$1 mln for Bitcoin? Eric Trump thinks so – Here’s what it will take
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Posted: December 13, 2024
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- Bitcoin’s $1 million prediction by Eric Trump during the Mena conference sparks debate.
- What will it take for BTC to hit $1 million?
Right now, all the eyes are on what is next for Bitcoin [BTC] after hitting its 100k milestone. Eric Trump, the son of the former U.S. President Donald Trump, has made an audacious forecast for Bitcoin’s future.
Speaking at the Bitcoin Mena Conference in Abu Dhabi, he forecasted that BTC could go as high as $1 million in what he termed as a “financial revolution.”
But what is really compelling in this prediction is the vision Eric laid out-one that intertwines Bitcoin’s growth with America’s emergence as a crypto powerhouse.
Eric Trump’s vision for Bitcoin and America
During his speech, Eric Trump expressed unwavering confidence in Bitcoin’s unprecedented growth potential. He declared,
“I can tell you, a lot of eyes were open when Bitcoin hit $100,000, and I can tell you that a hell of a lot more eyes are going to be opened when Bitcoin hits $1 million.”
This was not just a forecast, but part of a bigger story-a vision of America as the global crypto hub, free of the shackles of over-regulation and high taxes that have long blighted innovation.
Building on this, Eric announced that the Trump administration would work to take on institutions opposing cryptocurrencies.
In his speech, the son of the president-elect said,
“Think about a President who isn’t going to allow Bitcoin and cryptocurrencies to be over-regulated and stifled by high taxes.”
This urge paints a picture of a future where innovation thrives.
Community reacts to $1M prediction
The crypto community has not taken Eric Trump’s forecast uniformly. As much as Bitcoin enthusiasts welcomed his optimism, many skeptics questioned the validity of such an ambitious target.
Curiously enough, the statement comes after Donald Trump celebrated Bitcoin’s $100,000 milestone on Truth Social recently, further putting the limelight on the growing interest of the Trump family in the cryptocurrency space.
To some market analysts, this is what Eric’s prediction could mean for the resurgence of interest, particularly in conservative and pro-Trump demographics.
However, the road to $1 million is paved with challenges which would take a perfect storm of economic and market conditions.
Could Bitcoin hit $1M?
As of this writing, Bitcoin was trading at around 101K, showing resilience amid market fluctuations.
At press time, Bitcoin’s prices were currently testing the key monthly pennant’s resistance. A break past the price level, probably on Trump’s inauguration month, could take BTC to $1M with relative ease.
Source: Trading View
Interestingly, Bitcoin’s ETF has recorded the highest inflows and volumes since the Trump administration election back in November.
The surge indicated a growing adoption by institutional investors, which could in term suggest potential significant moves in the near future.
Source: Coinglass
Also, with the rising inflation and Bitcoin’s recent proximity to Gold, major investors could shift the investment portfolios to BTC.
