Donald Trump Quietly Accumulated Bitcoin, Eric Trump Confirms

The son of the US President has hinted that he and his father “hold a lot of Bitcoin”.This claim comes amid growing concerns about conflict of interest and corruption, which forced several Senate Democrats to withdraw their support from a stablecoin bill. Eric Trump, the third of five children of the US President Donald Trump, has made a bold disclosure at the recently held TOKEN2049 event in Dubai, claiming he and his father have accumulated “a lot of Bitcoin.”According to the information first reported by Bloomberg, Trump hinted that the family has a strong interest in the asset class and he believes that Bitcoin is a digital gold. Speaking on the future potential, Eric Trump predicted that Bitcoin could record sustainable growth in the long term, though he refused to give an exact figure.I like Bitcoin. I firmly believe that it is digital gold. I hold a lot of Bitcoin myself, and Trump (his father) also holds a lot. And I think Bitcoin will grow exponentially in the next few years. Personally, this is a big bet for me.Ending his speech, Trump briefly introduced the family venture World Liberty Financial, stating that the company is on a mission to take over the world by repairing the broken financial system to become one of the fastest-growing Decentralised Finance (DeFi) platforms.Just wait and see what happens in the next two months. See what we will do.Meanwhile, US lawmakers have recently developed a keen interest in President Trump’s involvement in cryptos. One of them is Massachusetts Senator Elizabeth Warren, who indicated in a letter to US financial regulators that Trump’s recently-launched meme coin, for instance, poses a threat to national security and financial stability.As featured in our previous news brief, Warren argued that Trump has engaged in strategic ventures to enrich himself by channelling money directly from the crypto industry.Similarly, California Rep. Maxine Waters has recently objected to a crypto hearing as he proposes legislation that bans the president and members of Congress from holding digital assets or crypto firms. As also indicated in our recent blog post, Maxine believes that the president’s role in the WLFI and its stablecoin USD1 raises alarm on the political influence on the US monetary system.Senate Democrat Pushing Back on Crypto LegislationRecently, the Senate Democrats have demanded changes to crypto legislation pending in Congress following reports that World Liberty Financial has secured a deal that ensures that it takes $2 billion in deposits from an Emirati venture fund backed by the Abu Dhabi government.According to Senator Jeff Merkley, Democrat of Oregon, this is a conflict of interest and a significant level of corruption. Also, Warren earlier called on other Democrats to push against the stablecoin bill (GENIUS Act), which she claims could favour Trump and his family.The legislation will make it easier for the president and his family to line their own pockets. This is corruption, and no senator should support it.Following this call, most of the pro-crypto Senate Democrats who earlier backed the bill have withdrawn their support, as detailed in our recent coverage.