He did not offer exact figures but indicated that he and his father both have what he termed a “substantial” stake in Bitcoin. He also termed the investment a massive personal wager.
Eric Trump’s words come while his father has maintained growing interest in cryptocurrencies. For him, his father is confident that crypto matters to America because if the United States fails to adopt it, China will. He classified crypto as “very popular” and “extremely hot right now.
At the TOKEN2049 conference in Dubai, Eric Trump expressed strong support for Bitcoin, describing it as “digital gold” and revealing that both he and his father, President Donald Trump, hold significant amounts of the cryptocurrency. He predicted that Bitcoin would experience…
His father also noted that when there was turbulence in the markets in April, and normal markets were down, crypto remained steadier compared to them. He stated millions of individuals are already invested in the space, and that in itself is enough to pay attention to.
According to Eric, Donald Trump has adopted a new way of dealing with government-seized Bitcoin. In March, he reportedly signed executive orders to halt the sale of confiscated Bitcoin. Instead, the assets will be transferred into what is being termed a national crypto reserve.
This action is designed to safeguard and possibly increase the value of those assets, not cash out immediately. The plan also involves the purchase of more Bitcoin and other cryptocurrencies through forfeiture, without requesting taxpayers to fund it. There’s also mention of accumulating a stash of altcoins using the same process.
The Trump administration, as explained in Eric’s interview, has caused a significant change at the Securities and Exchange Commission. Paul Atkins, who has served as a former SEC commissioner, has been chosen to direct the agency. His task is to bring distinct rules for the crypto space and assist in bringing a stable landscape for development.
This is part of a larger move to break away from the vague and sometimes confusing kind of regulation that has plagued crypto investors over the last few years.
Trump, though, has denied any hand in the coin’s performance. He stated that he doesn’t even know the statistics behind it and dismissed the notion that he’s making money off its release.
As crypto continues to receive mainstream attention, both Trumps are betting big on its future. Whether those bets will pay off is to be seen.
Featured image from Gemini Imagen, chart from TradingView
