Eric Trump, co-founder of American Bitcoin, emphasized the importance of Bitcoin and its role in reshaping the global financial system, noting that his company is moving towards expanding cryptocurrency mining and investing in it.
The son of the U.S. president said during an interview with Bloomberg TV: "I expect trillions of dollars to be transferred abroad through cryptocurrencies, as Bitcoin scares major financial institutions."
Eric Trump shared his personal experience with the traditional financial system, stating: "The bank I dealt with for 25 years took 120 days to verify the information of one of my clients.. Every week I try to send a bank transfer or receive another via the SWIFT system, and I have to wait days, and if the amount is, for example, 500 million dollars, it takes even longer."
He added: "Conversely, with Bitcoin, money can be sent from one phone to another at any time with a crypto wallet address, and with almost no fees, which scares major financial institutions."
In a significant strategic move, American Bitcoin Mining Company, owned by the sons of U.S. President Donald Trump, was officially listed on the Nasdaq Stock Exchange, solidifying its position in the cryptocurrency sector.
This listing comes after the company announced its plan to raise up to 2.1 billion dollars through an IPO, following its merger with Gryphon Digital Mining, and the unified entity will continue to operate under the name American Bitcoin, while its shares will trade under the symbol ABTC.
Donald Trump Jr. and Eric Trump, along with the Canadian mining company Hut8, own about 98% of the shares in the merged entity, highlighting the strategic expansion of the Trump family within the cryptocurrency world.
