What is American Bitcoin, the latest addition to Trump's expanding crypto empire?
A Bitcoin mining venture that has close ties to US President Donald Trump's family has now been announced, raising concerns about conflicts of interest
US President Donald Trump and his family's obsession with cryptocurrency is well known. Now, there is a further evolution to this tale as a new Bitcoin mining venture has been announced on May 12 that has a close connection to the Trump family.
The firm will be backed and merged with Gryphon Digital Mining, and the merged entity will be known as "ABTC". This entity's major shareholders will the US President's two sons (98%), with the remaining 2% going to the existing shareholders of Gryphon Digital Mining with whom American Bitcoin will be merging.
For Eric and Donald Trump Jr., the fantasy towards cryptocurrency is more from a business point of view.
Donald Trump Jr was previously quoted as telling The New York Times. "From the start, we’ve backed our conviction in Bitcoin, personally and through our businesses.
But simply buying Bitcoin is only half the story. Mining it on favorable economics opens an even bigger opportunity."
