Eric Trump backs Bitcoin growth, says price will reach $1 million

Bitcoin gained fresh attention after Eric Trump, son of US President Donald Trump, told an audience at the Bitcoin Asia conference in Hong Kong that he believed the cryptocurrency would eventually hit a $1 million valuation.

His remarks placed the Trump family at the centre of renewed discussion about the political and institutional support behind Bitcoin’s growth, highlighting how the administration’s policies have shaped demand.

This comes at a time when Bitcoin is already up 18% this year, reaching a record high before correcting slightly, as markets weigh both regulatory shifts and increasing institutional flows worldwide.

Trump family links with Bitcoin community

Eric Trump highlighted how the Bitcoin community had rallied behind his father even before his second term as President.

He said the family had “believed in” the cryptocurrency network, noting that the level of support from the sector was unlike anything they had experienced before.

His comments underscored a longer-running alignment between Trump’s political momentum and Bitcoin advocacy, particularly among investors who welcomed the administration’s more favourable stance on digital assets and broader innovation worldwide.

Bitcoin price movements in 2024

Bitcoin surged to an all-time high of $124,480.82 in mid-August, fuelled by institutional demand and a regulatory environment considered more favourable under Trump’s leadership.

The cryptocurrency has since pared gains, falling back from those record levels.

On Friday, Bitcoin was trading at $110,082.64, down 2.59% in the past 24 hours, reflecting a sharper short-term pullback than earlier this week.

Source: CoinMarketCap

Despite this pullback, the year-to-date performance remains strong, with market sentiment still largely bullish amid expectations of further mainstream adoption and the possibility of larger global asset managers increasing exposure.

Institutional demand and regulatory climate

The Trump administration’s more supportive policies on cryptocurrencies have been cited as one of the reasons behind Bitcoin’s recent rally.

Institutional investors have also maintained consistent demand, providing additional stability and signalling confidence in digital assets.

Analysts view this as a critical shift, with political backing and institutional flows working together to push the cryptocurrency beyond speculative cycles and into broader financial markets.

Market participants suggest that this combination could play a central role in sustaining higher prices in the months ahead.

$1 million Bitcoin prediction

Eric Trump’s forecast that Bitcoin would eventually reach a $1 million price point came as part of a broader narrative about long-term adoption. He told the Hong Kong audience there was “no question” about Bitcoin hitting that milestone.

The statement reflects both optimism within crypto markets and the role of political figures in shaping public expectations about the digital asset’s future trajectory.

His comments further highlighted how politics and finance are increasingly intersecting in the evolution of Bitcoin, with institutional flows reinforcing the view that cryptocurrency is moving closer to the mainstream financial system globally.

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