Eric Trump stated that early adopters are likely to succeed and predicted that governments and institutions would embrace Bitcoin.
Bitcoin will reach $1 million at some point, according to American billionaire Eric Trump, executive vice president of the Trump Organization and son of US President-elect Donald Trump.
During his keynote address at the Bitcoin MENA event in Abu Dhabi on December 10, Trump hailed Bitcoin BTC$97,620 as a global asset and a “financial paradigm.”
He highlighted Bitcoin’s ability to “transform the global economy in beautiful ways” and expressed confidence that the cryptocurrency will eventually reach $1 million per coin.
The businessman emphasized that early adopters will be among the winners and forecasted that more countries will accept Bitcoin in the upcoming years.
“Investing in Bitcoin is not the only use for it.”
As he described Bitcoin as a “global asset,” Trump stressed in his address that it is “not just another asset” and “not just an investment.”
It’s a valuable store. It serves as an inflation hedge. It serves as a buffer against natural disasters, including hurricanes, fires, floods, tornadoes, and acts of God. That’s why it’s so strong,” he stated.
Trump cited the decentralized nature of Bitcoin, which eliminates the need for middlemen, in contrast to “tens of thousands of bankers” who demand “exorbitant fees” for credit applications and documentation.
He added that one of the main characteristics of Bitcoin is its scarcity, which alludes to its finite number of 21 million coins:
“I can tell you a hell of a lot more eyes are going to be opened when Bitcoin hits $1 million. And I’m confident it’s going to hit $1 million. I think we’re all confident in this room that it’s going to hit a million.”
Trump is not the only one who believes that Bitcoin will surpass $1 million. Prominent Bitcoin bulls like Michael Saylor of MicroStrategy and Cathie Wood of ARK Invest have also emphasized that Bitcoin might eventually hit $1 million.
Eric Trump likens the uptake of Bitcoin to that of email.
Eric Trump claims that Bitcoin adoption has been sluggish worldwide, which is unsurprising considering how long other disruptive technologies, like email, have become widely accepted.
He claimed that humans are “slow as hell to adapt to new technology” and that emails, invented in 1970, took 25 years to become widely used.
Trump recounted how, six months prior, a close acquaintance had called Bitcoin “funny money.”
When the bank he works for happens to be one of the top five banks globally. He stated that they recently established a crypto desk and are investing hundreds of billions of dollars in cryptocurrencies or developing exchange-traded funds (ETFs) daily.
What will happen to Bitcoin next?
Along with his audacious $1 million forecast, Trump also stated his belief that Bitcoin can cut over boundaries and establishments.
He added that those who adjust to the technology will retain it.
“We’re going to see that banks have to adapt. We’re going to see that governments have to adapt and governments will adapt. […] Those who embrace Bitcoin, those who embrace this digital revolution, those who embrace digital currency—the people who come in early are going to be the people who win.”
As he wrapped off his remarks, Eric Trump congratulated the Bitcoin community on the cryptocurrency’s historic December 5 pass over $100,000.
“I love you, Bitcoiners. The Trump family loves you. Being here today is a true honor,” he remarked.
