American businessman Eric Trump has revealed that his father, President Donald Trump, holds a significant amount of Bitcoin.
Speaking to Bloomberg at the TOKEN2049 in Dubai, he noted that Bitcoin is “digital gold” and expressed strong support for its future. In parallel, Eric disclosed that he and the president hold a lot of Bitcoin, predicting exponential growth for it in the coming years.
According to Eric Trump, he personally holds a substantial amount of Bitcoin. He further revealed that his father Donald Trump equally holds a sizable balance of the pioneering crypto asset, though he failed to give any figures. He stressed that it was a big bet for him on a personal note.
Trump’s Love for Bitcoin and Crypto Manifesting
Eric’s comments highlight the deepening connection between the current U.S. administration and the crypto sector. This aligns with Trump’s recent disclosure that he wants crypto to succeed.
He sees it as important because, according to him, if the U.S. doesn’t embrace it, China will. “It’s new, very popular, and extremely hot right now,” Trump said.
Interestingly, President Trump even praised the market amid the April volatility, noting that when the broader financial markets went down, crypto remained much stronger than other parts of the market. As a result, he reiterated his passion for crypto, emphasizing that millions of people are involved in it.
Under President Trump’s administration, the government has continued to pursue crypto-friendly policies. One of the biggest highlights is the establishment of a crypto reserve.
In March, Trump signed executive orders to consolidate confiscated Bitcoin holdings into a national crypto reserve, preventing any immediate sale, unlike the previous administration’s contrasting approach. Alongside the BTC in asset forfeiture, the government plans to acquire more without costing taxpayers an extra dime.
Meanwhile, the Trump-led administration also plans to create a stockpile of other crypto assets, including altcoins, from forfeited assets, preventing immediate sales. In fact, the president ordered the committee working on this initiative to explore ways to maximize the value of these crypto holdings.
On the other hand, Trump has appointed Paul Atkins as the new SEC chair and tasked him with ensuring regulatory clarity for the crypto industry.
Not Profiting at the Expense of Investors
Notably, Trump has been a crypto bull long before his re-election as the 47th president. He released various NFT collections and accepted payments in Ethereum. On his inauguration day, he even launched a meme coin, TRUMP, which accumulated a $75 billion market valuation in under 48 hours.
As the meme coin’s value has tanked by over 90%, accusations have surfaced that Trump is using his influence to profit from crypto. However, the president has strongly dismissed this idea, stating he is not even aware of the meme coin’s statistics, much less profiting from it.
