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Eric Trump laid out a bluntly bullish, supply-and-demand case for why Bitcoin can reach $1 million, arguing that accelerating institutional access collides with Bitcoinโs fixed 21 million-coin cap, during a โBitcoin Takes Over the Worldโ session with David Bailey at the Bitcoin Asia conference in Hong Kong on August 29.
Bitcoinโs Path To $1 Million Is โNo Questionโ
โEverybody wants Bitcoin. Everybody is buying Bitcoin. And thatโs uh thatโs an incredible thing. And thatโs why Iโve always said that I really believe that in the next several years, Bitcoin will hit a million dollars. Thereโs no question Bitcoin hits a million dollars,โ Trump told the audience, adding that โevery person who wants an asset class and you have a very limited supplyโฆ it doesnโt take a genius to figure out where that goes.โ He urged long-term accumulation over timing: โBuy right now. Shut your eyes. Hold it for the next five years and you are going to do terrifically well.โ
Trump also recounted his private discussions with high-level investors in the lead-up to the conference: โWhen youโre in the room with certain people and and I had breakfast this morning with, you know, a couple of the most powerful people in the region and the hospitality space and youโre literally sitting there trying to explain to them what digital currency is, you realize how early we all are to this race [โฆ] I hear from people all the time, you know, should I get into cryptocurrency? Did I miss it? Am I too late? And I literally start laughing at them. I go, we havenโt even scratched the surface of what Bitcoin is going to be.โ
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Trumpโs core thesis combined two pillars: finite issuance and broadening distribution rails. He repeatedly emphasized Bitcoinโs provable scarcityโโThereโs only 21 million coinsโฆ Itโs finite. And thatโs what makes it so damn powerfulโโwhile asserting that channels for ownership have widened to large pools of capital. โIn America, people are buying it for their retirement plans for the first timeโฆ youโve got trillions of dollars of liquidity thatโs opening up,โ he said, citing custody at โmajor financial institutions,โ as well as uptake by โthe biggest banks,โ โthe biggest families,โ โFortune 500 companies,โ and โsovereign wealth funds.โ According to Trump, those cohorts are long-term holders: โThose retirement accounts are not letting Bitcoin go. Those companies are not letting Bitcoin go. Those sovereign wealth funds are not letting Bitcoin go.โ
Pressed on what he is hearing in high-level rooms globally, Trump offered another anecdoteโwithout naming the countryโabout a leader who โliterally [takes] the entire energy supply of a major city in the middle of a winter and uses it to mine Bitcoin because thatโs how much they believe in the asset.โ He added, โYou realize how early we all are [โฆ] more and more people are finding their inroads,โ pointing to improving exchange usability and new consumer on-ramps. โWeโre literally trying to get cryptocurrency to the masses,โ he said about World Liberty Financial.
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Trump also highlighted his own commercial exposure to the sector. He described American Bitcoin as โone of the biggest Bitcoin mining companies on Earth,โ claiming it produces โabout 3% of the worldโs Bitcoin every single day,โ operates from โsome of the cheapest energy in the worldโฆ in Texas,โ and targets a โrough cost perโฆ mining of Bitcoinโฆ about $37,000,โ with plans to list on Nasdaq โvery soon.โ Beyond mining, he praised his involvement with MetaPlanet alongside Simon Gerovichโwhom he dubbed โthe Michael Saylor of Asiaโโsaying the company had โsingle-handedly changedโฆ the way [Japan and] a lot of Asiaโ view Bitcoin.
The conversation returned repeatedly to Bitcoinโs evolving utility narrative. While calling Bitcoin โdigital goldโ and โthe greatest store of value thatโs arguably ever been created,โ Trump argued its use cases are broadening: โEvery single day theyโre figuring out new ways to kind of stake it, to get yield on it, to use it for everyday purchases [โฆ] youโre taking this digital gold [โฆ] and youโre putting massive utility behind Bitcoin.โ He framed volatility as an ally for long-term buyersโโVolatility is our friendโโand, with a wink to Michael Saylorโs famous extremism, quipped, โI know obviously he jokes when he says that, but heโs right. Buy it, hold it, and I think youโre going to do extremely well.โ
At press time, BTC traded at $110,149.
Featured image created with DALL.E, chart from TradingView.com
