Eric Trump, son of former President Donald Trump, reiterated his bullish outlook on Bitcoin, predicting the cryptocurrency could reach $1 million within the coming years. The forecast came during the World Liberty Forum held at Mar-a-Lago on Wednesday, , signaling continued support for digital assets within the Trump family.
“I’m a huge proponent because I do think it hits $1 million dollars,” Trump said in an interview with CNBC, referencing Bitcoin’s performance over the past two years. He noted the cryptocurrency’s rise from approximately $16,000 to nearly $70,000 during that period. This isn’t the first time Trump has publicly predicted a substantial increase in Bitcoin’s value. In , he initially forecast a price of $175,000 by year-end, eventually climbing to the $1 million mark.
While Bitcoin closed at around $88,750 – below its peak of over $126,000 in – Trump emphasized the cryptocurrency’s long-term growth trajectory. He highlighted an average annual increase of roughly 70% over the past decade, challenging observers to identify an asset class with comparable performance.
Acknowledging the inherent volatility of Bitcoin, Trump framed it as an acceptable trade-off for its potential upside. “You’re going to have volatility with something that has tremendous upside,” he stated. “But I’ve never been more bullish on bitcoin in my life. I’ve never been more bullish on cryptocurrency in my life.” This sentiment reflects a growing acceptance of cryptocurrency’s risk-reward profile among some investors, despite its price fluctuations.
As of , Bitcoin was trading just below $67,000, struggling to regain the $70,000 level it briefly surpassed on . The current price reflects broader market uncertainty and profit-taking following a period of significant gains.
The World Liberty Forum, hosted at Mar-a-Lago, is connected to World Liberty Financial, a cryptocurrency-focused venture with ties to the Trump family. The event also featured remarks from Donald Trump Jr., who echoed his brother’s positive outlook on Bitcoin and offered criticism of the traditional banking system, characterizing it as a “Ponzi scheme.”
The Trump family’s continued engagement with the cryptocurrency space comes as institutional interest in digital assets appears to be growing. Eric Trump cited major financial firms, including Fidelity, Charles Schwab, JPMorgan, BlackRock, and Goldman Sachs, as examples of Wall Street’s increasing involvement. He suggested that private wealth clients are being allocated larger portions of their portfolios to crypto investments, particularly among those under 50.
Goldman Sachs CEO David Solomon also recently disclosed a small personal investment in Bitcoin, further illustrating the growing acceptance of the cryptocurrency among traditional finance leaders. This move, coupled with the Trump sons’ public endorsements, could contribute to increased investor confidence and potentially drive further adoption of Bitcoin and other digital assets.
However, the cryptocurrency market remains subject to significant regulatory scrutiny and macroeconomic factors. The potential for increased regulation, shifts in monetary policy, and geopolitical events could all impact Bitcoin’s price and future performance. Investors should carefully consider these risks before allocating capital to digital assets.
The long-term viability of Bitcoin and other cryptocurrencies will depend on their ability to overcome these challenges and demonstrate their utility as a store of value, a medium of exchange, and a platform for innovation. While Eric Trump’s $1 million prediction remains ambitious, it underscores the potential for significant growth in the digital asset space, particularly if institutional adoption continues to accelerate.
