Hong Kong – The Trump family “loves” the community of Bitcoin, said Eric Trump in Hong Kong on Friday, predicting that its value could reach $ 1 million as concerns about conflicts of interest in their last company became public.
Trump said his family was interested in cryptocurrency when he cut off the banking services “because my father was in politics.”
“The Bitcoin community hugged my father, unlike everything I had seen before,” Trump said at the Bitcoin Asia conference here.
“And I hope it is asked in swords, because we love this community,” he said, sitting in front of a screen with a live ticket that shows the price of the cryptocurrency of almost $ 110,000, compared to approximately $ 70,000 on the day his father, Donald Trump, was returned to the position in November.
Eric Trump has attracted a monitoring almost as a cult in the cryptographic industry, which was evident in Hong Kong as hundreds of attendees, some attire dresses that range from bright robes to white costumes covered with bitcoins symbols, cheered when Trump took the stage, hit the predecessor of his father, Joe Biden, and said: “This is time to buy.”
The cryptocurrency industry has become a great business for the Trump family, whose patriarch has become one of its biggest champions since it helped to return it to office.
Feeling unfairly attacked by the Biden Administration, the industry was a political force in the 2024 electoral season, directing approximately $ 135 million in donations to Trump and other friendly candidates with cryptographic.
Since then, the Trump family has only tangled up more in the industry, no one but Eric Trump, who said Friday that “90% of my time in life is in this community.”
His last company is called American Bitcoin. Released in March with his older brother, Donald Trump Jr., and the HUT 8 of the Nasdaq list, a cryptographic energy infrastructure company, American Bitcoin aims to be the “largest and most efficient pure bitcoin miner of the world while building a strategic reserve of solid bitcoin”, according to a press release.
Eric Trump said Friday that the company will be public “very soon”, since it merges with a pre -existing company that lies in Nasdaq called Gryphon Digital Mining.
“We are one of Bitcoin’s largest mining companies on Earth,” he said. “We mining about 3% of the world’s bitcoin every day.”
He insists that the family’s business is separated from national politics and has ruled out concerns about interest conflicts.
“My father is totally protected from our company. There is a total separation of the Church and the State,” he told CNBC in December. “We have great ethics advisors. We take it incredibly seriously.”
But Donald Trump was an important issue of discussion in his son’s questions and answers in Hong Kong, who began with a round of applause for the president, who has promised to make the United States the “world capital of cryptography.”
Since he returned to office in January, Trump has pressed to relieve industry regulation, close the National Cryptocurrency Compliance Team of the Department of Justice, appointed a “cryptographic tsar” and maintained a summit of the White House for industry leaders. He also said that the United States would create a National Strategic Cryptography Reserve.
This month signed an executive order that allowed to include cryptocurrencies and real estate investments in retirement accounts 401 (K), which according to critics could put at risk the retirement savings of the Americans.
Trump has also sought legislative support for a form of cryptocurrency known as Stablecoins, some of which are already in place. One of the three bills that received support in Capitol Hill last month was the Genius law, which allows Stablecoins to be issued by private companies.
The approval of the bills was criticized by Americans for financial reform, a leftist surveillance group, which he said in a statement last month that Trump and his allies “personally would benefit from unlimited legalized corruption while the rest of us file us in the next cryptographic implosion.”
Trump, who said in 2021 that Bitcoin “seems like a scam”, since then he has accepted it as an opportunity to make money, sometimes at a great cost for investors. According to the Democracy Defenders Fund of the State of the Watchdog Group, in mid -March, its cryptographic assets were valued at $ 2.9 billion, or around 37% of its total wealth.
Much of that money, which Trump won in about six months, came from companies such as La Moneda $ Trump that he launched before his inauguration, which quoted almost $ 8 on Friday, below its $ 73 peak in January. A meme coin was also launched for the first lady Melania Trump.
Industry professionals call these memes currencies, which means that they have little practical use and are mostly symbolic, which makes their value subject to extreme volatility. Around 764,000 wallets from the headlines mostly lost money in $ Trump, while 58 wallets won more than $ 10 million each, CNBC reported in May, citing data from the Blockchain analysis analysis firm.
In May, Trump appeared briefly at a dinner outside Washington for the 220 largest buyers of $ Trump, which spent an average of $ 1 million on the tab.
Trump also has a great participation in World Liberty Financial, an exchange of decentralized cryptocurrencies that launched the past autumn and is controlled by the majority by the Trump family.
The World Liberty flagship project is its $ WLFI Stablecoin, which the headlines voted last month to make negotiable more widely. The family will also obtain an agreement from a technology company backed by the United Arab Emirates government to invest $ 2 billion in one of the Stablecoin products of World Liberty.
That currency will be used to invest in Binance, one of the largest cryptocurrency exchanges in the world, whose CEO resigned in 2023 after the company declared itself guilty of money laundering and other charges.
The agreement was announced at a cryptography conference that Eric Trump attended in Abu Dhabi shortly before his father visited the city of the United Arab Emirates in May.
Even in the middle of enthusiasm at the Hong Kong conference on Friday, the participants said there was some discomfort around the participation of the Trump family in the cryptocurrency industry.
“There is a serious conflict of interest and people recognize it,” said Bharat Prabhakar, 25, a New York -based conference assistant. “But not many people say it out loud because there are real consequences for it.”
