Eric Trump recently made some bold claims about the growing interest in Bitcoin. He stated that everyone from sovereign wealth funds to wealthy families and major corporations are scrambling to get their hands on Bitcoin.
A Digital Gold Rush
Trump, Chief Strategy Officer of American Bitcoin, described Bitcoin as “digital gold,” highlighting its advantages over traditional assets like real estate. He contrasted the lengthy and complex process of selling a hotel (which took him a year and a half) with the ease and speed of Bitcoin transactions. He emphasized Bitcoin’s global reach and instant transfer capabilities.
The FOMO Factor
Trump also talked about the growing acceptance of Bitcoin, even among those initially skeptical. He believes this increased adoption will lead to a significant price surge, creating a “race to the top.”
American Bitcoin’s Speedy Launch
The rapid merger of American Bitcoin with Gryphon Digital Mining through a reverse merger reflects this urgency. Trump described the intense collaboration involved, emphasizing the speed and efficiency of the process. The rebranded company, American Bitcoin (ABTC), will be listed on Nasdaq. The stock market reacted positively to the news, with Gryphon shares soaring over 200% in pre-market trading.
Sovereign Wealth Funds Pile In
Trump’s claims are supported by recent activity in the market. Major players, including sovereign wealth funds, are actively investing in Bitcoin. For example, Mubadala, the Abu Dhabi sovereign wealth fund, recently revealed a significant investment in a BlackRock Bitcoin ETF.
Two Races: Accumulation and Mining
Trump sees the current Bitcoin market as two separate races: a race to accumulate Bitcoin and a race to mine it efficiently. American Bitcoin aims to win the mining race by leveraging Hut 8’s infrastructure to mine Bitcoin at a significantly lower cost than the current market price.
Political Undertones and Future Outlook
While Trump alluded to political factors influencing his involvement in the crypto space, he maintained a positive and promotional tone. He expressed immense enthusiasm for the project and its future prospects. At the time of his speech, Bitcoin was trading at approximately $103,889.