Eric Trump to unveil his ambitious vision for American Bitcoin, a new Bitcoin mining venture aiming to become the world’s largest pure-play miner, at Consensus 2025.
Eric Trump to Speak at Consensus 2025 About New Bitcoin Mining Venture
The president’s son will discuss his mining venture American Bitcoin alongside Asher Genoot, CEO of Hut 8.
American Bitcoin aims to become the world’s largest pure-play Bitcoin miner, targeting over 50 EH/s of mining capacity. The launch of this new venture represents a transformative moment for Bitcoin mining in North America, according to Eric Trump. In a statement, he said, ‘The launch of American Bitcoin represents a transformative moment for Bitcoin mining in North America… I am so proud to finally unveil our bold vision for this initiative, which we believe will become the world’s largest and most efficient pure-play Bitcoin miner.‘
The rise of Bitcoin in America began in 2011, with the first US-based Bitcoin exchange, Mt. Gox, launching in San Francisco.
The Commodity Futures Trading Commission (CFTC) recognized Bitcoin as a commodity in 2015, paving the way for regulated trading.
Today, American Bitcoin is a significant player in the global market, with numerous exchanges and wallets operating domestically.
According to a 2020 survey, over 16% of Americans own or have owned Bitcoin, with many using it as an investment vehicle.
The US dollar's dominance has contributed to Bitcoin's adoption, with some investors seeking diversification.
Launched on March 31, American Bitcoin has set its sights on becoming the world’s largest pure-play Bitcoin miner. The company is formed with Hut 8, where Eric Trump serves as Chief Strategy Officer. He is scheduled to speak on May 15 at Consensus 2025, which takes place in Toronto from May 14-16.
Bitcoin is a decentralized digital currency that allows for peer-to-peer transactions without the need for intermediaries.
Created in 2009 by an anonymous individual using the pseudonym Satoshi Nakamoto, Bitcoin operates on a blockchain network.
This decentralized system enables secure and transparent transactions, utilizing cryptographic algorithms to verify and record transactions.
With no central authority controlling its supply, Bitcoin's total supply is capped at 21 million coins.
Consensus, organized by CoinDesk, is known for being the longest-running conference in the digital assets industry, attracting attendance regularly above 15,000 people. This year’s event will be held at the Metro Toronto Convention Centre in downtown Toronto.
American Bitcoin is not Eric Trump‘s first foray into cryptocurrency. He has also backed World Liberty Financial, a DeFi protocol and planned blockchain-based marketplace where users can borrow and lend cryptocurrencies, create liquidity pools, and trade stablecoins. In March, WLFI announced its plans to launch its own stablecoin, USD1, with BitGo providing custody services.
In addition to his work with WLFI, Eric Trump also serves as an advisor to Metaplanet, the largest holder of bitcoin in Japan, following a Michael Saylor/Strategy-type bitcoin treasury model. He is also an advisor to Dominari Holdings, a wealth management firm that disclosed its $2 million investment in BlackRock‘s iShares Bitcoin Trust (IBIT) shares.
Eric Trump‘s entry into cryptocurrency was reportedly driven by the ‘debanking‘ of the Trump Organization by several financial groups during the Biden Administration. In a recent interview with CNBC, he stated, ‘You realize that cryptocurrency was a lot faster, it was a lot more pragmatic, it was a lot more transparent, it was exponentially cheaper.‘ He also expressed his enthusiasm for the industry, saying, ‘At this point, I know almost everybody in the industry in some way, shape or form… I fell in love with the industry, you know, a few years ago, and really dove head in.‘
Cryptocurrency is a digital or virtual currency that uses cryptography for security.
It operates independently of central banks and governments, allowing peer-to-peer transactions without intermediaries.
Bitcoin, introduced in 2009, is the first and most widely recognized cryptocurrency.
Other notable cryptocurrencies include Ethereum, Ripple, and Litecoin.
Cryptocurrencies use decentralized technology, such as blockchain, to record transactions securely and transparently.
However, not all of Eric Trump‘s crypto interventions have been successful. In February, he tweeted that it was a ‘good time to add’ ether (ETH), which at the time was trading around $2,700 but is now trading around $1,500.
