By Chris Hollingworth 
There is a significant global race underway to accumulate Bitcoin, as highlighted by Eric Trump, the second-eldest son of US President Donald Trump. Speaking at a crypto conference in Toronto on May 15, Trump emphasized that there is a widespread effort to hoard Bitcoin, ranging from families to government funds. His comments were made during a panel discussion at Consensus 2025, where he shared the stage with Asher Genoot, the CEO of Bitcoin mining company Hut 8.
Trump expressed his astonishment at the level of Bitcoin adoption, stating, “I’m traveling. I’m on a plane. Everybody in the world is trying to hoard Bitcoin right now. Everybody. I hear it from sovereign wealth funds. I hear it from the wealthiest families. I hear from the biggest companies.” This sentiment underscores the growing interest and participation in the cryptocurrency space across various sectors.
Describing what he perceives as “two races in Bitcoin,” Trump pointed to the accumulation race, currently spearheaded by prominent figures like Michael Saylor, and the mining race, in which he himself is actively engaged through his involvement in the crypto industry. Notably, as the co-founder of American Bitcoin, a subsidiary of Hut 8, Trump has been at the forefront of developments in this evolving market.
In a strategic move, American Bitcoin recently announced its merger with Gryphon Digital Mining in a stock-for-stock transaction that will culminate in a public listing on the Nasdaq. This initiative reflects the ongoing expansion and diversification of Trump’s family crypto ventures, which have evolved to encompass a range of activities from non-fungible token collections to memecoins and a stablecoin.
However, the growing size and scope of Trump’s crypto endeavors have not been without controversy. Critics have raised concerns about potential conflicts of interest and the risk of corruption associated with these ventures. In response, Democrats have called for investigations into Trump’s crypto-related activities, proposed legislation to curb potential financial gains from memecoins, and even walked out of a joint hearing on digital assets due to perceived inadequacies in addressing the president’s involvement in the crypto space.
Amidst this backdrop of scrutiny and debate, Senate Democrats recently withdrew their support for a bipartisan stablecoin bill, reflecting the ongoing tensions surrounding Trump’s crypto ventures. Despite the challenges and criticisms, the trajectory of Trump’s foray into the cryptocurrency realm continues to captivate attention and spark discussions around issues of conflict of interest and insider trading.
In conclusion, Eric Trump’s remarks at Consensus 2025 shed light on the intense competition for Bitcoin accumulation taking place on a global scale, underscoring the dynamic and rapidly evolving nature of the cryptocurrency landscape. The intersection of politics, business, and technology in this domain raises important questions about governance, transparency, and accountability in the era of digital finance.
