In brief
- Eric Trump said this week that he expects Bitcoin to reach a price of $1 million in the future.
- President Trump’s son highlighted the major demand and limited supply for the top crypto asset.
- He told listeners that buying now will age terrifically in the next five years.
Eric Trump thinks Bitcoin reaching a price of $1 million is inevitable.
The crypto entrepreneur and son of U.S. President Donald Trump spoke highly of the top crypto asset, making bold price claims and encouraging listeners to “buy now,” during a fireside chat at the Bitcoin Asia conference in Hong Kong.
“There’s no question in my mind that Bitcoin hits a million dollars,” Trump said in conversation with Nakamoto Holdings CEO, David Bailey. “And by the way, I don’t think it has to stop there. I think it could go a lot higher.”
To Trump, the thesis for $1 million Bitcoin seems simpler than predictions based on money printing or technical analysis.
“You have every person who wants an asset class, and you have a very limited supply,” he said. “It doesn’t take a genius to figure out where that goes.”
Trump added that the growing utility of the asset will also play a role in its appreciation. In recent months, there’s been a surge of companies buying Bitcoin to hold in digital asset treasuries, and spot Bitcoin ETFs have seen unprecedented demand since launching in the U.S. in early 2024. And the ecosystem of Bitcoin financial services continues to grow.
“It was digital gold. It was a store of value,” he said. “Every single day they’re figuring out new ways to kind of stake it, to get yield on it, to use it for everyday purchases. You’re taking this digital gold, that was really just a store of value before, and you’re putting massive utility behind Bitcoin.”
Trump has a strong incentive to be bullish on BTC given his enmeshment with the crypto industry, where he said he spends “90% of his time” now.
Not only does he maintain connections to Trump Media, which operates Truth Social and has raised $2.5 billion to buy Bitcoin and applied for its own spot Bitcoin and Ethereum ETFs, but he also serves as the co-founder of Bitcoin miner, American Bitcoin, which is expected to go public in September. Eric Trump is also a key figure behind the DeFi platform, World Liberty Financial, which has been promoted by President Trump.
The President’s eldest son hasn’t been shy about telling people to invest in crypto assets, including those he’s connected to. In February the first son told his X followers “it would be a great time to add ETH”—before it dropped 18% in the following days.
Ethereum has since rebounded significantly, making any buyers at the time of his post profitable as it recently stormed to a new all-time high. That said, ETH is has been on the way down since setting a new peak on Sunday.
He’s sharing a similar buy signal for Bitcoin now.
“I hear from people all the time: ‘Should I get into cryptocurrency? Did I miss it? Am I too late?’ And I literally start laughing at them,” Trump remarked. “We haven’t even scratched the surface of what Bitcoin is going to be. This is the time to buy. Volatility is your friend—buy right now, shut your eyes, hold it for the next five years, and you’re going to do terrifically well.”
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