In a keynote speech presented on Tuesday at the Bitcoin Mena conference in Abu Dhabi, Eric Trump, senior vice president of the Trump Organization and son of US president-elect Donald Trump, made a bold prediction for the price of BTC. Trump’s speech touched on the scarcity of Bitcoin, the global cash shortage, and the potential to disrupt the mainstream financial sector, culminating in the BTC price reaching $1 million.
Eric Trump Predicts $1 Million per Bitcoin
Throughout the keynote speech, Trump highlighted the unique advantages of Bitcoin over traditional assets such as real estate and gold. He described BTC’s scarcity – a fixed supply of 21 million coins – as a key price driver, compared to gold, whose supply can be stretched if prices rise significantly.
“Name another property that has been set aside. Name another asset that as prices increase, it is no longer exploited,” he said. Trump noted that if gold were to rise to $20,000 an ounce, “you’d be tearing this building down” to get more.
In contrast, Bitcoin’s hard supply limit cannot be changed. “With Bitcoin, you never know. With Bitcoin, the supply is limited. That scarcity, that hard edge, makes it incredibly valuable, especially since these goods are bought for billions. That’s why you see the price going up the way it is.”
Trump talked about the involvement of major financial institutions, asserting that their participation proves the importance of Bitcoin. “There is no question that institutions are corrupt. Guys, they are shocked. Why do you think BlackRock and why do you think Schwab and why do you think, you know, JP Morgan and Fidelity, (0:29) do you think why do you think they’re buying crypto for billions? he asked.
Drawing on his personal evolution from skeptic to believer, Trump referred to early conversations with MicroStrategy CEO Michael Saylor, a well-known supporter of Bitcoin. “I have known Michael Saylor for 20 years. If you want to talk about a great champion of this industry, it’s Michael Saylor,” he said, calling the software mogul a “national treasure” for his unwavering advocacy and education efforts.
Trump emphasized BTC’s high liquidity and borderless nature compared to traditional hard assets like real estate. “It’s liquid fast. You can buy or sell it while having dinner with your wife or husband,” he explained, comparing this ease to the time-consuming and complexities of selling large real estate. “Try going out and selling a large office building. It will take you 18 months to do that. In the end, you will want to shoot yourself when you are tired,” he said.
He also highlighted Bitcoin’s role in financial inclusion, saying it creates opportunities for people all over the world, regardless of wealth or location. “Bitcoin is included. It gives everyone around the world an opportunity to participate in ways they wouldn’t have thought about otherwise,” he said. “People in developing countries, people who wouldn’t have an incredible opportunity, it gives them a huge opportunity.”
In a very impressive statement, Trump turned to BTC’s price action. He mentioned an important psychological milestone that we have reached and suggested that the next one may change the general opinion: “I can tell you that a lot of eyes were open when Bitcoin hit $100,000. And I can tell you a hell of a lot of eyes will open when Bitcoin hits $1 million. ” Trump then added his personal belief, saying, “I hope it will reach $1 million, I think we are all confident in this room that it will reach $1 million.”
At press time, BTC traded at $97,620.
Featured image from X, chart from TradingView.com