Eric Trump Says World Is Hoarding Bitcoin as His Company Seeks to Lead Mining Race

Highlights:

• Eric Trump said Bitcoin demand is growing worldwide among families, companies, and funds.
• His company American Bitcoin aims to lead the mining race by mining Bitcoin cheaply and efficiently.
• Donald Trump family crypto ventures face scrutiny over conflicts and political influence concerns.

At the Consensus 2025 conference in Toronto on Thursday, Eric Trump, the second-eldest son of United States President Donald Trump emphasized the widespread interest in Bitcoin (BTC). He said, “Everybody in the world is trying to hoard Bitcoin right now.” Eric mentioned that while traveling, even on a plane, he noticed that many people worldwide were trying to accumulate Bitcoin. He said he heard this from sovereign wealth funds, some of the wealthiest families, and large companies.

BULLISH🚨 ERIC TRUMP DECLARES, “EVERYBODY IN THE WORLD IS TRYING TO HOARD BITCOIN RIGHT NOW.” pic.twitter.com/s4JLhVQHUi

— CryptoSavingExpert ® (@CryptoSavingExp) May 16, 2025

Eric Trump spoke alongside Asher Genoot, CEO of Hut 8, during a panel. He said that in the Bitcoin world, two key races are happening now: one to buy Bitcoin and another to mine it. Eric Trump is not only speaking about Bitcoin but also building a significant business empire around it.

In March, he co-founded American Bitcoin, a subsidiary of Hut8, which entered into a deal to merge with Gryphon Digital Mining on May 12. The deal will combine the two mining companies into one. Both said the new company will be listed on Nasdaq later this year.

Eric Trump’s American Bitcoin Plans to Win Bitcoin Mining Race Despite Challenges

Eric revealed that American Bitcoin will easily lead the BTC mining race. He said his company would win the Bitcoin race by mining Bitcoin cheaply. According to him, his firm is not worried about growing institutional interest from sovereign wealth funds. “It’s a race to the top right now, and there are a lot of people running fast,” said Trump. “I promise you we are going to beat them in this marathon.”

He also said that while others buy Bitcoin at over $100K, American Bitcoin will mine it at $37K to $38K. Eric Trump is fully committed to Bitcoin, predicting that cryptocurrencies will replace the SWIFT payment system. Trump believes this step will help American Bitcoin surpass MicroStrategy and become the largest BTC holder. Led by Michael Saylor, MicroStrategy holds a first-mover advantage, owning 568,000 BTC in less than six years. At the start of the week, MicroStrategy bought 13,390 more BTC for $1.34 billion, continuing its strong buying trend in the second quarter.

American Bitcoin has not made its Bitcoin holdings public. However, its parent company, Hut 8, currently owns less than 11,000 BTC. Moreover, to overtake MicroStrategy, American Bitcoin would need to secure approximately $60 billion, while also navigating multiple regulatory obstacles.

Further, Eric said the Trump administration will cut US energy costs. He believes this will benefit crypto mining companies using energy-heavy data centers. He highlighted that said mining in France and Scotland fails due to high energy prices.

Trump Family Crypto Ventures Face Scrutiny Over Conflicts and Political Influence

Over the years, Trump family crypto ventures have expanded significantly, mining, memecoins, covering NFT collections, and a stablecoin. Critics argue these ventures create conflicts of interest and increase the risk of corruption. Democrats have called for investigations into Trump’s crypto activities. They have also proposed laws to limit the Trump family’s financial gains from memecoins.

NEW TODAY: Oversight Dems, @HouseJudiciary, and @HouseAdm_Dems are demanding the Treasury Dept turn over Suspicious Activity Reports on these organizations to investigate election fraud & corruption.

Democrats are fighting to protect the integrity of our govt and our elections. pic.twitter.com/H84miZjBbL

— Oversight Committee Democrats (@OversightDems) May 14, 2025

Additionally, they walked out of a joint hearing on digital assets and expressed concerns about the lack of discussion on the president’s involvement in crypto. According to a recent report by the group State Democracy Defenders Action, the president’s cryptocurrency assets now account for nearly 40% of his total net worth, estimated at around $2.9 billion.