Eric Trump believes Bitcoin and cryptocurrencies are the future of money and investments, citing their value as a hedge against inflation and corruption. He co-founded American Bitcoin, a crypto mining firm now valued at $4 billion, ranking 25th in the US for bitcoin accumulation among public companies.

The firm’s merger with Gryphon Digital Mining aims to scale operations but faces criticism for potential vulnerability to crypto price volatility. Trump attributes the firm’s success to low energy costs, enabling mining in West Texas at a fraction of the spot price.

Eric Trump’s interest in crypto stems from personal experiences with banks canceling his accounts. He sees blockchain as a solution to banking industry weaponization, praising its potential to transform the US economy by onboarding trillions of dollars and improving financial system aspects like transferability and speed.

The Trump family’s involvement in crypto extends to controlling a DeFi platform, issuing the $WLFI governance token, and backing the $USD1 stablecoin. This venture has raised concerns about mixing politics and profit, prompting scrutiny over transparency and financial power concentration within the family.

President Trump’s shift towards crypto includes accepting crypto donations, allowing crypto payments on Truth Social, and launching meme coins. He aims to ease crypto regulation, proposing a national crypto reserve to integrate digital assets into the US financial infrastructure, though only one of three Trump-backed crypto bills has cleared Congress.

Read more at Yahoo Finance: Eric Trump says the future of finance is crypto