In a recent interview with Fortune, Eric Trump, son of President Donald Trump, declared himself a “Bitcoin maxi,” expressing his strong belief that Bitcoin (BTC) is the premier digital asset in the cryptocurrency market.
Trump Family Joins Bitcoin Mining Wave
During the interview, Eric recounted an advice he received from Michael Saylor, the founder of Strategy (formerly Microstrategy), who suggested that Eric consider mortgaging Mar-a-Lago, his father’s Florida estate, to invest more heavily in Bitcoin. Ultimately, Eric deemed this approach “too aggressive,” opting instead to focus on his family’s new venture, American Bitcoin.
Launched in March, American Bitcoin is a partnership between Eric Trump, his brother Don Jr., and the mining firm Hut 8, which provides essential mining equipment and infrastructure in exchange for 80% of the company’s stock.
As reported by Bitcoinist last week, the Trump family plans to execute a reverse stock merger with Gryphon Digital Mining to list American Bitcoin on the Nasdaq, potentially as early as the third quarter of this year.
Per the report, Eric Trump views his latest cryptocurrency venture, American Bitcoin, not just as a mining operation but as a proxy investment for those seeking exposure to the cryptocurrency market.
This strategy mirrors that of Saylor’s Strategy, which has seen its market capitalization soar to nearly $109 billion, a value that aligns closely with its Bitcoin holdings.
This success has inspired other companies to adopt similar tactics, including various Bitcoin miners and small public firms looking to add Bitcoin to their balance sheets. Even large financial institutions, like Cantor Fitzgerald, are entering the fray.
More Participants Boost Prices
Despite the increasing competition in the Bitcoin mining and investment landscape, Eric Trump remains unfazed. He commented, “The more people that sprint toward this race, and the faster they can accumulate, the more the price that Bitcoin actually goes up.”
American Bitcoin is just one aspect of the Trump family’s growing involvement in the cryptocurrency space. They are also launching a decentralized finance app called World Liberty Financial and plan to introduce crypto exchange-traded funds (ETFs) through their publicly traded media company. Additionally, President Donald Trump has ventured into the crypto world with his own memecoin and non-fungible token (NFT) collection.
While some Democratic lawmakers have raised concerns about potential conflicts of interest arising from the Trump family’s crypto ventures, Eric has dismissed these allegations as “far-fetched.” He emphasized that he does not discuss his business endeavors with his father, who is focused on what Eric describes as “far bigger priorities.”
When writing, BTC trades at $105,700.
Featured image from Politico, chart from TradingView.com
