American businessman, Eric Trump, who is the Executive Vice President of the Trump Organization and the son of U.S. presidential candidate Donald Trump, predicted that Bitcoin would one day reach $1 million.

Trump took the stage as the keynote speaker at the Bitcoin MENA event in Abu Dhabi on December 10, praising Bitcoin as a “financial paradigm” and a global asset.

He expressed his belief that Bitcoin will one day reach the $1 million mark, emphasizing the cryptocurrency’s potential to “transform the global economy in beautiful ways.”

The businessman also predicted that more governments would adopt Bitcoin in the coming years and stated that early adopters would be among those who will benefit the most.

Bitcoin Is Not Just An Investment and An Asset

In his keynote speech, Trump emphasized that Bitcoin is “not just another asset” and “not just an investment,” describing it as a “global asset.”

Eric Trump: “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 said.

Trump highlighted Bitcoin’s decentralized nature, emphasizing that it doesn’t require any intermediaries to function, in contrast to a system where “tens of thousands of bankers” charge “exorbitant fees” for credit applications and paperwork.

Eric Trump pointed out that one of Bitcoin’s key features is its scarcity, which is due to its limited supply of 21 million coins.

Eric Trump: “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.”

Trump is not the only one predicting that Bitcoin will surpass the $1 million price mark. Major Bitcoin advocates like Michael Saylor of MicroStrategy and Cathie Wood of ARK Invest have also highlighted Bitcoin’s potential to reach $1 million one day.

Eric Trump Compared The Adoption Of Bitcoin To The Adoption Of Email

According to Trump, the world has been somewhat slow in adopting Bitcoin, and that’s not a surprise, as other disruptive technologies, like email, also took time to gain widespread popularity.

He noted that emails, invented in 1970, took 25 years to achieve mass adoption, 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 is “funny money.” Coincidentally, he mentioned that the bank his friend works for is one of the big five banks in the world.

Eric Trump: “When, coincidentally, the bank that he works for is one of the big five banks in the world. They just created a crypto desk, and they’re putting hundreds of billions of dollars into cryptocurrencies or inventing ETFs every single day,” he said.

What’s Next For Bitcoin?

In addition to his bold $1 million prediction, Trump expressed his belief that Bitcoin has the power to transcend borders and institutions. He stated that those who fail to adapt to the technology will lose, and added:

Eric Trump: “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.”

Trump concluded his keynote address by congratulating the Bitcoin community for breaking the record and surpassing $100,000 for the first time on December 5.

“Bitcoiners, I love you. The Trump family loves you. It’s truly a great honor to be here today,” he said.

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According to a post by Willy Woo, Bitcoin’s user growth curve suggests that the price could rise to $1 million by 2035.

In its early days, Bitcoin’s price did not directly reflect the number of users. Woo said, “BTC didn’t even have a price until it reached its 1,000th user.”

Price discovery for Bitcoin began with the establishment of platforms like New Liberty Standard and Mt. Gox, and a value began to be assigned to Bitcoin with the establishment of the Bitstamp exchange in 2011.

Woo said, “The price has fluctuated largely according to the increasing number of users since 2012.”

Based on blockchain data and studies on cryptocurrency exchanges, Woo estimates that there are currently 426 million Bitcoin holders and that this number will reach half a billion by October 2024.

The post Bitcoin Price Could Reach $1 Million by 2035, Analyst Says, Pointing to User Growth appeared first on Coin Engineer.