In a Keyword On Tuesday at the Bitcoin MENA conference in Abu Dhabi, Eric Trump, executive vice president of the Trump Organization and son of US President-elect Donald Trump, made a bold prediction for the price of Bitcoin. Trump’s speech touched on bitcoin’s scarcity, global liquidity, and the disruptive potential of the traditional financial sector, culminating in an announcement that the price of bitcoin would reach $1 million.
Eric Trump predicts $1 million per Bitcoin
Throughout the keynote, Trump highlighted Bitcoin’s unique advantages over traditional assets such as real estate and gold. He described the scarcity of Bitcoin – a fixed supply of 21 million coins – as a critical driver of value, contrasting that with gold, whose supply can expand if prices rise significantly.
“Name another commodity that is capped. Name another commodity that is not being exploited more as prices rise.” Trump noted that if the price of gold rose to $20,000 an ounce, “you would tear down this building” to find more.
In contrast, Bitcoin’s fixed supply limit cannot be changed. “With Bitcoin, you can’t. With Bitcoin, the supply is capped. This scarcity, this hard limit, makes it incredibly valuable, especially since these assets are being bought by the billions. That’s why you see the price skyrocket like this.”
Trump pointed to the participation of major financial institutions, stressing that their participation proves the importance of Bitcoin. “There’s no question that institutions are fossilized. You guys, they’re fossilized. Why do you think BlackRock and why do you think Schwab and why do you think JP Morgan and Fidelity (0:29) Why do you think they’re buying crypto by the billions?” he asked.
Drawing on his personal evolution from skeptic to believer, Trump pointed to early conversations with MicroStrategy CEO Michael Saylor, a well-known Bitcoin supporter. “I’ve known Michael Saylor for 20 years. If you want to talk about a great champion of the industry, it’s Michael Saylor,” he said, calling the enterprise software mogul a “national treasure” for his unwavering advocacy and educational efforts.
Trump emphasized Bitcoin’s superior liquidity and borderless nature compared to traditional hard assets such as real estate. “It’s instantly liquid. You can buy or sell it while having dinner with your wife or husband,” he explained, contrasting that ease with the long timelines and excessive complexity of selling a large real estate property. “Try going out and selling a large office building. It will take 18 months to do this. “Eventually, you’ll want to shoot yourself out of frustration,” he said.
He also pointed to Bitcoin’s role in financial inclusion, noting that it creates opportunities for people all over the world, regardless of wealth or geography. “Bitcoin is inclusive. It gives everyone around the world the opportunity to participate in ways they would never have thought of. “People in developing countries, people who wouldn’t have had the odd opportunity otherwise, it gives them a tremendous opportunity.”
In the most interesting statement, Trump turned to Bitcoin’s price performance. He mentioned a major psychological milestone that had already been reached and suggested that the next milestone could change prevailing perceptions: “I can tell you a lot of eyes will be open when Bitcoin hits $100,000. To a million dollars. Then Trump added his personal belief, saying: “I am confident that it will reach a million dollars, and I think we are all confident in this hall that it will reach a million dollars.”
At press time, Bitcoin was trading at $97,620.
Featured image of X, chart from TradingView.com
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