Eric Trump, co-founder and chief strategy officer at American Bitcoin Corp. (NASDAQ:ABTC), deemed cryptocurrency as the “greatest hedge” to real estate and a rapidly growing industry unlike any other.
During an interview with Fox Business on Monday, Trump stated that he hasn’t seen a more dynamic and faster-growing industry than cryptocurrency.
“I really believe that crypto is the greatest hedge to real estate. I think it’s one of the greatest assets of our time,” he added. “I travel all over the world. Everybody is hoarding it. Everybody wants it. Every country, every Fortune 500 company.”
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Speaking about his newly listed firm, American Bitcoin, Trump stated that it will mine Bitcoin (CRYPTO: BTC) at the “lowest cost” anywhere in the world using “American energy.”
“It’s an amazing company. We’re really excited about it,” Trump remarked.
American Bitcoin soared in its stock market debut last week, resulting in a stake worth billions for the Trump family. Eric Trump and his elder brother Donald Trump Jr. own nearly 20% of the shares, according to Reuters, potentially valuing their stake at over $1.50 billion at Monday’s closing price.
American Bitcoin, a subsidiary of Hut 8 Corp. (NASDAQ:HUT), went public via a reverse merger with Nasdaq-listed miner Gryphon Digital Mining. This structure allows American Bitcoin to focus on acquiring chips and acquiring Bitcoin, while Hut 8 handles energy infrastructure.
Eric Trump said last week that the company’s next phase is a “race to accumulate the most Bitcoin.”
Price Action: At the time of writing, BTC was exchanging hands at $112,925.54, up 0.81% in the last 24 hours, according to data from Benzinga Pro.
American Bitcoin shares were up 0.60% in pre-market trading after closing 12.70% higher at $8.340 during Monday’s regular trading session. The stock is up over 20% since its debut last week.
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