, 

“There’s a famous saying that sometimes the enemy of your enemy is actually your best friend. That was the Trumps with the crypto community. And I think the banks made the biggest mistake of their lives.”

Additionally, speaking from Dubai, Eric Trump delivered a stark message to the traditional banking world, i.e., adapt or face irrelevance.

Highlighting the UAE’s rapid emergence as a global crypto hub, he criticized the inefficiencies of legacy financial systems, calling them outdated, costly, and sluggish.

According to Trump, the future belongs to faster, decentralized technologies, and banks unwilling to evolve may find themselves left behind in this shifting digital landscape.

Current market conditions

This coincided with Bitcoin hovering around $102,996.80, despite a slight 0.74% dip in the last 24 hours as per CoinMarketCap.

Seeing this, the growth of BTC, even longtime critic Peter Schiff couldn’t resist weighing in.

In a surprising moment of satire on X (formerly Twitter), Schiff, typically known for dismissing Bitcoin’s value, recently appeared to concede that the digital asset may finally have found a legitimate use case.

While the comment may have been tongue-in-cheek, it underscores how Bitcoin’s growing relevance is forcing even its harshest skeptics to take notice.