The spotlight was on Bitcoin and political influence at the Consensus 2025 crypto conference in Toronto, where Eric Trump made a bold statement: “Everyone in the world is trying to hoard Bitcoin right now.”
Eric, the second-eldest son of former U.S. President Donald Trump and co-founder of a Bitcoin mining firm, participated in a panel discussion alongside Asher Genoot, CEO of Hut 8, a major North American crypto mining company. During the May 15 panel, Trump painted a picture of rapidly accelerating Bitcoin accumulation, not just among retail investors, but also at the highest levels of global finance.
“I’m constantly traveling. I’m on planes, talking to business leaders and family offices around the world,” Trump said. “From sovereign wealth funds to some of the richest families on the planet — even major corporations — everyone is trying to get their hands on Bitcoin.”
His remarks come amid a broader resurgence in institutional interest in Bitcoin, supported by recent capital inflows and a favorable market environment that has driven BTC’s price past $100,000.
Eric Trump described what he sees as two simultaneous “races” unfolding within the Bitcoin ecosystem. The first is the accumulation race, led by notable figures like MicroStrategy’s Michael Saylor, known for making significant Bitcoin purchases to bolster corporate treasury reserves. The second is the mining race, where companies are in fierce competition to dominate hash power and energy-efficient mining — an arena where Trump himself is now an active player.
Through his co-founded venture American Bitcoin, a subsidiary of Hut 8, Trump is deepening his role in the mining sector. Just days before the Toronto event, American Bitcoin announced its merger with Gryphon Digital Mining in a stock-for-stock transaction. This move positions the newly combined entity for a public listing on the Nasdaq, signaling a major step forward in legitimizing institutional Bitcoin mining in North America.
While Trump’s enthusiastic endorsement of Bitcoin garnered applause from crypto believers at Consensus 2025, his family’s expanding involvement in digital assets has drawn criticism — especially from across the political aisle.
Over the past few years, the Trump family has quietly built a diverse crypto portfolio. What started with non-fungible token (NFT) collections has grown into a network that includes mining operations, memecoins, and even plans for a stablecoin. This growing footprint in the digital asset space has led to increasing scrutiny from Democratic lawmakers in Washington.
Democrats have accused the Trump family of potential conflicts of interest, raising concerns that their influence could impact future regulatory decisions — or worse, create opportunities for financial abuse. In one notable case, several lawmakers walked out of a congressional hearing on digital assets, citing frustration over what they perceived as a lack of transparency surrounding the Trump family’s crypto activities.
These concerns also recently impacted legislative progress. Senate Democrats pulled their support from a bipartisan stablecoin bill in protest, reportedly due to ongoing questions about the former president’s entanglements in the crypto sector. However, the bill may still see a vote as early as May 26, depending on how negotiations evolve.
Despite political controversy, one thing is clear: Bitcoin is no longer a fringe financial asset. As sovereign funds, billionaires, and corporations continue to show interest, figures like Eric Trump are betting big on the future of decentralized finance — and they’re not alone in the race.
