Eric Trump: "The Whole World Is Diving Into Bitcoin"

At the Consensus 2025 conference held on May 15 in Toronto, Eric Trump – the son of America’s President Donald Trump – drew attention by stating that "the whole world is trying to accumulate Bitcoin." Speaking on a panel alongside Asher Genoot, CEO of the Bitcoin mining company Hut 8, Eric emphasized: "I am on the move, I am on a plane, and I hear it from everywhere. I hear it from sovereign wealth funds, the wealthiest families, and the largest companies. Everyone wants to have Bitcoin." Eric Trump also stated that there are currently two major "races" happening in the Bitcoin industry: the race to buy Bitcoin and the race to mine Bitcoin. Eric Trump collaborates with Gryphon, preparing to list the Bitcoin mining company on Nasdaq. Not only is he making strong statements, but Eric Trump is also directly building a business empire around Bitcoin. American Bitcoin, the company he co-founded with his brother, signed a merger agreement with Gryphon Digital Mining on May 12th. This agreement is a full stock swap transaction, helping the two mining companies consolidate into a powerful entity expected to be listed on Nasdaq by the end of 2025. American Bitcoin is currently owned by Hut 8 – one of the largest cryptocurrency mining companies in North America. After the merger, the new company will become one of the major Bitcoin mining players in America, providing a Bitcoin investment avenue through the regulated stock market in America. After the merger news, Gryphon's stock rose by more than 200%, while Hut 8's stock also recorded a significant increase. Analysts believe this is a smart move ahead of the next Bitcoin halving, and is a clear reflection of the growing interest from businesses in the cryptocurrency mining sector. The wave of criticism from lawmakers - accusations of conflicts of interest However, the expansion of the Trump family in the cryptocurrency field is also facing close scrutiny from the government, especially from Democratic lawmakers in Congress. Many are concerned that President Trump and his family are abusing political power to manipulate the digital asset market. Some Democratic lawmakers have called for an investigation into the Trump family's cryptocurrency investments, including meme coins like $TRUMP, NFT collections, mining companies, and a stablecoin project that is alleged to be linked to companies close to Trump. A recent bipartisan hearing on digital assets was interrupted when Democratic lawmakers walked out to protest the dismissal of allegations of conflicts of interest. On May 13, a group of Democratic senators sent a letter to President Trump, urging him to divest from all cryptocurrency assets, including the stablecoin project backed by real assets. They argue that the president's close ties to a vulnerable industry would create opportunities for conflicts of interest and influence from foreign powers. According to a new report from the State Democracy Defenders Action organization, cryptocurrency holdings now account for nearly 40% of Donald Trump's net worth – equivalent to approximately 2.9 billion USD. National Bitcoin strategy and the wave of politicizing digital assets Previously, President Trump also ordered the establishment of the National Strategic Bitcoin Reserve Fund, a move that shocked both the political world and the global digital asset market. Some praised this as a visionary strategic decision, while many others saw it merely as a ploy to "inflate" personal investments of the president's family. Despite facing a wave of intense criticism, the Trump administration continues to demonstrate its support for cryptocurrencies, while actively integrating it into national economic and financial agendas. Clearly, Bitcoin is no longer just an investment asset – it is becoming a tool of power in American politics. Conclusion The recent actions of Eric Trump and the President's family not only demonstrate a strong belief in Bitcoin but also reflect the increasingly tight-knit relationship between the financial and political spheres in America and the cryptocurrency market. While this path offers significant growth potential, it also raises profound concerns regarding the ethics, transparency, and fairness of the digital asset management system in the near future.