The session touched on bitcoin mining, policy, and Asia’s role in adoption. The audience response was sustained and enthusiastic throughout the appearance in Hong Kong. “It is the greatest asset in the world … the greatest store of value that’s arguably ever been created,” Trump’s son said, praising the community’s support for his family and the industry.
He argued that access to bitcoin is widening via custodians and retirement plans. Trump highlighted his new mining venture, American Bitcoin, saying the firm plans a Nasdaq listing and he also claimed it produces about 3% of the world’s bitcoin ( BTC), with a $37,000 per coin cost. He framed limited supply and institutional demand as key drivers.
On geopolitics, Trump said the United States and China are shaping crypto’s trajectory. “America and China are definitely leading the way on cryptocurrency,” he said, adding “there’s no question that China is … a hell of a power” in bitcoin activity.
Asked about price targets, he reiterated a seven-figure target. “There’s no question bitcoin hits a million dollars,” Trump said, contending that expanding utility and tighter float could propel the asset over the next several years.
Trump also described conversations with state leaders and large investors that he said reflect growing interest from sovereign wealth funds, Fortune 500 treasuries, and high-net-worth families. He argued that broader availability through traditional institutions is drawing new retail participation.
The conversation closed with a note on diplomacy: Trump said bitcoin’s global user base bridges cultures and could feature in future discussions between the President and China’s leadership, though he suggested other priorities will dominate any agenda. China’s relationship with bitcoin is quite complex.
For example, trading in bitcoin — and crypto generally — is prohibited nationwide and has been for years. Mining was also displaced: before 2020, China controlled about 40% to 50% of hashrate; today it is roughly 16.61% of global computational power.
Some claim China holds 190,000 BTC, while many onchain researchers, including the author of this article, with more than a decade of onchain sleuthing, argue China does not hold anywhere near 190,000 BTC.
China’s advance on central bank digital currency (CBDC) development is considerable, with the nation often viewed as setting the pace globally. Among major economies, its progress is widely regarded as the most mature, positioning China at the forefront of CBDC experimentation and rollout.
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