Unveiling Bitcoin’s Global Appeal at Consensus 2025
In a momentous address at the Consensus 2025 conference, Eric Trump revealed a significant trend: the worldwide rush to acquire Bitcoin. Speaking to a captivated audience, he stated, “Everyone is vying for Bitcoin right now. I hear it from sovereign wealth funds, affluent families, and major corporations. The adoption rate is truly remarkable.” As the son of former US President Donald Trump, Eric took the opportunity to discuss his newly established venture, American Bitcoin, which is set to enter public markets through a reverse merger with Gryphon Digital Mining. Serving as the company’s chief strategy officer, he emphasized Bitcoin as “digital gold,” a more efficient store of value than the traditionally illiquid trophy properties that contributed to his family’s wealth.
Bitcoin: The Modern-Day Financial Revolution
Eric Trump passionately advocated for Bitcoin, describing it as “digital gold” and highlighting its portability compared to the illiquidity of real estate. Sharing a personal anecdote, he recounted the lengthy process involved in selling a hotel, which took over a year due to numerous hurdles such as title reports, escrows, and lender negotiations. In contrast, Bitcoin provides a seamless and instantaneous means of transferring value globally. Trump illustrated this by saying, “I can enjoy a glass of wine with my wife on a Saturday night while simultaneously transferring value. That’s the essence of modern finance.”
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The FOMO Effect and the Race to Bitcoin Supremacy
Eric Trump also touched upon the fear of missing out (FOMO) that is driving many former skeptics to embrace Bitcoin. “Every day, individuals who were once resistant or unaware of Bitcoin are now becoming ardent supporters,” he noted. Trump predicted a significant surge in Bitcoin’s value, emphasizing that the current environment is akin to a “race to the top,” with various stakeholders eager to secure their positions in the crypto landscape.
Fast-Tracking the American Bitcoin Merger
The theme of speed was prominent in Trump’s discussion of the merger between American Bitcoin and Gryphon Digital Mining. He highlighted the rapid pace at which the merger was executed and the swift market entry they anticipate. Describing the continuous communication between key executives, he emphasized the urgency and dedication required to achieve unparalleled growth for a public company. Trump explained the branding strategy succinctly: “American Bitcoin embodies everything for me. It must have both ‘American’ and ‘Bitcoin’ in its name.”
Investor Confidence and Market Response
Market data underscores the urgency and excitement surrounding the merger. Following the announcement of the stock-for-stock deal between Hut 8 and Gryphon on May 12, Gryphon shares soared over 200% in pre-market trading, while Hut 8 gained 12%. The merged entity will retain the name American Bitcoin and list on Nasdaq under the ticker ABTC, with the transaction expected to conclude in the third quarter. Hut 8 will maintain majority control.
Sovereign Wealth Funds and Bitcoin Accumulation
Trump’s commentary on sovereign wealth funds amassing Bitcoin comes as large corporations are enhancing their treasury strategies. There is an increasing trend of Bitcoin treasury companies being established. Recently, Mubadala, the Abu Dhabi sovereign wealth fund, disclosed owning a substantial number of shares in BlackRock’s spot BTC ETF, IBIT, valued at hundreds of millions of dollars.
The Dual Race in Bitcoin’s Future
For Trump, the macroeconomic landscape is defined by two concurrent races: the accumulation race, where entities like Strategy amass Bitcoin, and the mining race, which American Bitcoin aims to excel in by leveraging Hut 8’s infrastructure to access some of the world’s cheapest electricity. “If we can mine Bitcoin at a fraction of its current trading cost using low-cost energy in America, we’re on the cusp of something exceptional,” he asserted.
The Political Dimension and Crypto Advocacy
Eric Trump touched on the political undercurrents influencing his pivot towards cryptocurrency. He credited political challenges faced by his family as a catalyst for seeking crypto allies, advocating for Bitcoin as a liquid, censorship-resistant asset. Despite the political undertones, Trump maintained a promotional, non-partisan tone, expressing unparalleled excitement about the project.
As of the latest update, Bitcoin traded at $103,889.
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