There is an ongoing race across the world for Bitcoin accumulation, according to Eric Trump, the second-eldest son of US President Donald Trump. Speaking at a crypto conference in Toronto on May 15, Trump said that from families to government funds, “everybody in the world is trying to hoard Bitcoin right now.”
The remarks came during a panel at Consensus 2025. Sharing the stage with Asher Genoot, the CEO of Bitcoin (BTC) mining company Hut 8, Trump said Bitcoin adoption has been incredible.
“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.”
Trump described what he sees as “two races in Bitcoin”: the accumulation race — currently led by Michael Saylor, he says — and the mining race, which marks his own involvement in the crypto space.
President Trump’s third child is co-founder of American Bitcoin, a Hut8 subsidiary. On May 12, the companies announced American Bitcoin would merge with Gryphon Digital Mining in a stock-for-stock transaction that will result with a public listing on the Nasdaq.
Related: Bitcoin bulls aim for new all-time highs by next week as capital inflows soar
Trump crypto ventures cause Democrats consternation
The size of Trump’s family crypto ventures has grown considerably over several years from non-fungible token collections and mining to memecoins and a stablecoin. Critics say the ventures pose conflicts of interest and open the door to potential corruption.
At various points, Democrats have called for investigations into Trump’s crypto-related activities, proposed legislation aimed at limiting potential financial gains by the Trump family from memecoins, and walked out of a joint hearing on digital assets, citing concerns over the lack of discussion around the president’s involvement in the crypto space.
Senate Democrats withdrew their support for a bipartisan stablecoin bill amid ongoing scrutiny of the president’s crypto ventures, though a second voting session could come as soon as May 26.
Magazine: Trump’s crypto ventures raise conflict of interest, insider trading question
