Bitcoin Bandits: The Trump Brothers and Hut 8 Team Up for a Crypto Heist
Trump Brothers and Hut 8 Announce American Bitcoin Mining Joint Venture Aiming for Public Listing
Get a load of this! The Trump family is diving headfirst into the cryptocurrency world once again, this time partnering with Hut 8 to launch the nefariously named American Bitcoin Corp. The goal? To make one of America's largest Bitcoin mining operations!
Hut 8 is giving up most of its miners for an 80% stake in the company, while Eric Trump and Donald Trump Jr.'s American Data Centers pockets the remaining 20%.
Eric Trump claims it's his experiences with getting "debanked" that got him into crypto, praising it as "cheaper, faster, more transparent, uncancelable, global." Talk about a motive to break the banks!
This operation has plans to go public and reportedly mine Bitcoin at nearly half its current market price. Now that's a steal!
Got beer, 'cause this joins a growing list of crypto ventures by the Trump family. October saw the launch of World Liberty Financial, followed by the debut of a USD1 stablecoin in March.
Eric Trump shared his experience with financial institutions in an interview with Fox Business, explaining how their political ties led to them getting booted left and right. This allegedly led to his "epiphany" about the power of cryptocurrency!
Eric also spoke of the need for clear regulations in the crypto industry. When asked about it, he said, "Y'all want guidelines? Everybody does! That's part of the problem in the crypto world. It's always been so murky!"
From what we hear, this Bitcoin mining operation is sitting pretty economically. Eric claims they can mine Bitcoin at only half its current trading price while expanding rapidly. And with Bitcoin's impressive 60% annual appreciation over the past decade? This could be a recipe for success!
Reactions to the announcement have been mixed, with Hut 8's stock initially rising before eventually dropping 0.9%. Bitcoin was trading at about $84,900 on Tuesday, up 2.5%over the previous day.
As the broader crypto market watches for potential impacts from President Trump's tariff policies, Bitcoin miners remain optimistic about opportunities under his administration.
Eric Trump's recent crypto moves include being tapped for Japanese investment firm Metaplanet's Strategic Advisory board in March. The family seems set on making crypto a long-term strategy, with Eric predicting, "In ten years, the nature of finance and banking in this country will be very different."
So grab your pickaxes and prepare for some digital gold rush with the Trump family and Hut 8's American Bitcoin Corp. It's gonna be a wild ride!
Fun Facts:
- The name American Bitcoin Corp. is as generic as the corporate jargon they spit.
- Hut 8 CEO Asher Genoot probably got so many pre-merger offers that he started viewing other execs as "suitors" chasing his "affections."
- Is the Trump Crypto Empire's ultimate goal to create a Deus Ex: Cryptocurrency version of the Illuminati? Time will tell!
- If the mining operation fails, perhaps they can just call it Donald J. Trump & Sons: The Broke Miners Ltd.
- With bitcoins being mined at half their market price and the family's history of branding, they can basically print money! (Or digital currency, anyway.)
Despite partnering with Hut 8 to create the American Bitcoin Corp, the Trump family continues to explore cryptocurrency ventures, with Eric Trump predicting a radical shift in the nature of banking and finance within the next decade. Meanwhile, the National Stock Exchange (NSE) has listed Bitcoin as a commodity, pushing sports leagues to consider accepting it as a form of payment.
