Eric Trump 訪談：美國要贏下 AI、能源與加密競賽

Organized & Translated by: TechFlow

Guest: Eric Trump, American businessman, political activist, and second son of Donald Trump

Hosts: Bonnie; David

Podcast Source: 邦妮區塊鏈 Bonnie Blockchain

Key Takeaways

In this exclusive interview, Donald Trump's second son, Eric Trump, shares the Trump family's cryptocurrency strategy, the reasons behind founding American Bitcoin, a Bitcoin mining company, how the U.S. can lead the energy and AI race, and why other countries cannot catch up. He also discusses the story of how the Trump family was betrayed by numerous banks.

He also talks about the business and negotiation thinking he learned from his father since childhood, how "Trump: The Art of the Deal" influenced his life, and Donald Trump's intimate and warm side at home.

Highlights of Key Insights

On Why the U.S. Must Win the AI, Energy, and Crypto Race

• "My father wants America to win at everything we do. He believes America must win in energy, win in AI, and win in cryptocurrency."
• "He ran for office with the ethos of being a 'crypto president.' He believes in cryptocurrency, he believes in Bitcoin, and he believes in digital assets."
• "If America doesn't do it, Asia will; if America doesn't do it, the Middle East will. So America has to lead."
• "America is not just energy independent; we are exporting energy. If Europe wants to challenge AI or cryptocurrency, good luck to them, because they don't have the energy infrastructure for it."

On Bitcoin's Global Value and the Dollar's Advantage

• "Bitcoin's position in many international markets might be even more important than it is in the U.S., the world's largest economy."
• "In places with severe inflation, terrible banks, terrible governments, unstable markets, and rampant corruption, what better asset to hold than Bitcoin?"
• "Everyone wants the dollar. No one wants the euro, no one wants any other currency; they want the dollar."

On American Bitcoin's Mining Strategy

• "American Bitcoin was founded 8 months and 3 days ago, and we already have over 90,000 miners and over 28 EH/s of hashrate, representing about 2.5% to 3% of global mining hashrate."
• "Our company's sole premise is to expand our Bitcoin stash; our North Star is to increase Satoshi per share."
• "If a company's money could be invested in an asset that has appreciated about 70% annually over the past decade, but instead pays exorbitant executive salaries, which one creates more shareholder value?"
• "We believe in Bitcoin. Unless there's a catastrophic scenario, it would be very, very difficult to get us to sell our Bitcoin."

On the Two Races for Bitcoin Companies

• "It's a race to accumulate the most Bitcoin, and it's also a race to get the most Bitcoin at the lowest cost."
• "Michael Saylor is a visionary; he has done an incredible job accumulating the most Bitcoin."
• "American Bitcoin wants to win the other race: who can acquire the most Bitcoin at the lowest cost."
• "What other commodity or product can you produce at roughly 50% of its market price? That's what American Bitcoin does every single day."

On Being Abandoned by Banks and Entering the Crypto Industry

• "We did nothing wrong, but we were kicked out like dogs by the biggest banks in America; 300 accounts were closed overnight, solely for political reasons."
• "This pushed us towards digital assets, towards DeFi, and led us to meet people who had also been abandoned by these banks."
• "The enemy of my enemy is my friend. That's precisely what happened between the Trump family and the crypto industry."
• "If you had told me 5, 6, or 7 years ago that I would be so passionate about digital assets, I would have laughed. Now, there's nothing I love more."

On Fatherhood, Childhood, and Family

• "I loved walking job sites with my father, watching some of the most impressive buildings in New York slowly rise from steel and concrete."
• "He is my best friend in the world, and I am incredibly proud of him, so, so proud."
• "He still calls me Honey. I'm 42 years old, with grey hairs in my beard, and he still calls me that."

New Fed Chair, Energy, and Cryptocurrency

Host David: Eric, welcome to the show. Kevin Walsh is considered the next Fed Chair, and he is very tech-savvy with close ties to Silicon Valley. If he formally becomes the Fed Chair, which we anticipate, he might become the most tech-savvy Fed Chair in history. He has said that Bitcoin and AI will be the dominant driving forces of the U.S. economy. What do you think this means for the future of Bitcoin and AI?

Eric Trump:

Let me put this simply. My father wants America to win at everything we do. He believes America must win in energy, win in AI, and win in cryptocurrency. That is his entire platform and his entire mandate.

My father ran for office with the ethos of being a "crypto president." He believes in cryptocurrency. He believes money can flow more efficiently, more securely, and more transparently than ever before. He believes in this industry, in Bitcoin, and in digital assets. So it's very reasonable that the people around him follow the same premise. If someone doesn't agree with this, he wouldn't bring them into his inner circle.

If you look around the world, it's very obvious. Look at the transformation digital assets are undergoing, look at tokenization, look at what Bitcoin has already achieved, and look at its growth over the past decade. The explosive power is extraordinary.

Then you combine these factors with another thing: we have a pro-crypto government, and the U.S. probably has the best energy structure in the world. America is not just energy independent; we are exporting energy. If Europe wants to challenge AI, good luck to them; if Europe wants to challenge cryptocurrency, good luck to them too. They can't do it because they don't have the energy infrastructure to support it.

So, we will win because we are the first mover. We are also the world's largest economy, and by a significant margin. We now have a government pushing for this, and we have the energy resources needed to accomplish it.

Since my father took office, the policy direction for cryptocurrency has made a 180-degree turn. During the Biden administration, they essentially jailed anyone trying to improve finance with better, more efficient, and more modern methods. It's different now. We are going to have a Fed Chair who is very friendly to this industry, and he's not just friendly; he truly understands it.

Biden and Kamala Harris couldn't even spell the word AI. They didn't know what they were talking about and weren't willing to understand it. My father wants to win this race and be the best in the world. And by the way, if America doesn't do it, Asia will; if America doesn't do it, the Middle East will. So we are leading, and that's exactly what America must do.

Can the World Win Together?

Host Bonnie: Is it possible for everyone to win together?

Eric Trump:

I think so. It's obvious that cryptocurrency is a global digital financial system. I am the head of American Bitcoin and a founder of this company. I believe in digital assets.

I would even say that Bitcoin's position in many international markets might be just as important, if not more so, than its position in the U.S., even though the U.S. is the world's largest economy. Many parts of the world have hyperinflation, terrible banks, terrible governments, unstable markets, and outright corruption. In these places, what is more suitable to hold than Bitcoin? Because no one can take your money in the middle of the night, institutions can't lose your money, and capital markets can't crash and destroy your resources.

Suddenly, you have global liquidity 24/7. How? Through your iPad or smartphone.

I can make an argument that the global community is actually the biggest beneficiary of this because it creates financial independence and financial freedom worldwide, and it connects global finance in ways never seen before.

For example, if I want to send money to Morocco now, how would I do it? If I have to use the SWIFT system, I first need to find a bank in Morocco. Who do I communicate with? Do we speak the same language? What's the exchange rate? What cryptocurrency does is eliminate all of that. It allows for instantaneous movement of capital around the world.

So, you ask if it will be global? It is 100% global. The entire concept of cryptocurrency and digital assets is to make them global. Who will be the biggest beneficiary? The United States. Because everyone wants the dollar. No one wants the euro, no one wants any other currency; they want the dollar. So I think it's a global initiative, but the U.S. will be the biggest beneficiary.

Why Is Bitcoin Mining Coming to the U.S.?

Host Bonnie: Let's talk about American Bitcoin. What brings Bitcoin miners to the U.S.? Bitcoin miners need jurisdictions with low energy costs, and possibly a favorable environment regarding capital gains tax. How can we make mining in the U.S. more advantageous for miners themselves?

Eric Trump:

First, there are many tax policies in the U.S. that support this. For example, bonus depreciation allows you to deduct capital investments, and these miners, facilities, and energy infrastructure are obviously capital-intensive. So the U.S. does have some advantages. Like other industries in the U.S., if you are willing to invest capital in something, invest in infrastructure in this country, there are many associated tax savings.

Second, we have the best energy in the world. Try doing this in the UK; you have no chance. Their economy produces far less energy than it consumes. They cannot win the AI race, cannot win the crypto race, and cannot mine Bitcoin. The U.S. has some of the lowest energy costs globally. Look at Texas, where the vast majority of American Bitcoin's mining takes place. The energy prices there are among the best in the world. So we can be very competitive.

American Bitcoin was launched 8 months and 3 days ago. We now have well over 7,000 Bitcoins. We built this company from scratch, and now we have over 90,000 miners, with a hashrate exceeding 28 EH/s, accounting for about 2.5% to 3% of global mining output. This company is only 8 months and 3 days old; it's a truly remarkable story.

We were able to do this on American soil, using American energy. America must become the most dominant force in all things crypto, all things digital markets, and all things digital finance globally. This is a major goal of mine, and it's a direction I am sprinting towards very, very quickly.

The Trump Family and "The Art of the Deal"

Host Bonnie: I love "The Art of the Deal"; I even made a video about it. How did it influence how you view deals and business?

Eric Trump:

I have lived "The Art of the Deal" my entire life. You could say I was born under "The Art of the Deal." I was very, very young when that book was published. It has been a guiding principle in my life in many ways.

I run the Trump Organization every single day. Before my father entered politics, I worked with him almost every day, every second. He is my best friend in the world. Those experiences and lessons were deeply instilled in us, like the principle of negotiating everything and running things in a very lean manner.

We do exactly the same at American Bitcoin. We negotiate everything and operate extremely lean. We probably have the lowest SG&A costs in the entire industry, by a significant margin. We can't even find competitors whose cost structure and efficiency are on the same level as ours.

American Bitcoin Strategy

Eric Trump:

We achieve this because we don't pay our cash-compensated CEOs absurd salaries. Ultimately, what are we trying to build? We are trying to build our Bitcoin stash.

If you pay hundreds of millions of dollars to company executives, money that could have been invested in an asset that has appreciated roughly 70% annually over the past decade, which one do you think creates more value for shareholders? Executive compensation, or actually collecting Bitcoin, holding it, and letting it continue to grow and appreciate year after year?

Host David: How do you decide how much of the mined Bitcoin to sell on the market?

Eric Trump:

We strive to hold every single Bitcoin. The sole premise of our entire company is to expand our Bitcoin stash. Our North Star is to increase Satoshi per share.

Never Sell Bitcoin?

Host David: Michael Saylor just said he might sell some Bitcoin to finance dividends. What scenario would make you turn around and decide to sell some Bitcoin? If someone asks you if you can sell some Bitcoin, what reason would make you do it?

Eric Trump:

It would have to be a catastrophic scenario. We are American Bitcoin, and we believe in Bitcoin. No matter what happens, it will be very, very difficult for us to sell Bitcoin from our treasury reserves. The sole goal of our entire company is to expand this reserve.

Look at what's happening across the global ecosystem. You see what retail investors are doing, and you see what institutional investors are doing. You see the largest banks in America hoarding Bitcoin, and Fortune 500 companies adding Bitcoin to their balance sheets in unprecedented ways. You also see market structure legislation, and countries around the world starting to follow the U.S. in embracing cryptocurrency in new ways.

Cryptocurrency is seeing mass adoption, especially Bitcoin, because Bitcoin is clearly winning this race. This trend is something we have never seen before. Since we believe it is a perfect financial tool, why would we divest from this asset? So, our entire premise is to hoard as much as possible.

The Two Races for Bitcoin Companies

Eric Trump:

We believe there are two races here. Michael is a good friend of mine. I know you interviewed him before. I've known Michael for 25 years, long before he joined MicroStrategy.

The first race is who can accumulate the most Bitcoin. Michael has done an incredible job at this; he is very visionary. The second race is who can acquire the most Bitcoin at the lowest cost. And I can tell you, at American Bitcoin, we want to win this race. We want to be the ones who get the most Bitcoin at the lowest cost.

Can you grow $1 worth of wheat for $0.50? Can you grow $1 worth of corn? These analogies are a bit exaggerated, but obviously you can't; the gap is huge. Can you mine $1 worth of gold for $0.50? What other commodity or product can you produce at roughly 50% of its market price?

That's what American Bitcoin does every single day. Relying on our infrastructure, low-cost structure, and energy structure, it's a truly remarkable business model. We are also incredibly proud of how far the company has come in just 8 months.

The Enemy of My Enemy is My Friend

Host Bonnie: Why is Bitcoin important to you personally?

Eric Trump:

Digital assets became important to me because we were abandoned by the banks. Things are very brutal in American politics, just like in every country's politics – it's the same where you are, in Canada, and elsewhere. But we were abandoned by the largest banks in America, and we did nothing wrong.

We have the best hotels, the best residential buildings, the best commercial buildings, and the best real estate in the world. Yet we were kicked out by many of the largest banks, like JPMorgan and Capital One. We were kicked out like dogs; 300 accounts were closed overnight, and we did nothing wrong – it was purely political.

This pushed us towards digital assets, towards the world of DeFi, and led us to meet people who were also abandoned by these same entities. There's an old saying: the enemy of my enemy is my friend. That's precisely what happened between the Trump family and the crypto industry.

Then we met some of the smartest people we've ever encountered, started embracing this industry, and began to understand it. And then it all clicked for everyone – for me, for you, for your audience, and for all of us. I may have become one of the most pro-crypto people in the world, and this comes from someone who has spent his entire life building hard assets, like the building we are in right now.

If you had told me 5, 6, or 7 years ago that I would be so passionate about digital assets, I would have laughed. I would have genuinely laughed at you. But now there's nothing I love more. I love what I'm doing at American Bitcoin, I love what we're doing at World Liberty Financial, I love what we're doing with stablecoins, and I love what we're doing across the entire ecosystem. I am incredibly proud of all of it.

Childhood and Most Memorable Memories with Father

Host Bonnie: What is your favorite childhood memory related to your father?

Eric Trump:

I loved going to construction sites with him. I loved