Emily Walker
During his keynote address at the Bitcoin Mena conference in Abu Dhabi on Tuesday, Eric Trump, executive vice president at the Trump Organization and son of US president-elect Donald Trump, made a striking prediction about the future price of Bitcoin (BTC). His speech emphasized Bitcoin’s limited supply, international liquidity, and its potential to disrupt traditional finance, culminating in his forecast that BTC could reach $1 million.
Trump Envisions $1 Million Bitcoin
Throughout his address, Trump pointed out that Bitcoin holds distinct advantages over conventional assets such as real estate and gold. He highlighted Bitcoin’s capped supply of 21 million coins, describing it as a fundamental factor that enhances its value, particularly in contrast to gold, which can be mined more if its price surges.
“Can you name another commodity with a fixed limit? When prices rise, gold gets dug up more,” Trump remarked, emphasizing that unlike Bitcoin’s unchangeable supply, the extraction of gold could escalate dramatically if its value increased significantly.
“With Bitcoin, you can’t change that. Its supply is limited, which is what renders it extraordinarily valuable, particularly as it’s being acquired in the billions. That’s why you’re witnessing such a substantial increase in its price,” he explained.
He noted the growing interest from major financial institutions as evidence of Bitcoin’s relevance in the modern economy. “There’s no doubt that institutions are alarmed. Why do you think firms like BlackRock, Schwab, JP Morgan, and Fidelity are investing billions in crypto?” he questioned.
Touching on his transition from doubt to belief in Bitcoin, Trump recalled discussions with Michael Saylor, CEO of MicroStrategy, who is known for his strong support for Bitcoin. “I’ve known Michael Saylor for two decades. He is a remarkable advocate for the industry, truly a national treasure,” Trump remarked, praising Saylor for his dedication and educational endeavors in the space.
Trump emphasized Bitcoin’s liquidity and borderless capabilities, contrasting these with the challenges associated with selling substantial real estate. “You can liquidate Bitcoin instantly, even during dinner,” he pointed out, underscoring the lengthy and complex nature of closing large property deals. “Selling an office building can take up to 18 months, and the frustration can be immense,” he added.
Additionally, he highlighted Bitcoin’s potential to promote financial inclusion by providing global access and opportunities irrespective of an individual’s wealth or location. “Bitcoin is inclusive. It enables people from all walks of life, particularly in developing nations, to seize opportunities they never thought possible,” Trump stated.
In one of his most surprising claims, Trump discussed Bitcoin’s price trajectory, noting that the significant milestone of $100,000 had already opened many eyes, and predicted that reaching $1 million would further shift mainstream perceptions: “When Bitcoin hits $1 million, many more will take notice.” He expressed his firm belief in this prediction, saying, “I am confident it will reach $1 million, and I believe the rest of you are too.”
As of the latest update, Bitcoin was trading at $97,620.