Eric Trump recently claimed the world is in a Bitcoin frenzy. He made this statement at the Consensus 2025 conference, painting a picture of everyone from everyday people to massive state funds scrambling to get their hands on BTC.
A Global Bitcoin Rush?
Trump says he’s hearing about this Bitcoin hoarding everywhere he goes – from casual conversations on airplanes to high-level boardroom meetings. He even claims sovereign wealth funds and ultra-wealthy families are jumping on the bandwagon. His overall message? Bitcoin is no longer a niche investment; it’s become a major player in the global financial game.
Big Mining Merger
Adding fuel to the fire, American Bitcoin (a company co-founded by Eric Trump and his brother, and owned by Hut 8) recently merged with Gryphon Digital Mining. This all-stock deal means shareholders of both companies will own shares in the newly formed entity. The plan is to list this combined company on Nasdaq in the third quarter of 2025, giving investors a regulated way to profit from Bitcoin mining without directly owning the cryptocurrency itself.
Market Reaction and the Halving Cycle
The market reacted strongly to the merger news. Gryphon’s stock soared over 200%, and Hut 8 also saw significant gains. This excitement is likely linked to the upcoming Bitcoin halving cycle. Mining companies often prepare for this event, as it typically leads to increased scarcity and potentially higher prices. By merging, American Bitcoin and Gryphon aim to pool resources, increase their mining power, and boost their visibility before the 2024 halving.
Political Headwinds
However, not everyone is thrilled with the Trump family’s involvement in the crypto space. Some US Democrats have expressed concerns, citing potential conflicts of interest given the family’s significant cryptocurrency holdings. A letter was even sent urging President Trump to divest from all crypto assets. One group estimates that crypto makes up roughly 40% of the Trump family’s estimated $3 billion net worth.
