Key Points Summary
In this interview, Eric Trump, the son of Donald Trump, shares Trump's cryptocurrency strategy, why he founded American Bitcoin mining company, how the U.S. is leading the energy and AI race and why other countries are falling behind. He also discusses the story of the Trump family being betrayed by numerous banks.
He also talks about the business and negotiation mindset he learned from his father at a young age, how "Trump: The Art of the Deal" influenced his life, and Donald Trump's intimate and affectionate side at home.
Highlight Quotes
About Why the U.S. Must Win the AI, Energy, and Crypto Race
· "My father wants America to win in everything we do. He believes America needs to win in energy, win in AI, and win in cryptocurrency."
· "He ran on the idea of being the 'Crypto President.' He believes in cryptocurrency, believes in Bitcoin, and believes in digital assets."
· "If America doesn't do it, Asia will; if America doesn't do it, the Middle East will. So America has to lead."
· "The U.S. is not just energy independent; we are also exporting energy. If Europe wants to challenge AI or cryptocurrency, good luck to them, because they don't have the energy structure we have."
About Bitcoin's Global Value and the Dollar's Dominance
· "Bitcoin's position in many international markets may be more important than in the U.S., the world's largest economy."
· "In a place with severe inflation, bad banks, bad government, unstable markets, and serious corruption, what's better to hold than Bitcoin?"
· "Everyone wants dollars. No one wants euros, and no one wants other currencies; they want dollars."
About American Bitcoin's Mining Strategy
· "American Bitcoin was founded 8 months and 3 days ago, already owning over 90,000 mining machines, with over 28 EH/s of hash rate, representing approximately 2.5% to 3% of the global mining power."
· "The sole premise of our company is to increase Bitcoin holdings; our guiding star is to increase the amount of Satoshi per share."
· "If a company's money could have been invested in assets with an annualized growth rate of about 70% over the past decade, but is instead used to pay hefty executive salaries, which would create more shareholder value?"
· "We believe in Bitcoin. It would be extremely, extremely difficult for us to sell Bitcoin unless a catastrophic event occurs."
About the Race Between Two Bitcoin Companies
· "This is a competition to see who can accumulate the most Bitcoin and also a competition to see who can acquire the most Bitcoin at the lowest cost."
· "Michael Saylor is a visionary who has done a remarkable job of accumulating the most Bitcoin."
· "American Bitcoin aims to win another competition: who can acquire the most Bitcoin at the lowest cost."
· "What other commodity, what other product, can be mined at about half the market price? That's what American Bitcoin does every day."
About Being Abandoned by Banks and Entering the Crypto Industry
· "We did nothing wrong, yet we were kicked out like dogs by the largest banks in the U.S., 300 accounts closed overnight, all for political reasons."
· "This pushed us toward digital assets, toward DeFi, and led us to encounter others who had also been abandoned by these banks."
· "The enemy of my enemy is my friend. The interaction between the Trump family and the crypto industry is precisely that."
· "If 5, 6, 7 years ago you told me I would be so passionate about digital assets, I would have laughed. There's nothing now that I'm more passionate about than this."
About Father, Childhood, and Family Relationship
· "I really enjoy walking with my father on the construction site, watching New York's most impressive buildings slowly emerge from steel and concrete."
· "He is my best friend in the world, and I am incredibly proud of him, very, very proud."
· "He still calls me Honey to this day. I'm 42 years old now, with white hair in my beard, and he still calls me that."
New Fed Chair, Energy, Cryptocurrency
Host David: Eric, welcome to the show. Kevin Walsh is considered to be the next Federal Reserve Chair, known for being very tech-savvy and closely connected to Silicon Valley. If he is officially appointed as the Fed Chair, which we expect to happen, he could become the most tech-savvy Fed Chair in history.
He has previously stated that Bitcoin and AI will become the dominant drivers of the U.S. economy. What do you think this means for the future of Bitcoin and AI?
Eric Trump: Let me simplify this. My father wants America to win in everything we do. He believes America should win in energy, win in AI, and win in cryptocurrency. That's his entire platform and his entire mandate.
My father ran on the idea of being the 'Crypto President.' He believes in cryptocurrency, he believes that funds can flow in a more efficient, secure, and transparent way than ever before. He believes in this industry, believes in Bitcoin, and believes in digital assets. So, it's only logical that those around him operate under the same premise. If someone doesn't agree with this, he won't bring them into his inner circle.
If you look around the world, this is very clear. Look at the transformation that digital assets are undergoing, look at tokenization, look at what Bitcoin has already achieved, and look at the tremendous growth of digital assets in the past decade.
And then you combine these factors with another thing: We have a government that supports crypto, and at the same time, the U.S. likely has the best energy infrastructure in the world. Not only have we achieved energy independence, but we are also exporting energy. If Europe wants to challenge AI, good luck to them; if Europe wants to challenge cryptocurrency, good luck to them too. They can't do it because they don't have enough energy infrastructure to support this.
So we will win, because we are the first movers. We are also the world's largest economy, and the advantage is very clear. There is now a government pushing this forward, and we have the energy resources to do it.
Since my father took office, there has been a 180-degree shift in cryptocurrency policy. During the Biden administration, almost anyone who wanted to improve finance in a better, more efficient, and more modern way was thrown in jail. It's different now, we will have a Federal Reserve chairman who is very friendly to this industry, and not just friendly, but truly understands this industry.
Biden and Kamala Harris can't even spell the word AI.
They don't know what they're talking about, and they're not willing to understand it. My father, on the other hand, wants to win this race, wants to be the best in the world. By the way, if America doesn't do it, Asia will; if America doesn't do it, the Middle East will. So we are leading, and this is exactly what America must do.
Can the world win together?
Host Bonnie: Is it possible for everyone to win together?
Eric Trump: I think it's possible. Obviously, cryptocurrency is digital finance on a global scale. I am the head of American Bitcoin and also the founder of this company. I believe in digital assets.
I can even say that Bitcoin's position in many international markets may be as important as its position in the U.S., or even more important, even though the U.S. is the world's largest economy. Many places in the world have hyperinflation, bad banks, bad governments, unstable markets, and rampant corruption. In those places, what is more suitable than holding Bitcoin?
Because no one can confiscate your money in the middle of the night, institutions can't lose your money, and the capital markets can't collapse and wipe out your assets.
All of a sudden, you have global liquidity 24/7, 365 days a year. How is that possible? Through your iPad or smartphone.
I can offer a viewpoint: the global community is actually the biggest beneficiary of this, as it has created financial independence and financial freedom around the world, and in unprecedented ways, connected global finance.
For example, if I want to send money to Morocco now, what should I do? If I have to use the SWIFT wire transfer system, do I need to find a bank in Morocco first? Whom do I need to communicate with? Do we speak the same language? What is the currency exchange rate? However, what cryptocurrency does is eliminate all of this. It allows funds to be transferred instantly on a global scale.
So you ask, will it be global? It is 100% global. The entire concept of cryptocurrency and digital assets is to make them global. Who will be the biggest beneficiary? The United States. Because everyone wants the dollar. No one wants the euro, and no one wants any other currency; they want the dollar. So, I think this is indeed a global initiative, but the U.S. will be the biggest beneficiary.
Why Has Bitcoin Mining Come to the U.S.?
Host Bonnie: Let's talk about American Bitcoin. What has brought Bitcoin miners to the U.S.? Bitcoin miners need a jurisdiction with low energy costs and may also require a lower capital gains tax environment. How do we make mining in the U.S. more favorable to miners themselves?
Eric Trump: First, the U.S. has many tax policies that support this. For example, bonus depreciation, where you can deduct capital investments, and these mining rigs, facilities, and energy infrastructure are obviously capital-intensive. So, the U.S. does have some advantages. Like in other industries in the U.S., if you are willing to invest capital into something, invest in infrastructure in this country, there are many tax savings associated with it.
Second, we have the best energy in the world. If you try to do this in the U.K., you have no chance. Their economy produces far less energy than it consumes. They cannot win the AI race, cannot win the crypto race, and cannot mine Bitcoin.
The U.S. has some of the lowest energy costs globally. Look at Texas; the vast majority of American Bitcoin mining takes place there, and the energy prices there are among the best globally. So, we can be very competitive.
American Bitcoin was listed 8 months and 3 days ago, and we now hold well over 7,000 Bitcoins. We built this company from scratch and now have over 90,000 mining rigs, with a hash rate of over 28 EH/s, accounting for around 2.5% to 3% of global mining. The company was founded just 8 months and 3 days ago, which is a very remarkable story.
We are able to do this on American soil, using American energy. The United States must become the most dominant country in the world in all things related to crypto, all things related to digital markets and digital financial transactions. This is one of my key goals, and it is the direction I am sprinting in very, very rapidly.
Trump Family's "The Art of the Deal"
Host Bonnie: I really love "The Art of the Deal" and even did a special video on it. How has it influenced your view on deals and business?
Eric Trump: I have lived my whole life in "The Art of the Deal," you could say I was born under "The Art of the Deal." That book was published when I was still very, very young. It has been, in many ways, almost a guiding light throughout my life.
I run the Trump Organization every day. Before my father entered politics, I was with him almost every day, every second. He is my best friend in the world. Those experiences and lessons have been deeply ingrained in us, like always negotiate everything and operate in a very streamlined way.
We do the same at American Bitcoin. We negotiate everything and operate in an extremely streamlined way. We may have the lowest SG&A costs in the entire industry, the difference is very clear. We cannot even find competitors at the same level of cost structure and efficiency as us.
American Bitcoin Strategy
Eric Trump: We do this because we do not pay exorbitant salaries to CEOs who receive their compensation in cash. What are we really trying to build at the end of the day? We are trying to build our Bitcoin position.
If you're paying hundreds of millions of dollars to company executives, money that could have been invested in an asset that has grown at around 70% annually over the past decade, which do you think creates more value for shareholders? Is it executive compensation, or is it actually accumulating Bitcoin, holding onto Bitcoin, and letting it grow and appreciate year after year?
Host David: How do you decide how much of the mined Bitcoin to sell to the market?
Eric Trump: We strive to hold every single Bitcoin. Our company's sole premise is to expand our Bitcoin holdings. Our guiding principle is to increase the amount of Satoshi per share.
Never Selling Bitcoin?
Host David: Michael Saylor just mentioned that he might sell some Bitcoin to fund dividends. Under what circumstances would you reconsider and decide to sell some Bitcoin? If someone asked you to sell some Bitcoin, what reasons would lead you to do so?
Eric Trump: It would have to be a catastrophic-level situation. We are American Bitcoin, we believe in Bitcoin. Whatever happens, convincing us to sell the Bitcoin in our treasury reserves would be very, very difficult. Our company's sole objective is to expand this reserve.
Look at what's happening across the entire global ecosystem, observe what retail investors are doing, and see what institutional investors are up to. You see the largest U.S. banks hoarding Bitcoin, Fortune 500 companies unprecedentedly putting Bitcoin on their balance sheets. You also witness market structure legislation and countries worldwide starting to embrace cryptocurrency in new ways following the U.S.
Cryptocurrency is being massively adopted, especially Bitcoin, as Bitcoin is clearly winning this race. This trend is unprecedented for us. Since we believe it's the perfect financial tool, why would we divest from this asset? So, our entire premise is to accumulate as much as possible.
Two Races of the Bitcoin Company
Eric Trump: We believe there are two races here. Michael is my good friend, I know you've interviewed him before. I've known Michael for 25 years, long before he joined MicroStrategy.
The first race is who can accumulate the most Bitcoin. Michael has done an incredible job in this regard; he has great foresight. The second race is who can acquire the most Bitcoin at the lowest cost. And I can tell you, at American Bitcoin, we want to win this race, we want to be the one acquiring the most Bitcoin at the lowest cost.
Can you grow wheat for $1 from 50 cents? Can you grow corn for $1? These claims are obviously a bit exaggerated, but clearly you can't do it, the gap is huge. Can you mine gold for $1 from 50 cents?
What other commodity, what other product, can be mined at about half the market price?
This is what American Bitcoin does every day. Relying on our infrastructure, low-cost structure, and energy structure, this is a truly amazing business model. We are also incredibly proud of the company's journey to where we are today in just 8 short months.
The Enemy of Your Enemy is Your Friend
Host Bonnie: Why is Bitcoin important to you personally?
Eric Trump: Digital assets are important to me because we were once abandoned by banks. In the U.S. political arena, things are very cruel, just as cruel as politics in every country, whether there or in Canada or elsewhere. But we were once abandoned by America's largest banks, and we did nothing wrong.
We have the best hotels, the best residential towers, the best commercial buildings, and the best real estate in the world. Yet we were kicked out by many of the largest banks, like JPMorgan and Capital One. We were kicked out like dogs, 300 accounts were closed overnight, and we did nothing wrong, just because of politics.
This pushed us towards digital assets, towards the DeFi world, and led us to meet others who had also been abandoned by these people. As the saying goes, the enemy of your enemy is your friend. The interaction between the Trump family and the crypto industry is exactly that.
Later, we met the smartest group of people we've ever encountered, started embracing this industry, started understanding this industry.
And then it all made sense to each and every one of us, to you, to all of you, and to all of us. I may have become one of the most supportive cryptocurrency proponents on a global scale, and this comes from a person who has always been building hard assets, like the kind of place we are in now.
If you had told me 5, 6, or 7 years ago that I would be so passionate about digital assets, I would have definitely laughed. I really would have laughed at you. But there is nothing that excites me more now. I love what I do at American Bitcoin, I love what we do at World Liberty Financial, I love what we do with stablecoins, and I love what we do in the entire ecosystem. I am incredibly proud of it all.
Most Memorable Childhood Memory with Father
Host Bonnie: What is your favorite childhood memory related to your father?
Eric Trump: I loved going to construction sites with him, walking around the job sites with him. As a kid, watching some of the most impressive buildings in New York slowly rise up, seeing the steel structures, the concrete, and the core structures take place, those memories are very special.
Those New York union contractors are tough, but they're also some of the best builders in the world. Those memories were incredible. Also, growing up, I used to build LEGO skyscrapers on the floor of his office while he was conducting very important meetings. Being able to be there almost as a fly on the wall, it was really incredible.
He's an incredible guy. He's doing amazing things for this country. He's my best friend in the world, and I am incredibly proud of him, incredibly, incredibly proud.
Does Trump Say "I Love You" at Home?
Host Bonnie: Do you guys say "I love you" to each other?
Eric Trump: Very much so, he still calls me "Honey" to this day. He's like, "Honey, Honey." And here I am, a 42-year-old man with grays in my beard, and he's still calling me "Honey." And he jokes about it. He's like, "My kids, no matter how old they get, no matter if they have their own kids, if they're married, they'll always be my Honey."
He's a great guy. I'm proud of everything he's accomplished. I'm proud of running our business. And I'm certainly proud to be one of the leaders in the digital asset race. Hopefully, people will remember that we did a lot to drive that asset class forward.
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