Eric Trump predicts that governments and institutions will adopt Bitcoin, stressing that whoever moves first will prevail.
Eric Trump, an American entrepreneur, executive vice president of the Trump Organization and son of US President-elect Donald Trump, claims that Bitcoin will one day reach $1 million.
At the Bitcoin MENA event in Abu Dhabi today, Trump took the stage to praise Bitcoin
as a “financial paradigm” and a global asset.
He expressed confidence that Bitcoin will one day reach $1 million per coin, noting the cryptocurrency’s potential to “transform the global economy in a dramatic way.”
The businessman also predicted that more governments will adopt Bitcoin in the coming years, noting that early adopters will prevail.
“Bitcoin is not just an investment”
During his speech, Trump reiterated that Bitcoin is “not just another asset” and “not just an investment,” describing it instead as a “global asset.”“It’s a store of value. It’s a hedge against inflation. It serves as a buffer against natural disasters including hurricanes, fires, floods, tornadoes, and political unrest.
Trump mentioned the decentralized nature of Bitcoin, which does not require intermediaries to operate, as opposed to “tens of thousands of bankers” busy with credit applications and paperwork for “exorbitant costs. Because there are only 21 million coins available, one of the main characteristics of Bitcoin is scarcity . Trump added:
I’m confident it will. I think everyone in this room is confident it will hit $1 million.”
Trump isn’t alone in predicting the $1 million mark. Prominent Bitcoin proponents like MicroStrategy’s Michael Saylor and ARK Invest’s Cathie Wood have also highlighted the potential of one day hitting $1 million.
Eric Trump Compares Bitcoin Adoption to Email
Trump said the world has been slow to adopt Bitcoin, which is no surprise, as other disruptive technologies like email have taken time to gain widespread popularity.Created in 1970, email took 25 years to be widely adopted, he explained, adding that people are “slow as hell to adapt to new technologies.”
Trump shared a story about a close friend who told him six months ago that Bitcoin was “funny money.”“Coincidentally, the bank he works for is a top five bank in the world. They just created a cryptocurrency desk and they’re investing hundreds of billions of dollars in crypto or creating ETFs every single day ,” he said.
What’s next for Bitcoin?
In addition to his bold $1 million prediction, Trump expressed confidence that Bitcoin has the power to transcend borders and institutions.“Those who don’t adapt to the technology will lose ,” he said, adding:
“We’re going to see banks adapt. We’re going to see governments adapt, and they will. […] The people who adopt Bitcoin, the people who embrace this digital revolution, the people who embrace digital money, the people who get there early are the people who are going to win.”https://youtu.be/WrKNq4A-1io?si=TeQaCsXBO_YBnnfc
Trump concluded his speech by congratulating
the Bitcoin community on December 5, when it surpassed $100,000 for the very first time ever.”I love you, Bitcoiners.”. The Trump family loves you.