Eric Trump Throws Shade at JPMorgan: ’What Can Legacy Banks Do That DeFi Can’t Crush?’

Wall Street’s ivory towers just got a blockchain-shaped dent. When Eric Trump publicly questioned the value proposition of banking giants like JPMorgan Chase compared to decentralized finance, he wasn’t just trolling—he was spotlighting finance’s existential crisis.

The DeFi advantage: No 9am-5pm bottlenecks. No ’processing fees’ that magically grow overnight. Just code-enforced transparency and yield that doesn’t require sucking up to a loan officer.

Of course, JPMorgan’s lawyers will remind you they’ve survived panics since 1799 (and conveniently ignore how often they’ve needed bailouts). But when even trust fund kids start asking why we need middlemen in 2025, maybe it’s time to check the vaults—they might already be empty.

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.