Eric Trump Stuns Bitcoin Asia: China Is ‘A Hell of a Power’ in Crypto, Despite Ban — What Does He Know?

At the Bitcoin Asia 2025 conference on August 29, Eric Trump delivered one of the event’s most headline-grabbing speeches, declaring that Bitcoin is on track to reach $1 million per coin while describing China as “a hell of a power” in crypto despite its years-long trading ban.

Speaking before a packed audience at the Hong Kong Convention and Exhibition Centre, Trump, executive vice president of the Trump Organization and son of U.S. President Donald Trump, framed the digital asset as a scarce, global store of value increasingly embraced by governments, corporations, and institutional investors.

“You’ve got nation-states that are buying the hell out of Bitcoin. You’ve got Fortune 500 companies that are buying the hell out of Bitcoin,” Trump told attendees. “The biggest families, the biggest companies on Earth believe in this digital store of value. Everybody wants Bitcoin, everybody is buying Bitcoin, and that’s why I really believe it hits a million dollars.”

His remarks sent ripples through the packed venue and across social media, drawing both bullish enthusiasm and geopolitical scrutiny.

Middle East and China Highlighted as Crypto Powerhouses in Trump Remarks

Trump also stirred controversy by praising China’s role in the digital asset economy. Responding to Bailey’s observation that China remains a “Bitcoin superpower” alongside the U.S., Trump said: “There’s no question that China is a hell of a power when it comes to this world.

They’ve made an unbelievable mark on Bitcoin and cryptocurrencies.” He added that the Middle East had likewise embraced crypto “in a massive way.”

China banned cryptocurrency trading in 2021 after years of regulatory crackdowns, but signs persist that investors in the mainland continue to skirt restrictions. Neither Trump nor Bailey elaborated on why they consider Beijing a leading force in the industry.

Trump went further, framing the rivalry between the U.S. and China as central to the future of digital finance. “Both countries are definitely leading the way on cryptocurrency,” he said, positioning the U.S. under his father’s administration as a frontrunner in the global race.

He claimed that more progress had been made on digital assets in the seven months since Donald Trump’s return to office than in the prior decade, citing regulatory shifts and rising institutional participation from Wall Street and sovereign wealth funds.

The younger Trump also emphasized Bitcoin’s role in fostering an international community. “It is one of the most diverse communities in the world,” he said. “Different cultures, different societies, different languages, different religions — everybody is coming together. That’s what makes it great for humanity.”

He revealed that he spends “90% of my time in this community now” and urged investors to buy and hold long term. “Buy right now, close your eyes, hold it, do not get rid of it,” Trump said, repeating his forecast that Bitcoin could reach $1 million.

The timing of his comments was notable. As he spoke, Bitcoin briefly dipped below $110,000, trading at around $109,600 in London. Despite the short-term decline, his bullish projection amplified discussion of Bitcoin’s role as a hedge against inflation and as a digital reserve asset.

The Trump family has become increasingly intertwined with the crypto industry. Their businesses have launched ventures, including American Bitcoin, a firm backed by Eric and his brothers that aims to become a major player in Bitcoin mining and accumulation.

The U.S. government has also been weighing more formal integration of Bitcoin, with discussions on whether to add it to the national treasury.

Trump-Backed American Bitcoin Prepares Nasdaq Debut Amid Expanding Crypto Push

American Bitcoin, a U.S. cryptocurrency miner backed by Donald Trump Jr. and Eric Trump, is pursuing acquisitions in Asia as it looks to expand its Bitcoin reserves.

The company is in talks to acquire a publicly listed firm in Japan, with Hong Kong also under consideration.

The move comes as American Bitcoin prepares for a September public listing via a reverse merger with Nasdaq-listed Gryphon Digital Mining. Once completed, the firm will trade under the ticker ABTC.

Donald Trump Jr., meanwhile, deepened his personal crypto involvement 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” in the startup.

Trump Jr. said the platform “cuts through media spin” by letting people bet on outcomes, while Polymarket CEO Shayne Coplan called the deal a “significant milestone.”

The Trump family’s role in crypto has expanded rapidly under the president’s administration, with more favorable regulation and institutional participation in U.S. markets.

A government ethics filing earlier this year revealed Donald Trump earned $57.4 million from World Liberty Financial, a firm run by his sons, while also holding a 15.75% stake in its governance token WLFI.

Bitcoin was trading around $109,600 in London on Friday as the family’s crypto ventures drew fresh global attention.

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