While the sharp selling wave in the cryptocurrency market this week caused Bitcoin to fall below the $100,000 level again, Eric Trump, son of US President Donald Trump, said he did not care about this situation.
Speaking after the American Bitcoin mining company released its first financial statement as a publicly traded firm, Trump stated that he had “zero concern” despite the decline in crypto assets.
Amid growing risk-off sentiment in the markets, Bitcoin’s price has fallen more than 20% from its all-time high of over $126,000 in early October. However, Eric Trump maintained that such volatility is a natural part of the crypto ecosystem. “Volatility is your friend,” Trump said, adding that those who can’t handle the volatility in the crypto market should avoid the sector. “This is actually a huge buying opportunity for us,” he said.
American Bitcoin’s third-quarter results revealed a strong performance. The company reported revenue of $64.2 million and a net profit of $3.5 million for the quarter, compared to revenue of $11.6 million and a loss of $576,000 in the same period last year. American Bitcoin acquired more than 3,000 Bitcoin through mining and market purchases during the quarter, increasing its reserves to 3,418 BTC at the end of September.
Eric Trump also revealed that he is working on tokenizing real estate projects. He said he is preparing to tokenize the Trump International Hotel & Tower in Dubai and another project that has yet to be announced.
*This is not investment advice.