Trump's son urged to buy bitcoin on drawdown. He bets on the price growth to $1 million

Eric Trump, co-founder of American Bitcoin and son of US President Donald Trump, has urged investors to take advantage of the falling bitcoin price to buy the cryptocurrency. But the market, contrary to Trump Jr.'s optimism, has so far moved in the opposite direction. The largest cryptocurrency by capitalization lost nearly a quarter of its value in the first half of the quarter, and American Bitcoin shares have collapsed by half since September.

"It's a great time to buy bitcoin. There's no doubt about it," Trump Jr. told CNBC on Nov. 22, when asked if he plans to take advantage of the current downturn to increase his company's bitcoin reserves. According to BitcoinTreasuries.net, Trump's company American Bitcoin now owns 4,004 bitcoins with a total value of about $350 million.

"Bitcoin has become the greatest asset of our time," Trump said, noting the "incredible" returns of the largest cryptocurrency over the past decade. He reiterated his confidence that the bitcoin exchange rate will eventually reach the $1 million mark, although it will take "several years."

"The people who buy back drawdowns and embrace volatility will be the big winners. I have never been more bullish on the future of cryptocurrencies and modernizing the financial system," the son of the U.S. president added in a statement to Bloomberg.

Trump Jr.'s positive outlook on bitcoin and cryptocurrencies is not new: in late September, he predicted an "incredible" fourth quarter for the cryptocurrency market. However, now that half of the quarter is behind us, the situation is not developing at all as he expected: bitcoin is down 23% compared to a 47% increase in the same period last year, Benzinga notes.

Eric Trump owns about 7.5% of American Bitcoin, which trades on the Nasdaq under the ticker ABTC. The company's stock peaked at $9.31 in early September 2025, but the quote has more than halved since then. An investor who bought American Bitcoin shares when the company went public would have suffered a 45% loss, Bloomberg notes.

This article was AI-translated and verified by a human editor