Eric Trump is co-founder and chief strategy officer of American Bitcoin. He recently spoke about his family’s experience with the cryptocurrency market in a recent interview on CNBC. He characterized the Trump Organization as “the most canceled company, probably on Earth,” and expressed his desire to embrace the burgeoning crypto industry as a form of resistance against perceived injustices.
American Bitcoin, a new mining venture that Trump co-founded with Asher Genoot, aims to scale quickly and potentially go public. The former president later explained that his interest in the crypto space developed during what he termed the “war on the industry.” This chaotic period included banks closing accounts indiscriminately, the Securities and Exchange Commission (SEC) starting its own regulatory war path, and millions of crypto users experiencing “debanking” just for holding on to these digital assets.
Throughout the course of the interview, Trump focused on the global trends towards crypto. He stated, “Every single sophisticated country is using their excess power to mine bitcoin.” He noted that countries like China and many in the Middle East are already investing our tax dollars into bitcoin mining. This change may seem innocuous, but it underscores how competitive the industry is.
Eric Trump would have us believe that he doesn’t influence government policy at all. He further claims to have no direct line to the White House, even though his family has proffered potent political ties. He asserted, “I don’t have anything to do with government, and frankly, I don’t want anything to do with government.” On its face, this statement signals a desire to separate the family’s business pursuits from partisan politics.
The Trump family’s entry into cryptocurrency comes at a time when they are closely aligned with the current administration’s pro-crypto stance. Trump was clear about the need for a regulatory framework here in the United States and quickly. He thinks this framework might allow cryptocurrencies to flourish within the guard rails he’s proposing. The Vice President has indicated that predictable rules will promote creativity and attract capital to this fast-changing industry.
As he continues his quest towards American Bitcoin, Trump seems sure of his new venture’s prospects. When asked how it would distinguish itself from other players in a crowded field, he replied, “We’re gonna do it better, cheaper, faster, and we’re gonna do it with a lot of passion.” This claim demonstrates their dedication to smart innovation and quality in their approach to cryptocurrency mining.
In addition to his big ideas, Trump made clear that he has started working with Genoot to build impressive assets out of their new partnership. Genoot echoed this ambition, stating, “We’re actually carving out the majority of our assets,” indicating a strategic focus on establishing a strong foothold in the competitive crypto market.
Recounting his own path to crypto, Trump clarified that his excitement for the new industry had started building up over the past few years. He explained that the benefits of cryptocurrency versus the traditional financial system were a key factor in his decision. “You realize that cryptocurrency was a lot faster, it was a lot more pragmatic, it was a lot more transparent, it was exponentially cheaper,” he stated.
In addition to mining operations, Eric Trump is backing a stablecoin initiative through World Liberty Financial, aimed at competing with established players such as Tether. This strategic shift reflects his overall philosophy to diversify his family’s investments even in the fast-growing and volatile world of crypto.