WEBVTT - American Bitcoin Chief Strategy Officer Eric Trump & CEO of American Bitcoin Michael Ho Talk Crypto

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<v Speaker 1>Bloomberg Audio Studios, Podcasts, radio News.

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<v Speaker 2>Welcome back. I'm Romain Bostik.

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<v Speaker 3>You are watching Bloomberg Markets, but right now I'm alongside

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<v Speaker 3>the host of Bloomberg Crypto, Tim Stenovik, for a discussion,

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<v Speaker 3>a very special discussion about American Bitcoin, which went public

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<v Speaker 3>earlier this month and is one of the many crypto

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<v Speaker 3>players that have entered the public markets this year. It

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<v Speaker 3>is also part of a surge in digital asset treasuries,

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<v Speaker 3>reaching a market cap of almost seven billion dollars. But uniquely,

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<v Speaker 3>its chief strategy officer is a son of the President

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<v Speaker 3>of the United States. Please to say that Eric Trump

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<v Speaker 3>joins us right now alongside American Bitcoin CEO Mico. Welcome

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<v Speaker 3>to both of you.

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<v Speaker 2>Thank you guys very much. It's good for having us guys.

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<v Speaker 4>No shortage of crypto treasury firms out there, no shortage

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<v Speaker 4>of bitcoin mining firms out there, Mike. What makes American

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<v Speaker 4>Bitcoin different from everything else out there?

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<v Speaker 5>Well, we're the best of all worlds apart from Meeric Trump,

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<v Speaker 5>apart from America.

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<v Speaker 2>That's the best part. But we're the best of all worlds.

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<v Speaker 6>We're not just a bitcoin mining company, We're not just

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<v Speaker 6>a treasury We're a bitcoin accumulator, and what that means

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<v Speaker 6>is we use bitcoin mining as just one layer of

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<v Speaker 6>the strategy. Bitcoin mining is effectively, as of recent allows

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<v Speaker 6>us to accumulate bitcoin at a fifty percent discount to

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<v Speaker 6>Spot price. As a publicly listed, actively managed accumulator, we're

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<v Speaker 6>very different than just buying an ETF. When you buy

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<v Speaker 6>an ETF, when you buy spot bitcoin, your ownership ratio

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<v Speaker 6>to bitcoin will only ever be one blessed feast. When

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<v Speaker 6>you buy an actively managed accumulation company.

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<v Speaker 2>We use all of our tools, our know how, our.

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<v Speaker 6>Ability to monetize volatility. As a public stock, we have

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<v Speaker 6>a very volatile profile given that we track underlying bitcoin

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<v Speaker 6>and our volatility is higher than bitcoin.

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<v Speaker 2>So being able to.

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<v Speaker 6>Issue low cost converts that convert at a premium to

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<v Speaker 6>wear our share price today to buy moreco Bitcoin is

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<v Speaker 6>an asset class that has been increasing double digits for

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<v Speaker 6>the last decade is very highly a creative to our

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<v Speaker 6>shareholders and increases the metric that is most important, and

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<v Speaker 6>that is our Bitcoin ownership per share. As an actively

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<v Speaker 6>managed company, it's using all these tools to increase bitcoin ownership.

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<v Speaker 4>Sure they're come on in here, because finally show that

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<v Speaker 4>you own about a seven and a half percent stake

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<v Speaker 4>of the company. What's your commitment to holding on to

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<v Speaker 4>this equity?

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<v Speaker 2>Long?

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<v Speaker 5>And I've locked myself out for a very long period

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<v Speaker 5>of time. How long, well over a year, and I

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<v Speaker 5>think it's going to be beyond that. But we've locked

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<v Speaker 5>ourselves out, and in fact, the whole board has, and

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<v Speaker 5>you know, the company has. I'm damn committed to this company.

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<v Speaker 5>And I'm committed to this company because they did everything

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<v Speaker 5>they could to try and cancel us. They did everything

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<v Speaker 5>they could I'm talking about traditional finance to put us

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<v Speaker 5>out of business. I was the guy that was getting

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<v Speaker 5>hundreds of letters from the big banks, Capital One, JP Morgan,

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<v Speaker 5>you know, I mean all of them, Bank America. I

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<v Speaker 5>saw one hand was just on trying to take away

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<v Speaker 5>accounts for for golf courses, for hotels, for residential buildings,

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<v Speaker 5>for doing absolutely nothing wrong. And it drove me into

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<v Speaker 5>crypto because I realized that there was nothing that couldn't

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<v Speaker 5>be done in crypto better, faster, cheaper, more transparently. And

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<v Speaker 5>it's an amazing industry. You know you've covered well, I've heard

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<v Speaker 5>you talk about this before. The idea that you were

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<v Speaker 5>de banked and your family was de banked in recent years.

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<v Speaker 5>I just want to make sure I understand this. Are

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<v Speaker 5>you saying that the Trump organization was not able to

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<v Speaker 5>do business with any large financial institution. At one point,

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<v Speaker 5>I got dozens of letters and I'm talking about the

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<v Speaker 5>biggest banks anywhere in the world again, Bank of America, right,

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<v Speaker 5>you know, Capital One, JP Morgan Where for no reason

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<v Speaker 5>other than the fact that my father wore a red

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<v Speaker 5>hat that said make America great again, you know, and

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<v Speaker 5>maybe sat on a different end of a political aisle

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<v Speaker 5>than kind of the woke ideology of the time. They

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<v Speaker 5>were sending me letters for condominian buildings. Some of the's

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<v Speaker 5>assets we didn't even necessarily own. We managed, right, residential

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<v Speaker 5>component in one of our buildings, right, they would send

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<v Speaker 5>a letter to the board saying, congratulations, we will no

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<v Speaker 5>longer bank you. It's like, that's not our banking the

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<v Speaker 5>bank account of a residential building. I saw the weaponization

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<v Speaker 5>of financial industry, and then I started realizing how broken,

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<v Speaker 5>how slow it was. My wife and I owned my father, right,

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<v Speaker 5>we had two point one percent residential mortgage rates.

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<v Speaker 2>I got via schmuck not to go.

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<v Speaker 5>Out and you know, get financing We bought a home

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<v Speaker 5>with a bank that I had banked with for twenty

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<v Speaker 5>five years. It took me one hundred and twenty days

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<v Speaker 5>to go through and know your customer right, and you're

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<v Speaker 5>seeing there saying why why is it every week as

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<v Speaker 5>a hospitality company, Right, I'm trying to get a wire

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<v Speaker 5>out or I'm waiting to receive a wire through the

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<v Speaker 5>Swift system, where if I don't get it out by

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<v Speaker 5>five o'clock and by way, even if you get out

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<v Speaker 5>five o'clock, zero chance it's making Therefore, before Monday, you know,

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<v Speaker 5>when you can transfer five hundred million dollars with bitcoin

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<v Speaker 5>from an iPhone to an iPhone having a wallet address

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<v Speaker 5>you know at you know, eleven o'clock on a Sunday night,

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<v Speaker 5>you know, for no fees, for practically no fees, and

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<v Speaker 5>that scares the big financial institutions and guys. I've always

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<v Speaker 5>been a hard asset person. I've always been a builder

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<v Speaker 5>of big buildings. That's what my families know. One for

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<v Speaker 5>us and had it not been for the weaponization of

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<v Speaker 5>the big banks, I would have never found the crypto industry.

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<v Speaker 5>It's one of the greatest things and I am the

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<v Speaker 5>biggest proponent of Bitcoin. I think it's the greatest asset

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<v Speaker 5>of our time. You have an asset that's, you know,

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<v Speaker 5>appreciating seventy percent a year over year for the last

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<v Speaker 5>ten year period of time. It's global, it's instantly liquid,

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<v Speaker 5>it's the greatest hedge against real estate, and it's It's

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<v Speaker 5>been a lot of fun, guests.

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<v Speaker 3>And I understand your personal experience at helping fuel this,

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<v Speaker 3>But beyond your personal experience, what is the long term

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<v Speaker 3>advantage And I'm talking for the broader audience out there,

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<v Speaker 3>the broader community of folks out there for transacting more

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<v Speaker 3>in that space, not just necessarily with bitcoin, but using

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<v Speaker 3>the blockchain tocnos.

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<v Speaker 2>Such a great question.

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<v Speaker 5>And the reason that's great question is we have the

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<v Speaker 5>greatest economy in the world.

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<v Speaker 2>Buy far barn On.

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<v Speaker 5>We all know this, right, I mean, imagine it's just

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<v Speaker 5>tig Zimbabwe, right all right, where they had ten thousand

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<v Speaker 5>percent inflation.

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<v Speaker 2>Year over year.

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<v Speaker 5>You go, you work your butt off, right, and all

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<v Speaker 5>of a sudden, your money's burned. I mean you literally

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<v Speaker 5>get in you actually have Crypto is going to be

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<v Speaker 5>the greatest tool to create financial free them throughout the world. Now,

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<v Speaker 5>all of a sudden, stead of having that money just

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<v Speaker 5>disappear because you've got a cookie government, or you've got

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<v Speaker 5>bad financial policy, or because one hundred other Now, all

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<v Speaker 5>of a sudden, you can take that based on one

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<v Speaker 5>thing that everybody has, which is, you know, a smart

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<v Speaker 5>device now in their pocket or just about anybody, and

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<v Speaker 5>that gives you financial freedom. Now, all of a sudden,

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<v Speaker 5>you can go buy bitcoin, and you can go buy

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<v Speaker 5>an asset that'sppreciating, as I said before, between fifty and

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<v Speaker 5>seventy percent a year, and you actually have something at

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<v Speaker 5>tangible at the end of it. Take the other side

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<v Speaker 5>of crypto, right, you know, take take stable coin.

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<v Speaker 2>You can invest in the US dollar. You're in Zimbabwe.

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<v Speaker 5>Instead of having your currency devalue by that ten thousand

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<v Speaker 5>percent a year, you can go invest in the US dollar.

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<v Speaker 5>We're going to onshore trillions and trillions of dollars in

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<v Speaker 5>the United States of America because of it, and that

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<v Speaker 5>gives people financial freedom, and that's a wonderfulingful thing as

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<v Speaker 5>well for the United States of America.

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<v Speaker 4>He might jump on in here because I want to

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<v Speaker 4>ask a little bit about the relationship that American bitcoin

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<v Speaker 4>has with bitmin the bitcoin mining equipment provider Representative none

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<v Speaker 4>of Iowa Republican calling for a federal review of Bitmain,

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<v Speaker 4>essentially saying that the US could that this could present

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<v Speaker 4>a national security risk here in the U. Is it

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<v Speaker 4>a national security risk for you to use this equipment?

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<v Speaker 2>I don't believe.

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<v Speaker 6>So it's very proven that these ACIS chips are programmed

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<v Speaker 6>just for one purpose, and it's for computations on the

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<v Speaker 6>shot two five to six algorithm, and ben Main has

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<v Speaker 6>been a leading manufacturer for US. It's really about the

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<v Speaker 6>merits of the technology, the hardway that we use. We

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<v Speaker 6>use the most efficient, the most cost effective to be

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<v Speaker 6>able to produce bitcoin at the lowest costs and most

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<v Speaker 6>efficient with the most uptime.

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<v Speaker 3>But I am curious just on that point though too, Mike.

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<v Speaker 3>I mean, is there any risk and I mean this

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<v Speaker 3>also dovetails with having you know Eric by your side,

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<v Speaker 3>but is there any risk with regards to teriff and

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<v Speaker 3>trade policies and being able to get our hands meaning

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<v Speaker 3>the US being able to get their hands on things

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<v Speaker 3>from there or vice versa. I mean, just the start

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<v Speaker 3>of this week, I mean we came in with China

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<v Speaker 3>putting some blocks potentially on Nvidia and some of our

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<v Speaker 3>homegrown chip makers.

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<v Speaker 6>We're really just focused on the silicone that is the

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<v Speaker 6>A six that we use for bitcoin mining. We pay

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<v Speaker 6>tariffs on the silicone that we imported from that made

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<v Speaker 6>It is still the most competitive and most efficients and

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<v Speaker 6>when we measure this latest generation of hardware, it is

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<v Speaker 6>very technologically advanced in terms of the efficiencies. We've moved

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<v Speaker 6>from twenty eight naanimeter chips down to sixteen, downs to ten,

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<v Speaker 6>down to five. Now the latest generation of A six

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<v Speaker 6>that we use our three nanometer chips. The technology for

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<v Speaker 6>the manufacturers to produce at this efficiency is very competitive

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<v Speaker 6>and very difficult.

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<v Speaker 4>Eric, I'm curious how you view energy sources here because

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<v Speaker 4>Mother Jones reporting recently that HUT eight buys wind power

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<v Speaker 4>from a facility in Texas. Your father has made clear

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<v Speaker 4>his views on wind power, and he's attacked projects and

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<v Speaker 4>he stopped projects on federal lands. Do you disagree with

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<v Speaker 4>his view on wind power?

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<v Speaker 2>No, I totally agree with it.

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<v Speaker 5>In fact, the reason we're able to buy wind power

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<v Speaker 5>for such low amounts as they built a wind farm

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<v Speaker 5>in the middle of absolutely nowhere and they didn't have

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<v Speaker 5>anybody to distribute.

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<v Speaker 2>That energy to.

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<v Speaker 4>They were distributed to make before they were selling it

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<v Speaker 4>to the hot eight they were bitting get to the grid.

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<v Speaker 2>They were distributed into two.

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<v Speaker 5>Texas, they didn't really have anywhere to send the power,

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<v Speaker 5>and it was massively subsidized. Here's the reality with win power.

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<v Speaker 5>Wind power is a massively subsidized thing. Right, the governments

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<v Speaker 5>could go over to Europe, go over to the UK

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<v Speaker 5>where my father is right now, the amount of subsidy

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<v Speaker 5>you're talking about eighty percent subsidy on wind farms, where

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<v Speaker 5>the government's paying them, subsidizing the actual creation.

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<v Speaker 2>Of them, and they're also ruining landscape.

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<v Speaker 5>Now, America, we have the greatest energy anywhere in the world,

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<v Speaker 5>and it's untapped. We have energy reserves that every country

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<v Speaker 5>in the world, including China, would absolutely die to have.

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<v Speaker 5>It's just we've had that policy where we've never actually

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<v Speaker 5>been able to exploit that. And so I'm not a

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<v Speaker 5>wind power guy. I think there's much better forms of energy.

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<v Speaker 5>I'm beyond excited about the potential of actually leading the

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<v Speaker 5>revolution in terms of nuclear Again, it's something that America

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<v Speaker 5>was winning. America was winning the nuclear power revolution, and

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<v Speaker 5>then all of a sudden, one day we just gave

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<v Speaker 5>up on it. And then you see what's happening again

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<v Speaker 5>in China. You see what's happening in the Middle East.

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<v Speaker 5>I mean even France for the longest time was winning

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<v Speaker 5>that technological revolution, and I think under my father's leadership,

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<v Speaker 5>that's coming back. But you cannot have a strong GDP

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<v Speaker 5>as a country if you don't have cheap, efficient energy,

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<v Speaker 5>and we better as a country be damn committed to

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<v Speaker 5>that task at hand.

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<v Speaker 2>So it's interesting.

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<v Speaker 4>In the last couple of years, you've accumulated quite a

0:10:15.280 --> 0:10:19.360
<v Speaker 4>bit of crypto. Your family's net worth has increased substantially,

0:10:19.400 --> 0:10:21.880
<v Speaker 4>and now the value of its assets that are tied

0:10:21.880 --> 0:10:25.040
<v Speaker 4>to crypto kind of rivals what it has when it

0:10:25.080 --> 0:10:27.480
<v Speaker 4>comes to real estate. At the Trump organization, you're still

0:10:27.720 --> 0:10:30.880
<v Speaker 4>co EVP of the Trump organization. Are you spending more

0:10:30.920 --> 0:10:33.560
<v Speaker 4>time on crypto than you are at the Trump administration

0:10:33.679 --> 0:10:34.560
<v Speaker 4>or Trump organization?

0:10:34.640 --> 0:10:36.079
<v Speaker 5>Now, I spent a lot of time on crypto. I

0:10:36.120 --> 0:10:37.959
<v Speaker 5>spent a lot of time in real estate. As you

0:10:38.000 --> 0:10:39.800
<v Speaker 5>can imagine, I've got one anymore. I've got one of

0:10:39.840 --> 0:10:41.480
<v Speaker 5>the greatest portfolios of the projects of the world. I've

0:10:41.559 --> 0:10:43.280
<v Speaker 5>got the best hotels in the world. We have the

0:10:43.280 --> 0:10:44.800
<v Speaker 5>best golf course in the world, some of the greatest

0:10:44.800 --> 0:10:46.760
<v Speaker 5>commercial buildings in the city. You probably know many of

0:10:46.760 --> 0:10:49.280
<v Speaker 5>them and all around the world, and we do it

0:10:49.480 --> 0:10:52.880
<v Speaker 5>incredibly well, and that's become that's obviously an incredible business.

0:10:52.920 --> 0:10:56.240
<v Speaker 5>And the underlying value of our hard assets is unlike

0:10:56.240 --> 0:10:58.320
<v Speaker 5>any real estate portfolio in the world, especially based on

0:10:58.320 --> 0:11:00.280
<v Speaker 5>the fact that we practically have no debt and I've

0:11:00.320 --> 0:11:03.040
<v Speaker 5>spent years just paying off debt, and our cash flow

0:11:03.080 --> 0:11:05.480
<v Speaker 5>is tremendous, and that's incredible. Then on the opposite side,

0:11:05.520 --> 0:11:08.120
<v Speaker 5>we obviously have crypto holdings, and they're the greatest counterpart.

0:11:08.200 --> 0:11:11.280
<v Speaker 5>Right on one side, you have really very little liquidity.

0:11:11.440 --> 0:11:13.200
<v Speaker 5>Very few people could come out and buy Trump Cower.

0:11:13.360 --> 0:11:15.960
<v Speaker 5>The asset is too valuable. There's very few families in

0:11:15.960 --> 0:11:17.679
<v Speaker 5>the world or companies in the world who could buy,

0:11:17.720 --> 0:11:19.160
<v Speaker 5>you know, for it to buy a building like that,

0:11:19.559 --> 0:11:21.520
<v Speaker 5>So that means, hey, guess what, it goes up in

0:11:21.559 --> 0:11:24.280
<v Speaker 5>an inflationary period like we had under Biden. It's actually

0:11:24.360 --> 0:11:26.200
<v Speaker 5>very good for real estate. You know, just guess what,

0:11:26.240 --> 0:11:29.840
<v Speaker 5>every ibeam, every two by four becomes exponentially more expensive.

0:11:30.200 --> 0:11:31.960
<v Speaker 5>But if I tried to go sell one of those properties,

0:11:31.960 --> 0:11:33.319
<v Speaker 5>you could take me six months, It could take me

0:11:33.320 --> 0:11:35.319
<v Speaker 5>a year, It could take me eighteen months and.

0:11:35.280 --> 0:11:37.520
<v Speaker 2>You could have limited buyers. Right. You have the opposite

0:11:37.559 --> 0:11:38.480
<v Speaker 2>side of the equation.

0:11:38.200 --> 0:11:39.920
<v Speaker 5>Where you have something like bitcoin, where if I wanted

0:11:39.960 --> 0:11:42.280
<v Speaker 5>to sell a billion dollars at bitcoin, you know, I

0:11:42.280 --> 0:11:44.280
<v Speaker 5>could walk out of the studio about three seconds after

0:11:44.320 --> 0:11:46.920
<v Speaker 5>this interview, I could hit you know, two buttons on

0:11:47.440 --> 0:11:50.000
<v Speaker 5>a phone and you could instantly liquidate it into any

0:11:50.000 --> 0:11:53.360
<v Speaker 5>currency that you wanted. Right, and so they are unbelievable

0:11:53.480 --> 0:11:56.560
<v Speaker 5>kind of counterparts to one another. Right once immediately liquid

0:11:56.640 --> 0:11:58.840
<v Speaker 5>one is twenty four hours a day, seven days a week.

0:11:58.880 --> 0:12:03.400
<v Speaker 5>One you can you know, transact, it becomes utilitarian. You

0:12:03.400 --> 0:12:06.280
<v Speaker 5>can do so anywhere in the world any demographic. You

0:12:06.320 --> 0:12:08.480
<v Speaker 5>have another one that's a hard asset that's fixed to

0:12:08.520 --> 0:12:11.160
<v Speaker 5>a certain geography, fixed to a certain city. Guess what

0:12:11.200 --> 0:12:13.760
<v Speaker 5>if there's a flight to Florida from New York. You know,

0:12:14.080 --> 0:12:17.640
<v Speaker 5>an asset in New York, you know, might suffer a

0:12:17.679 --> 0:12:19.720
<v Speaker 5>little bit more, but maybe an asset in Florida picks

0:12:19.800 --> 0:12:20.560
<v Speaker 5>up that weight.

0:12:20.679 --> 0:12:20.839
<v Speaker 2>Right.

0:12:21.640 --> 0:12:23.480
<v Speaker 5>It's why I always go out and I say, I

0:12:23.480 --> 0:12:26.040
<v Speaker 5>actually think crypto is the greatest instrument for people in

0:12:26.080 --> 0:12:28.959
<v Speaker 5>the real estate industry because it's the perfect edge, and

0:12:28.960 --> 0:12:31.320
<v Speaker 5>it's why you see people like Grank Cardon. He's doing

0:12:31.400 --> 0:12:33.560
<v Speaker 5>these walk up buildings, He's doing kind of rental projects

0:12:33.600 --> 0:12:37.959
<v Speaker 5>all over Florida. He's actually anchoring those projects layering crypto

0:12:38.000 --> 0:12:40.319
<v Speaker 5>in order to effectively buy down your effective yield on

0:12:40.800 --> 0:12:43.160
<v Speaker 5>your mortgages. And I think a lot of people in

0:12:43.400 --> 0:12:45.160
<v Speaker 5>the real estate space are going to get into crypto

0:12:45.200 --> 0:12:47.960
<v Speaker 5>for this reason. It's an unbelievable instrument and it's the

0:12:48.000 --> 0:12:48.720
<v Speaker 5>perfect complement.

0:12:48.840 --> 0:12:50.959
<v Speaker 3>This gets to the use case though, that I think

0:12:51.000 --> 0:12:53.840
<v Speaker 3>we used to talk about in years past when it

0:12:53.880 --> 0:12:56.240
<v Speaker 3>came to the advent of a bitcoin and the other

0:12:56.440 --> 0:12:59.320
<v Speaker 3>crypto tokens out there. I am curious, Mike, there are

0:12:59.360 --> 0:13:01.079
<v Speaker 3>a lot of entrants in this space now. And Eric

0:13:01.160 --> 0:13:03.800
<v Speaker 3>was talking a little bit earlier about traditional finance. Traditional

0:13:03.840 --> 0:13:06.880
<v Speaker 3>finance has finally taken notice of this as well. So

0:13:07.040 --> 0:13:09.680
<v Speaker 3>how do you structure this business to not only grow yourself,

0:13:09.720 --> 0:13:11.840
<v Speaker 3>but more importantly defend off what's probably going to be

0:13:12.240 --> 0:13:14.680
<v Speaker 3>maybe your Brian one Hands or your Jamie Diamonds or

0:13:14.720 --> 0:13:16.800
<v Speaker 3>other folks who finally decide they want a piece of

0:13:16.840 --> 0:13:18.160
<v Speaker 3>this as well.

0:13:18.320 --> 0:13:22.040
<v Speaker 6>We see that as all extremely positive when you look

0:13:22.040 --> 0:13:25.840
<v Speaker 6>at the proliferation and the rise of even ethereum or Solana.

0:13:26.120 --> 0:13:28.319
<v Speaker 6>That just means that it broadens the on ramps of

0:13:28.400 --> 0:13:33.040
<v Speaker 6>more dollars moving on chain. On chain benefits every crypto,

0:13:33.120 --> 0:13:35.440
<v Speaker 6>and Bitcoin is not immune to that. Bitcoin will benefit

0:13:35.480 --> 0:13:38.520
<v Speaker 6>from that as well. Bitcoin is the reserve asset class,

0:13:38.679 --> 0:13:41.280
<v Speaker 6>whereas some of these other alternative coins are more on

0:13:41.400 --> 0:13:44.719
<v Speaker 6>ramps and or throughput settlement layers. But when you look

0:13:44.760 --> 0:13:47.800
<v Speaker 6>at when you look at bitcoin adoption, when you look

0:13:47.800 --> 0:13:50.760
<v Speaker 6>at crypto adoption, I'll start there first, crypto adoption, there's

0:13:50.760 --> 0:13:54.320
<v Speaker 6>about sixty million active wallets out there with a non

0:13:54.400 --> 0:13:57.280
<v Speaker 6>zero balance. I think it took Bank of America almost

0:13:57.280 --> 0:14:00.719
<v Speaker 6>one hundred years to develop something similar million wall. It's

0:14:01.000 --> 0:14:03.040
<v Speaker 6>sixty million bank accounts, and it took a lot of

0:14:03.320 --> 0:14:08.160
<v Speaker 6>mergers and acquisitions and a lot of governance and permitting.

0:14:08.920 --> 0:14:13.280
<v Speaker 6>When you look at Blackrocks Gold ETF, it's about twenty

0:14:13.400 --> 0:14:15.840
<v Speaker 6>they're coming up on their twenty year anniversary, and it's

0:14:15.880 --> 0:14:20.160
<v Speaker 6>only about thirty billion dollars. Now, contrast that to Blackrocks IBIT.

0:14:20.320 --> 0:14:24.520
<v Speaker 6>They're Bitcoin ETF. That's almost ninety billion dollars and it's

0:14:24.800 --> 0:14:27.400
<v Speaker 6>been only a couple of years. And when you look

0:14:27.440 --> 0:14:32.120
<v Speaker 6>at total ETFs institutional ownership of bitcoin, that represents more

0:14:32.160 --> 0:14:37.600
<v Speaker 6>than six percent. Everyone wants bitcoin. Bitcoin's proliferation adoption is

0:14:37.640 --> 0:14:38.880
<v Speaker 6>only the beginning.

0:14:38.800 --> 0:14:40.520
<v Speaker 3>All right, you have to leave it there. Really appreciate

0:14:40.520 --> 0:14:41.120
<v Speaker 3>both of you coming.

0:14:41.160 --> 0:14:42.040
<v Speaker 2>HEK you guys very much.

0:14:42.200 --> 0:14:44.920
<v Speaker 3>Michae the CEO of American Bitcoin and of course he

0:14:45.000 --> 0:14:47.640
<v Speaker 3>needs no introduction. Eric Trump as well, and our thanks

0:14:47.680 --> 0:14:49.720
<v Speaker 3>to Tim Stenovich will be back in a moment. This

0:14:49.760 --> 0:14:50.280
<v Speaker 3>is Bloomberg