2024-12-11 20:45 |
On Monday, Bitcoin surged back above the historic $100,000 milestone, but the six-figure price didn’t last long: the price of the apex crypto has since retreated to just above $94,505 as of press time, with other major cryptocurrencies falling alongside.
Despite the Bitcoin price cooling off, Eric Trump, an American businessman and President-elect Donald Trump’s son, still believes BTC will someday reach the oft-discussed $1,000,000 price point.
Path To $1 Million: Eric Trump’s PrognosisSpeaking at the Bitcoin MENA event in Abu Dhabi on Dec. 10, Eric Trump lauded Bitcoin as a “financial paradigm”. Eric stressed that Bitcoin is “not just another asset” and “not just an investment”, calling it instead a “global asset.”
“It’s a store of value. It’s a hedge against inflation. It’s a hedge against political turmoil, political instability, acts of God, hurricanes, fires, floods, tornadoes, guys. That’s what makes it so powerful,” he quipped.
One key feature that gives Bitcoin an edge is its scarcity, as the asset’s supply is capped at 21 million, Eric observed, explaining:
“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.”
It’s worth mentioning that Eric is not the only crypto industry pundit predicting Bitcoin will hit the ambitious $1 million milestone. Bitcoin uber-bulls like MicroStrategy’s Michael Saylor and ARK Invest’s Cathie Wood have also predicted Bitcoin’s rocket surge to $1 million.
Comparing Bitcoin And Internet AdoptionEric Trump also claimed that the world has adopted Bitcoin slowly, explaining that it’s no surprise given that disruptive technologies like email took time to garner widespread popularity.
Email was created back in the 1970s but took 25 years to achieve mass adoption, Eric posited, asserting that people are “slow as hell to adapt to new technology.”
On top of his sunny optimistic $1 million forecast, Eric voiced confidence that Bitcoin could exceed borders and institutions. Those who do not adopt Bitcoin are bound to lose:
“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.”
Eric also made it clear that the Trump family will continue to be the “greatest cheerleaders and champions” of cryptocurrencies.
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