Eric Trump has publicly reinforced his bullish stance on Bitcoin, describing it as "the greatest asset of our time" during appearances at Yahoo Finance's Invest event and a tech gathering in Florida. He emphasized that the recent price decline—from over $120,000 earlier this year to below $100,000—represents a strategic buying opportunity, noting Bitcoin's historical rise from $16,000 three years ago. "This is a great time to buy Bitcoin," Trump stated, attributing the volatility to broader adoption trends and institutional investment, including Bitcoin ETFs.
American Bitcoin (ABTC), a mining firm co-founded by Eric and Donald Trump Jr., reported a $3.5 million net profit in Q3 following its NASDAQ debut, with a market valuation of $4 billion. The company operates in West Texas, mining Bitcoin at roughly 50% of the spot market price due to low energy costs, and one facility contributes over 2% of global Bitcoin mining output. ABTC focuses on expanding Bitcoin reserves, using a metric of Bitcoin holdings per share, and achieved a 56% gross margin in its latest report.
Trump cited personal banking challenges as a catalyst for his crypto involvement, claiming that institutions like Capital One, JPMorgan, and Bank of America closed around 400 accounts linked to Trump businesses for political reasons. This led to the creation of World Liberty Financial (WLFI), which issues the WLFI governance token and the $USD1 stablecoin. Trump described $USD1 as "the fastest-growing platform on Earth," highlighting its efficiency in bypassing traditional wire systems.
However, WLFI faces federal scrutiny, with Democratic Senators Elizabeth Warren and Jack Reed calling for an investigation over transparency concerns and potential ties to questionable parties. Despite this, Eric Trump confirmed that the Trump Organization holds significant digital assets on its balance sheet, and he personally maintains Bitcoin investments, asserting that crypto will "onboard trillions of dollars into the US" by addressing financial inefficiencies.
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