Bitcoin, which involves 2 sons of the president of the United States Donald Trump, temporarily doubled its value during the first public offering on Wednesday. Shares of American Bitcoin Corp., a company extracting Bitcoin, increased to $14.52 on the first day of listing on Nasdaq. They've closed the ratings at $8.04, which means an increase of 16.5%.
The shares of Eric Trump and Donald Trump Jr., who owned about 20 percent of the company's shares, were so worth $1.5 billion. At its peak, the share value was up to $2.6 billion. According to the company, American Bitcoin presently employs only 2 full-time employees.
The cryptocurrency sector has become a key part of the business of the US President's family. The money that a household derives from it is now far superior to that of real estate. Both president Trump and his household derive direct benefits from Trump's cryptocurrency boom. Critics call it a presidential kleptocracy.
Trump Organization previously focused on properties and golf courses. "Krypto explodes," said Eric Trump in an interview on Wednesday. According to Forbes' estimates, Eric Trump owns about 73 million shares of American Krypton. At about $8, the shares are worth nearly $600 million. That's much more than Trump's made on his real property investments so far.
However, household engagement in cryptocurrency business met with criticism. Democratic legislators and government ethics guards accuse the household of a conflict of interest as the president mitigates regulations on the industry. Eric Trump rejected criticism, calling it “crazy”. "My father has absolutely nothing to do with this company," he said. “It rules the country. He is not active in any way in our activities."
