- Eric Trump claims a global Bitcoin accumulation race is underway, with wealthy families and funds hoarding BTC.
- American Bitcoin, a Trump-affiliated mining firm, is set to merge with Gryphon Digital Mining and go public on Nasdaq.
- Senate Democrats walked out of a crypto hearing, citing conflicts of interest involving Trump’s expanding crypto ventures.
Eric Trump, the second-eldest son of President Donald Trump, says a global Bitcoin accumulation race is in full swing. Speaking at Consensus 2025 in Toronto, Trump claimed that everyone – from sovereign wealth funds to the wealthiest families – is scrambling to stockpile Bitcoin. “I’m traveling. I’m on a plane. Everybody in the world is trying to hoard Bitcoin right now,” he said, sharing the stage with Asher Genoot, CEO of Bitcoin mining firm Hut 8.
Two Races in Bitcoin – Accumulation and Mining
Trump pointed to what he described as “two races in Bitcoin.” One is the accumulation race, which he says is currently led by figures like Michael Saylor, and the other is the mining race. Trump himself is part of the latter through American Bitcoin, a Hut8 subsidiary. On May 12, American Bitcoin announced it would merge with Gryphon Digital Mining, setting the stage for a public listing on the Nasdaq in a stock-for-stock transaction.
Crypto Ventures Under Fire – Democrats Raise Concerns
While Trump touts Bitcoin’s growing adoption, his expanding crypto ventures have raised eyebrows among Democrats. The Trump family’s involvement in everything from NFTs to memecoins and a stablecoin has sparked allegations of potential conflicts of interest. Critics say the ventures could open doors to corruption, and Democrats have proposed legislation aimed at limiting financial gains from these crypto-related activities.
Political Fallout – Senate Democrats Walk Out
Tensions around Trump’s crypto dealings recently hit a boiling point when Senate Democrats walked out of a joint hearing on digital assets, citing concerns over the lack of discussion around the president’s influence in the sector. Amid the scrutiny, a bipartisan stablecoin bill lost Democratic support, but a second vote could still occur as soon as May 26 – keeping the debate around Trump’s crypto footprint far from over.
