Eric Trump Envisions a Million-Dollar Bitcoin
During an insightful presentation at the Bitcoin Mena conference in Abu Dhabi, Eric Trump, the Executive Vice President of the Trump Organisation and son of the U.S. President-elect, made an audacious prediction concerning the future valuation of Bitcoin. Trump elaborated on Bitcoin’s limited availability, its role in global finance, and how it could revolutionize traditional banking systems, ultimately declaring that Bitcoin’s price might climb to $1 million.
Bitcoin’s Unique Strengths Highlighted
In his address, Trump emphasized Bitcoin’s advantages over conventional investment assets like real estate and gold. He pointed out the limited supply of Bitcoin, capped at 21 million coins, as a primary catalyst for its value. In contrast, gold’s supply can increase if its price surges significantly.
Advertisement Banner
Trump challenged the audience, asking, “Can you name another commodity with a fixed supply? Can you name another commodity that isn’t exploited further when prices escalate?” He illustrated his point by suggesting that if gold’s value rose to $20,000 per ounce, efforts to extract more would intensify.
Bitcoin, however, is different, he argued. “With Bitcoin, its supply is immovable. This scarcity gives it immense value, particularly as large-scale purchases continue to rise. This is why the price experiences such dramatic growth,” Trump noted.
Institutional Interest in Bitcoin
Trump referenced the participation of major financial players as evidence of Bitcoin’s growing importance. “Institutions are undoubtedly concerned. Why else would entities like BlackRock, Schwab, JP Morgan, and Fidelity invest billions in cryptocurrency?” he asked rhetorically.
He also shared his personal journey from skepticism to advocacy, influenced by discussions with Michael Saylor, the CEO of MicroStrategy. “I’ve known Michael Saylor for two decades. He’s a formidable advocate for the industry and a national treasure for his steadfast support and educational initiatives,” Trump remarked.
The Advantages of Bitcoin’s Liquidity
Trump highlighted Bitcoin’s unmatched liquidity and global accessibility compared to tangible assets such as real estate. “Bitcoin can be bought or sold almost instantly—something you can do even during a meal,” he explained. He contrasted this with the lengthy and often cumbersome process of selling substantial real estate properties, quipping, “Selling a large office building could take 18 months and leave you utterly frustrated.”
Fostering Financial Inclusion
Trump also underscored Bitcoin’s potential to democratize financial opportunities worldwide, irrespective of a person’s economic status or location. “Bitcoin offers inclusivity, allowing individuals globally to engage in financial activities they never thought possible. It provides significant opportunities, especially to those in developing regions who might otherwise have no chance,” he asserted.
Bitcoin’s Milestones and Future Prospects
In a striking conclusion, Trump turned to Bitcoin’s price trajectory, noting its psychological impact. He highlighted a recent milestone, stating, “Many took notice when Bitcoin reached $100,000, and even more will pay attention when it hits $1 million.” Offering his belief in this forecast, he declared, “I am confident, as I believe we all are here, that Bitcoin will achieve a $1 million valuation.”
As of now, Bitcoin is valued at $97,620. Its ability to hold above the 20-day EMA, as shown in a one-day chart, reinforces its potential for future growth.
