Donald Trump’s Son Says He’s Confident Bitcoin Will Hit $1M

Eric Trump, son of United States President-elect Donald Trump, has expressed his confidence that bitcoin (BTC) will become much more valuable than it is today. The American businessman, who also serves as the executive vice president of his family’s business empire, The Trump Organization, believes BTC will hit $1 million someday.

Delivering a keynote speech during the ongoing Bitcoin MENA Conference in Abu Dhabi, United Arab Emirates, Trump said that while many eyes were opened when BTC hit $100,000 last week, a whole lot more will be opened when the cryptocurrency rallies to $1 million in the coming years.

Trump’s words echoed those of prominent industry names like Michael Saylor, the founder of the business intelligence firm MicroStrategy, and Cathie Wood, the founder and CEO of investment manager Ark Invest, who have predicted that BTC will be worth $1 million in the future.

More Governments Will Embrace BTC

According to Trump, Bitcoin can potentially positively transform the global economy and financial paradigm, and winners in the industry will consist mainly of early adopters.

The Trump Organization’s executive vice president believes that more governments will embrace Bitcoin in the future, following in the footsteps of countries like El Salvador and Russia. To Trump, Bitcoin is not just an investment but a global asset. 

The businessman sees the leading digital currency as a hedge against inflation and a store of value. He also considers Bitcoin a hedge against political instability, economic turmoil, and national disasters like hurricanes, fires, floods, and tornadoes.

“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,” Trump stated.

Bitcoin Adoption to Take Time

Furthermore, Trump asserted that Bitcoin’s decentralized nature and scarcity make it more powerful. He commended the lack of intermediaries and the coin’s supply cap of 21 million, stating that his father would ensure the United States leads the way in what he called a digital revolution and the future of finance.

“Think about a president who isn’t going to allow Bitcoin and cryptocurrencies to be overregulated and stifled by high taxes. Somebody who will fight like hell against those institutions who have waged war on cryptocurrency,” the businessman added.

Meanwhile, Trump said he is not surprised by the slow adoption of Bitcoin because people are usually slow in embracing new and disruptive technologies.