James Richardson
Eric Trump, the second son of U.S. President Donald Trump, emphasized the critical role of China and Hong Kong in shaping the global cryptocurrency industry during a discussion at Bitcoin Asia. Speaking with David Bailey, Trump acknowledged that China stands as a “crypto superpower” alongside the United States, noting that the country has left an undeniable mark on the digital asset sector.
He also recognized the rapid adoption of crypto in the Middle East and highlighted how several smaller South American nations have embraced digital currencies with enthusiasm. Still, Trump insisted that “the United States is leading the digital revolution.”
Mainland China has officially banned crypto trading since 2017 and declared all crypto-related transactions illegal in 2021. Yet, ownership remains legal, and peer-to-peer trading still occurs in a regulatory gray zone. Although China banned bitcoin mining in 2021, certain operations continue due to regional protections and limited enforcement.
Hong Kong, on the other hand, has taken the opposite approach, becoming a testing ground for China’s digital asset strategy under a regulated pilot program. Bailey explained that Beijing is using Hong Kong as an international hub to explore digital asset policies and stablecoins.
The U.S. Pushes to Become the Global Crypto Leader
In contrast, the U.S. has actively strengthened its position in the crypto world under President Trump. The country has recently passed stablecoin legislation, created a strategic bitcoin reserve, and is pursuing the vision of becoming the “crypto capital of the world” as well as a leading bitcoin mining hub.
The Trump family itself is also deepening its involvement in the industry. Eric Trump promoted his American Bitcoin venture with Hut 8, discussed his work with the DeFi project World Liberty Financial, and spoke about his advisory role at Japan’s bitcoin treasury firm Metaplanet.
Eric Trump’s Journey Into Crypto
Trump reflected on how his entry into the crypto industry was partly triggered by the debanking of Trump family businesses during the Biden administration. Losing access to traditional financial services pushed him toward digital assets, where he said he discovered a community of innovative builders and believers in technology.
“They say the enemy of your enemy is your friend,” Trump explained, noting how this struggle brought his family closer to the crypto community.
Eric Trump’s Bold Prediction: Bitcoin at $1 Million
Today, Trump claims he spends 90% of his time in the crypto world. He doubled down on his forecast that Bitcoin will eventually reach $1 million per coin, encouraging investors to buy and hold for the long term.
“I believe Bitcoin will hit a million dollars within the next several years,” he said. “It’s the greatest asset in the world. Everybody is buying Bitcoin, and we’re just at the beginning.”
Currently, Bitcoin trades at $110,111, down 2.6% in the past 24 hours and 12% below its all-time high of nearly $124,500 reached on August 14.
U.S.–China Relations and Bitcoin’s Role
Meanwhile, President Trump is pushing for a summit with China’s Xi Jinping as both nations aim to ease trade tensions following Trump’s tariff announcements in April.
Eric Trump expressed hope that Bitcoin could be part of those discussions, though he acknowledged that the two superpowers likely have broader issues to address.
