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On May 16, Eric Trump offered a critique of JPMorgan Chase , questioning the extent to which a “traditional” bank is relevant in today’s digital world and arguing that blockchain technology is a far superior product.

Eric's remarks came just hours after JPMorgan CEO Jamie Dimon discussed potential recessionary risks and growing global uncertainty in a Bloomberg interview.

“So why do these banks even need to exist?” Trump said, during an appearance on CNBC. “What is it that JPMorgan Chase does that DeFi and blockchain can’t do better, cheaper, more efficiently, more transparently?”

Trump referenced frustrations with old banking platforms like SWIFT and praised the digital currencies backed by the U.S. Treasury for allowing transactions to happen instantly and 24/7 anywhere in the world. “It’s going to revolutionize finance,” he added.

At the same time, Dimon indicated a variety of domestic and geopolitical issues creating instability, such as higher interest rates and big federal deficits, trade tensions, and unresolved conflicts abroad. He thinks there is a 50% chance of a U.S. recession. “Hopefully we’ll avoid it, but I wouldn’t take it off the table."

Dimon has always been one of Bitcoin 's loudest critics on Wall Street, calling the cryptocurrency a "fraud" and saying it is "worthless."

A year ago, he also said, "I defend your right to smoke a cigarette, I'll defend your right to buy a bitcoin," even though he did not personally endorse the cryptocurrency, as per reports .

Under his leadership, JP Morgan has continued to develop blockchain tools, including the bank's own digital payment infrastructure.

In 2019, JPMorgan launched JPM Coin, a dollar-backed digital token for instant institutional payments. On the bank's Onyx blockchain platform, JPM Coin allows real-time, 24/7 fund transfers and processes $1 billion in transactions daily as of October 2023.