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▲ Bitcoin (BTC) / ChatGPT generated image
Eric Trump reaffirmed his prediction that Bitcoin (BTC) could surpass $1 million, stating that JPMorgan Chase's change in attitude towards Bitcoin validated his judgment.
According to Benzinga on May 11 (local time), Trump said that while JPMorgan strongly criticized Bitcoin just two years ago, it recently pivoted to allowing customers to use their Bitcoin holdings during the mortgage process. He argued that this change is evidence that institutions can no longer ignore cryptocurrencies.
Trump mentioned that the traditional banking system had previously excluded his family from the financial sector, explaining that this experience led to his conviction in Bitcoin, stablecoins, and decentralized finance. He evaluated Bitcoin as a store of value and an alternative hedge against traditional real estate assets. He also emphasized that digital assets have outperformed most major asset classes over the past decade.
He cited Bitcoin's strengths as its portability, 24-hour transferability, and resistance to government control and physical risks. Unlike assets such as gold or real estate, which are exposed to risks of transportation, storage, and disaster, Bitcoin can transfer large amounts of value without time or location constraints. Trump pointed out that the banking sector had resisted cryptocurrencies for years, but eventually changed direction as institutional demand grew.
Asher Genoot, CEO of American Bitcoin (ABTC), stated that the company aims to establish itself as a 'Bitcoin company' by combining mining, financial asset accumulation, and ecosystem exposure. He explained that American Bitcoin mines over 10 BTC per day and maintains a gross margin of over 50%. The company cited low-cost U.S. energy, access to the latest mining chips, and infrastructure relationships with Hut 8 as competitive advantages.
Genoot also refuted the argument that AI data centers should prioritize the use of U.S. power resources. He explained that while AI data centers require stable, continuous power, Bitcoin mining can reduce power consumption when electricity prices surge. He argued that this flexibility benefits the power grid and is also significant for maintaining Bitcoin network security within the U.S., rather than in China, Russia, or Iran.
Trump presented U.S. regulatory clarity, increased institutional adoption, and demand for AI-driven digital payments as the next drivers for the cryptocurrency market's rise. He predicted that AI payments would occur through digital assets, not cash, gold, or traditional remittance networks. Trump maintained his existing forecast that Bitcoin could reach $1 million and climb even higher.
*Disclaimer: This article is for investment reference only, and we are not responsible for any investment losses based on it. The content should be interpreted for informational purposes only.*
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