Eric Trump Shocks Asia with Bitcoin: China is a 'Major Force' in the Cryptocurrency Field

At the Bitcoin Asia 2025 conference on August 29, Eric Trump delivered one of the most notable speeches at the event, claiming that Bitcoin is on track to reach 1 million dollars per coin, while describing China as "a formidable force" in the cryptocurrency space despite the country's years-long trading ban. Speaking before a crowded audience at the Hong Kong Convention and Exhibition Centre, Trump, the Executive Vice President of the Trump Organization and son of U.S. President Donald Trump, has positioned digital assets as a globally scarce store of value increasingly embraced by governments, corporations, and institutional investors. "Countries are buying Bitcoin like crazy. Companies on the Fortune 500 list are also buying Bitcoin like crazy," Trump told attendees. "The biggest families, the largest companies on Earth believe in this digital store of value. Everyone wants Bitcoin, everyone is buying Bitcoin, and that's why I truly believe it will reach one million dollars." His statements have created a wave that spread throughout the crowded auditorium and on social media, attracting both excitement and geopolitical scrutiny. The Middle East and China Are Regarded as Powerhouses of Cryptocurrency in Trump's Speech Trump also sparked controversy by praising China's role in the digital asset economy. In response to Bailey's remark that China remains a "Bitcoin superpower" alongside the United States, Trump said: "There is no doubt that China is a formidable force in this world." They have made an impressive mark on Bitcoin and cryptocurrency.” He added that the Middle East has also embraced cryptocurrency “strongly.” China banned cryptocurrency trading in 2021 after years of tightening regulations, but there are still signs that investors on the mainland continue to circumvent the law. Both Trump and Bailey did not clearly explain why they consider Beijing a leading force in the industry. Trump went even further by viewing the competition between the US and China as central to the future of digital finance. "Both countries are certainly leading in cryptocurrency," he said, asserting that the US under his father's administration was the leader in the global race. He stated that there has been more progress in the digital asset space in the seven months since Donald Trump returned to power compared to the last decade, while also pointing out regulatory changes and the increasing participation of Wall Street firms and national investment funds. Trump also emphasized the role of Bitcoin in promoting the international community. "This is one of the most diverse communities in the world," he said. "Different cultures, different societies, different languages, different religions — everyone is coming together. That is what makes it great for humanity." He revealed that he is currently spending "90% of his time on this community" and urged investors to buy and hold for the long term. "Buy now, close your eyes, hold, don't panic sell," Trump said, repeating his prediction that Bitcoin could reach 1 million dollars. The timing of his comments is very noteworthy. When he spoke, the price of Bitcoin had dropped below $110,000 briefly, trading around $109,600 in London. Despite the short-term decline, his optimistic predictions have sparked discussions about the role of Bitcoin as an inflation hedge and a digital reserve asset. The Trump family is becoming increasingly closely tied to the cryptocurrency industry. Their businesses have launched several projects, including American Bitcoin, a company backed by Eric and his brothers, aiming to become a major player in the field of Bitcoin mining and accumulation. The US government is also considering a more official integration of Bitcoin, with discussions on whether to add this currency to the national treasury or not. Bitcoin Supported by Trump Set to Launch on Nasdaq Amidst Expanding Cryptocurrency American Bitcoin, a cryptocurrency mining company in the United States backed by Donald Trump Jr. and Eric Trump, is pursuing acquisition deals in Asia as it seeks to expand its Bitcoin reserves. The company is negotiating to acquire a publicly listed company in Japan, while also considering Hong Kong. This move comes in the context of American Bitcoin preparing to go public in September through a reverse merger with Gryphon Digital Mining, a company listed on Nasdaq. Upon completion, the company will trade under the ticker symbol ABTC. Meanwhile, Donald Trump Jr. has ramped up his personal involvement in cryptocurrency last week by joining the advisory board of Polymarket, a blockchain-based prediction platform, after his venture capital firm, 1789 Capital, invested "tens of millions of dollars" into this startup. Trump Jr. stated that the platform "removes the hype from the media" by allowing people to bet on outcomes, while Polymarket's CEO, Shayne Coplan, called the deal "a significant milestone." The role of the Trump family in the cryptocurrency sector has rapidly expanded under the presidency, with more favorable regulations and the involvement of organizations in the US market. A government ethics report from earlier this year revealed that Donald Trump earned $57.4 million from World Liberty Financial, a company run by his sons, while holding a 15.75% stake in the WLFI governance token. Bitcoin is trading at around $109,600 in London on Friday as the family's cryptocurrency projects attract new global attention.