Bitcoin News Today: Trump Family's Crypto Bet: Defying Downturns with AI-Driven Mining Shift

Anthony Scaramucci has led a $220 million investment in a cryptocurrency mining firm linked to the Trump family, signaling renewed confidence in Bitcoin's long-term potential despite recent market volatility according to reports. The investment, tied to the Telegram Open Network (TON) token, positions the Trump family's American Bitcoin Corp. (ABTC) as a key player in a sector grappling with shifting dynamics. Scaramucci, founder of SkyBridge Capital, described the move as a "contrarian opportunity" to bet on TON's utility in cross-border transactions, projecting the token could reach $10 as adoption grows.

The Trump family's exposure to crypto has expanded significantly in recent months. American Bitcoin, co-founded by Eric Trump and Donald Trump Jr., reported a third-quarter profit of $3.5 million and revenue of $64.2 million, driven by Bitcoin mining operations and strategic at-market purchases. The company's shares rose 4% following the earnings release, though broader crypto market declines have pressured the Trumps' wealth. Bitcoin's price drop from a $126,272 October high to $110,000 as of late November has eroded the value of the family's holdings, including DJT stock and World Liberty Financial tokens, by roughly 30%.

Scaramucci's investment underscores a broader trend of high-profile figures doubling down on crypto amid regulatory uncertainty. The Trump administration's pro-crypto policies, including the SEC's retreat from lawsuits against major exchanges and plans for a government Bitcoin reserve, have created a favorable environment for institutional and political players. Meanwhile, BlackRock's recent decision to list a fund on Binance -co-founded by Trump pardon recipient Changpeng Zhao- marks a pivotal shift in institutional adoption.

The crypto mining sector itself is undergoing a strategic pivot. Companies like Bitfarms and CleanSpark are diversifying into AI and high-performance computing as Bitcoin's profitability wanes. Bitfarms announced plans to convert its Washington State mining facility into an AI infrastructure hub, citing potential revenue from GPU-as-a-Service offerings. CleanSpark, the second-largest Bitcoin miner, raised $1.15 billion to expand both mining and AI operations, reflecting industry-wide efforts to hedge against crypto's volatility.

Regulatory scrutiny remains a wildcard. The Department of Justice's new "Scam Center Strike Force" targets overseas "pig butchering" fraud rings, which have siphoned billions from victims-including some linked to Burma's civil war. While not directly impacting American Bitcoin, the initiative highlights the federal government's growing focus on crypto-related crime. Separately, Trump's controversial $2,000 stimulus check proposal has sparked debate over its potential to revive crypto prices, though legal challenges to his tariff policies complicate its feasibility.

For the Trump family and allies, the crypto bet is both financial and ideological. Eric Trump dismissed recent market selloffs as "volatility you should embrace", emphasizing opportunities to tokenize assets like the Trump International Hotel & Tower in Dubai. Yet with Bitcoin's strategic reserve plans still in development and macroeconomic headwinds persisting, the long-term viability of their crypto-centric strategy remains untested.