The family of US President Donald Trump is prepared to engage in the Bitcoin mining endeavor Hut 8, which would allow the two eldest sons, Eric Trump and Donald Trump Jr., to increase the Trump family’s cryptocurrency holdings.
In a statement released Monday, the Miami-based business Hut 8 announced the formation of American Bitcoin as a majority-owned subsidiary with a sole focus on Bitcoin mining and “strategic Bitcoin reserve development.”
In an agreement with Hut 8, Eric Trump and Donald Trump Jr. agreed to buy 20% of American Bitcoin, with the parent company holding the remaining 80%.
Eric Trump, who is listed as a co-founder of American Bitcoin, will be its chief strategy officer, per an Axios article.
Through their American Bitcoin company, the Trump family and Hut 8 hope to establish the greatest digital currency miner in the world, with aspirations to establish their own “bitcoin reserve.”
Donald Trump Jr. and Eric Trump’s investment in American Since President Trump declared a total 180-degree turn on the digital currency industry prior to the US election in November of last year, Bitcoin is apparently the third significant cryptocurrency company in which the Trump family has invested.
Earlier, while the presidential campaign trail, Trump and his sons founded World Liberty Financial, which last week revealed plans to launch a stablecoin. However, the US Congress is now debating stablecoin rules and regulations.
Memes were introduced by President Trump and First Lady Melania Trump before to the Republican president’s inauguration. According to Axios, additional supply will be released by Donald Trump’s coin in the upcoming months.
