Bitcoin Accumulation Soars: Eric Trump's Insights
Global Bitcoin Accumulation Race Heats Up
At the Consensus 2025 crypto conference in Toronto on May 15, Eric Trump, son of former US President Donald Trump, declared a worldwide rush to acquire Bitcoin. He stated that various entities, from families to sovereign wealth funds, are actively accumulating BTC.
Speaking alongside Asher Genoot, CEO of Hut 8, Trump described "two races in Bitcoin":
- The Accumulation Race: Currently led by Michael Saylor, according to Trump.
- The Mining Race: In which Trump himself participates through his involvement in the crypto space.
Trump emphasized the significant adoption of Bitcoin, noting, "I'm traveling, I'm on a plane. Everybody in the world is trying to hoard Bitcoin right now. Everybody. I hear it from sovereign wealth funds. I hear it from the wealthiest families. I hear from the biggest companies."
Asher Genoot and Eric Trump at Consensus 2025. Source: Cointelegraph
Trump's Crypto Ventures Under Scrutiny
Trump's extensive involvement in the crypto industry, including his co-founding of American Bitcoin (a Hut 8 subsidiary) and various other ventures, has drawn significant criticism. Democrats have raised concerns about potential conflicts of interest and corruption.
The Democrats' actions include:
- Calling for investigations into Trump's crypto activities.
- Proposing legislation to limit potential profits from memecoins.
- Walking out of a hearing on digital assets due to concerns about Trump's involvement.
- Withdrawing support for a bipartisan stablecoin bill due to ongoing scrutiny.
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