Trump Family’s new move in Crypto – Eric Trump launches “American Bitcoin” Mining Venture
America’s former President and now Republican front-runner Donald Trump’s family has taken another step in the cryptocurrency world. Trump’s son, Eric Trump has announced a new crypto venture named “American Bitcoin”, which will focus specifically on Bitcoin mining. For this venture, he has partnered with crypto firm Hut 8. This announcement was made during a Wall Street conference call in April.
What is Bitcoin Mining?
Bitcoin mining is a process in which new Bitcoins are generated using high-powered computers. This process is extremely energy-intensive, which consumes a lot of electricity. Therefore, energy policies and their cost play a very big role in this industry.
Eric Trump says that the pro-energy and low-cost energy policies that were in place during the tenure of his father, President Trump, will give American Bitcoin a competitive advantage. He also said that his goal is to make America the world’s leading Bitcoin mining nation.
Trump Family’s history linked to crypto
This is not the first time that the Trump family’s name is associated with cryptocurrency. According to the report, Donald Trump is already financially linked to two other crypto ventures. During his previous presidency, he shut down the Securities and Exchange Commission’s (SEC) enforcement campaign against crypto companies and also supported pro-crypto legislation.
Eric Trump has assumed the role of Chief Strategy Officer at his new company American Bitcoin. According to reports, the company currently has 215 Bitcoins worth about $22.5 million (about ₹188 crore). The company plans to buy more Bitcoins and list its shares on Wall Street in the future, which will become another investment option for investors linked to the Trump family.
Heavy promotion at crypto conferences
Eric Trump and his brother Donald Trump Jr. Trump has promoted his company at major crypto events in Las Vegas and Toronto in recent weeks. American Bitcoin branding was prominently displayed at these events. This clearly shows that the Trump family wants to become a serious player in the crypto sector.
Concerns of Conflict of Interest
The Trump family’s business interests have already been mired in controversy, and now this new crypto mining venture has deepened those concerns. Representative Maxine Waters, the top Democrat on the House Financial Services Committee, strongly criticized the venture and called it a “profit-driven conflict of interest.”
They said that when a former president and his family members actively influence government policies and also run private business ventures, it blurs the boundary between “public interest and personal profit”.
Crypto Industry got a boost from Trump Policies
The Bitcoin mining industry is growing rapidly in America. Today, many mining companies are publicly traded and their combined market value has exceeded $12 billion. Analysts say that the policies of the Trump administration have been largely responsible for the growth of these companies.
The White House had recently announced a plan to create a national Bitcoin stockpile, which is being seen as another pro-crypto measure. After this announcement, Bitcoin prices touched record highs.
The way forward
The future of American Bitcoin looks very exciting. The company plans to soon merge with a publicly traded firm, which will increase both its presence and capital. Eric Trump says that his company aspires to become a major player not just in America, but globally.
This new move by the Trump family in the crypto world shows a powerful combo of their political and financial ambitions. But this also raises ethical and legal questions – should a public servant and his family be so deeply involved in such a sensitive and volatile sector?
Only time will tell whether this Bitcoin gamble of the Trump family will become a jackpot for them or a political minefield.