in a <a target="_blank" href="https://x.com/Pledditor/status/1866446222375936230″ target=”_blank” rel=”noopener nofollow”>fundamental Speaking 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 forecast for the price of btc. Trump's speech addressed the scarcity of bitcoin, its global liquidity, and its disruptive potential for the traditional financial sector, culminating in a pronouncement that the price of btc will reach $1 million.
Eric Trump predicts $1 million for bitcoin
Throughout his speech, Trump highlighted bitcoin's unique advantages over traditional assets like real estate and gold. He described the scarcity of btc (the fixed supply of 21 million coins) as a critical driver of value, in contrast to gold, whose supply could expand if prices rose dramatically.
“Name another product that has a cap. Name another basic product that, as prices rise, is not exploited more,” he said. Trump noted that if gold soared to $20,000 an ounce, “you'd be tearing down this building” to find more.
In contrast, bitcoin's hard supply limit cannot be modified. “With bitcoin, you can't. With bitcoin, the supply has a limit. That scarcity, that hard limit, makes it incredibly valuable, especially since these assets are bought in the billions. “That’s why you see the price skyrocketing as it is.”
Trump referenced the participation of major financial institutions and stated that their participation demonstrates the importance of bitcoin. “There is no doubt that the institutions are petrified. Guys, you're petrified. Why do you think about BlackRock and why do you think about Schwab and why do you think about, you know, JP Morgan and Fidelity, (0:29) why do you think they're buying cryptocurrencies by the billions? asked.
Drawing on his personal evolution from skeptic to believer, Trump referenced his early conversations with MicroStrategy CEO Michael Saylor, a well-known bitcoin advocate. “I have known Michael Saylor for 20 years. If you want to talk about a great advocate for this industry, it's Michael Saylor,” he said, calling the enterprise software mogul “a national treasure” for his unwavering advocacy and educational efforts.
Trump highlighted the superior liquidity and borderless nature of btc compared to traditional hard assets like real estate. “It turns liquid instantly. “You can buy or sell it while literally having dinner with your wife or husband,” he explained, contrasting this ease with the long lead times and excessive complexity of selling large real estate properties. “Try going out and selling a big office building. It will take you 18 months to do it. In the end, you will want to shoot yourself out of frustration,” he said.
He also highlighted bitcoin's role in financial inclusion, stating that it creates opportunities for people around the world, regardless of their wealth or geography. “bitcoin is inclusive. “It gives everyone around the world the opportunity to participate in ways they would never have thought of otherwise,” he said. “For people in developing countries, people who otherwise wouldn't have a single opportunity, it gives a tremendous opportunity.”
In the most surprising statement, Trump turned to btc price performance. He mentioned a key psychological milestone already reached and suggested that the next one could further alter mainstream perceptions: “I can tell you that a lot of eyes were open when bitcoin hit $100,000. And I can tell you that many more eyes will be open when bitcoin reaches $1 million.” Trump then added his personal conviction, stating, “I'm confident it will reach $1 million, I think everyone in this room is confident it will reach $1 million.”
At the time of publication, btc was trading at $97,620.
Featured image of x, chart from TradingView.com
