Eric Trump predicts Bitcoin will hit $1 million, praises scarcity
2024-12-10
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Eric Trump, an American businessman, executive vice president of the Trump organization and son of United States President-elect Donald Trump, has predicted that Bitcoin would hit $1 million one day.
Trump took the stage with a keynote speech at the Bitcoin MENA event in Abu Dhabi on Dec. 10 to praise Bitcoin BTCUSD as a “financial paradigm” and a global asset.
He expressed confidence that Bitcoin will hit $1 million per coin one day, highlighting the cryptocurrency’s potential to “transform the global economy in beautiful ways.”
The businessman also predicted that more governments will embrace Bitcoin in the coming years, stressing that early adopters will be among those who win.
“Bitcoin is not just an investment”
In his keynote speech, Trump emphasized that Bitcoin is “not just another asset” and is “not just an investment,” describing it as a “global asset” instead.
“It’s a store of value. It’s a hedge against inflation. It’s a hedge against political turmoil, political instability, acts of God, hurricanes, fires, floods, tornadoes, guys. That’s what makes it so powerful,” he said.
Trump mentioned Bitcoin’s decentralized nature, which doesn’t require any middlemen to operate, as opposed to “tens of thousands of bankers” pushing credit applications and paperwork for “exorbitant fees.”
One major feature of Bitcoin is scarcity, which refers to its limited supply of 21 million coins, Eric Trump noted. He stated:
Trump isn’t alone in predicting Bitcoin will break the $1 million price mark. Major Bitcoin bulls like MicroStrategy’s Michael Saylor and ARK Invest’s Cathie Wood have also highlighted Bitcoin’s potential to reach $1 million one day.
Eric Trump compares Bitcoin adoption to the adoption of email
According to Trump, the world has been somewhat slow in adopting Bitcoin, and that’s not a surprise, given that other disruptive technologies like email have taken time to gain widespread popularity.
Created back in 1970, emails took 25 years to gain mass adoption, he said, adding that people are “slow as hell to adapt to new technology.”
Trump shared a story about a close friend of his who told him Bitcoin is “funny money” six months ago.
“When, coincidentally, the bank that he works for is one of the big five banks in the world. They just created a crypto desk, and they’re putting hundreds of billions of dollars into cryptocurrencies or inventing ETFs every single day,” he said.
What’s next for Bitcoin?
In addition to his bold $1 million prediction, Trump expressed confidence that Bitcoin has the power to transcend borders and institutions.
Those who fail to adapt to the technology will lose, he said, adding:
Trump concluded his keynote address by congratulating the Bitcoin community on BTC passing past $100,000 for the first time on record on Dec. 5.
“Bitcoiners, I love you. The Trump family loves you. It’s truly a great honor to be here today,” he said.