Trump Sons Invest in Bitcoin Mining Company After Launching Crypto DeFi

Donald Trump's sons reportedly plan to invest in a Bitcoin mining company after successfully launching a crypto Decentralized Finance (DeFi) company with World Liberty Financial (WLFI).

Donald Trump's sons, Eric and Donald Jr., are reportedly planning to invest in a Bitcoin mining company after successfully launching a crypto Decentralized Finance (DeFi) company with World Liberty Financial (WLFI).

The news was reported by the

>The Trump family is expanding its crypto empire with a new investment in a Bitcoin mining company, according to a report in the Wall Street Journal.

>After successfully launching their DeFi company, World Liberty Financial (WLFI), with their father, former President Donald Trump, the president's eldest sons, Donald Jr. and Eric Trump, will be acquiring a 20% interest in American Bitcoin, a mining venture majority-owned by Hut 8, in February.

As part of the agreement between the two firms, Hut 8 will transfer around 61,000 of its specialized Bitcoin-mining equipment to American Bitcoin in return for an 80% stake in the new company. The Trump brothers' firm, American Data Centers, will also contribute its own assets, including a data center in rural Pennsylvania, to the venture.

The Trump family members will take over the remaining 20% equity interest in American Bitcoin, which will be renamed and operate independently of Hut 8. The new company's operations will be focused on expanding the Bitcoin mining industry in the United States.

The move aligns with the president's vision of making America the crypto capital and promoting America's first crypto policy. The new mining company aims to become the world's largest Bitcoin miner and plans to build its own Bitcoin reserve.

The administration is also planning to create a new digital dollar, which will be backed by U.S. government bonds and other assets. The digital dollar is expected to be launched on the Ethereum network and a blockchain created by Binance.

The Trump administration is also working on legislation that would provide a comprehensive regulatory framework for stablecoins, which are cryptocurrencies pegged to the value of a fiat currency, such as the dollar or euro.

The move comes as the Trump administration is facing criticism for its handling of the coronavirus pandemic and the upcoming presidential election. The administration has also been accused of corruption and abuse of power.