"The world is trying to hoard Bitcoin right now" — Eric Trump

Eric Trump, son of former US President Donald Trump, asserted a global race for Bitcoin accumulation is underway. Speaking at Consensus 2025 in Toronto on May 15th, he claimed that individuals, families, and even sovereign wealth funds are actively hoarding Bitcoin. This observation, made alongside Hut 8 CEO Asher Genoot, highlights Trump’s perception of widespread Bitcoin adoption. He emphasized hearing about this accumulation from diverse sources, ranging from wealthy families to major corporations.

Trump identified two key races within the Bitcoin ecosystem: the accumulation race, currently led by Michael Saylor in his view, and the mining race, in which Trump himself participates through his involvement with American Bitcoin. American Bitcoin, a Hut 8 subsidiary co-founded by Trump, is set to go public via a merger with Gryphon Digital Mining, resulting in a Nasdaq listing. This merger, announced May 12th, represents a significant step in Trump’s crypto endeavors.

However, Trump’s crypto ventures have drawn significant criticism. Democrats express concerns about potential conflicts of interest and opportunities for corruption stemming from the family’s expanding involvement in various crypto projects, including NFTs, mining, memecoins, and stablecoins. These concerns have led to calls for investigations into Trump’s crypto activities and proposals for legislation aimed at limiting potential financial gains from memecoins. The scrutiny even caused Senate Democrats to withdraw support for a bipartisan stablecoin bill, although a second vote is anticipated by May 26th. The controversy highlights the political complexities surrounding the Trump family’s involvement in the cryptocurrency space, raising questions about potential insider trading and ethical conflicts. The scale of these ventures, combined with the ongoing political debate, underscores the significant impact of the Trump family’s presence on the cryptocurrency landscape.