The Trump family's foray into the world of Bitcoin signifies a significant milestone. Teaming up with Hut 8, a major mining player, they aim to elevate America to the forefront of the crypto industry. An audacious gamble that could reshape Bitcoin's future!
The sons of former U.S. President, Donald Trump Jr. and Eric Trump, have recently announced a strategic partnership with Hut 8. This involves a significant Bitcoin miner listed on the stock market. Together, they will establish a new company, “American Bitcoin,” with the mission to operate Hut 8’s mining activities.
Under the agreement, Hut 8 will transfer “almost all” of its Bitcoin mining Application-Specific Integrated Circuits (ASICs) in exchange for an 80% ownership stake in the new joint venture. Eric Trump will be the co-founder and head of American Bitcoin’s strategy, while Hut 8’s former Chief Commercial Officer, Matt Prusak, will assume the role of CEO.
“Simply buying Bitcoin is only half of the story. Mining with favorable economics opens up an even bigger opportunity,” said Donald Trump Jr., emphasizing the importance of Bitcoin mining to the Trump family.
The goal of American Bitcoin is to become a publicly traded company in the U.S., as indicated in a filing with the SEC. This initiative aligns with a broader trend in the crypto sector, where many companies, such as exchanges, are looking to execute initial public offerings to capitalize on the growing interest in digital assets.
The Trump family has shown much more support for BTC recently, whereas in the past, the former president had referred to it as a scam against the dollar. However, this stance seems to have evolved, especially following Donald Trump’s participation in the Bitcoin Conference 2024 in Nashville, one of the largest Bitcoin events in the world.
Source: TradingView
This change in direction also manifests through the Trump family’s involvement in various cryptocurrency initiatives. These include non-fungible token (NFT) collections and a new stablecoin project called USD1, developed by World Liberty Financial (WLFI).
By teaming up with Hut 8 to launch American Bitcoin, the Trump family demonstrates their belief in the long-term potential of BTC and the crypto industry overall. This investment will allow them to directly engage in the Bitcoin mining growth, providing investors with a way to participate in this trend.
The crypto sector continues to gain legitimacy and adoption. The Trump family’s decision to become more actively involved highlights the increasing importance of this technology in the global financial landscape. If you wish to invest in Bitcoin easily today, you can do so through Bitget. Here’s how:
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