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Eric Trump, the son of President Donald Trump and founder of the Bitcoin ($BTC) mining and treasury management company American Bitcoin (NASDAQ: ABTC), announced new plans that will help his company (and the U.S.) dominate the global cryptocurrency market.
Speaking in an interview with David Lin published on May 12, Trump said there are effectively “two races” in the industry. The first one is centered on accumulating the largest Bitcoin treasury, and the other on acquiring the asset at the lowest possible cost.
In regard to the first “race,” Trump mentioned Strategy’s Michael Saylor, saying he’s done an unbelievable job building his $BTC holdings and acted as a visionary in the industry. Turning to the second “race,” however, Trump promised that American Bitcoin would claim the gold.
“Michael’s done unbelievably. What a visionary he’s been. And then there’s the race of who can acquire the most, the cheapest. And I can tell you, at American Bitcoin, that’s the race we want to win. We want to be the ones that acquire the most, the cheapest,” Trump said.
Eric Trump’s Bitcoin acquisition strategy
Elaborating on his plans, the American Bitcoin co-founder said his company’s strategy is centered entirely on growing its Bitcoin reserves rather than selling mined coins into the market. When asked what circumstances would force him to sell, Trump said it would need to be something “beyond catastrophic.”
“Our only premise of our entire company is to grow our Bitcoin stack. And our north star is growing Satoshi’s per share… We believe in Bitcoin. Come hell or high water, it would take us a lot to have to sell our treasury,” Trump added.
Of course, Trump’s comments came after he referenced Saylor’s recent suggestion that Strategy could potentially sell some $BTC to help finance dividends. While he acknowledged Saylor’s influence, the guest made it clear that American Bitcoin intends to pursue a stricter accumulation model.
Further, the conversation also noted that Bitcoin adoption has accelerated rapidly among institutions, banks, and corporations, describing the current environment as an unprecedented global accumulation race. What gives American Bitcoin an edge, Trump said, is infrastructure and energy efficiency.
Specifically, he claimed the company can effectively mine Bitcoin at roughly “50 cents on the dollar” because of low-cost energy access and lean operations. Currently, the company controls more than 90,000 mining machines and accounts for roughly 2.5% to 3% of the global mining capacity despite being only eight months old. What’s more, Trump added that the firm already holds more than 7,000 $BTC.
Featured image via Shutterstock
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