Bitcoin Will Hit $1M: Eric Trump Forecasted

Eric Trump’s Prediction: A Million-Dollar Bitcoin?

At the Abu Dhabi event, one of Trump’s sons, Eric Trump, was even more straightforward and maintained that Bitcoin could reach $1 million per token. This aggressive forecast was made under the assumption that people will start adopting Bitcoin and begin using it as a means of fueling the global economy.

In the same interview, Trump said that as more institutions embrace Bitcoin, the cryptocurrency could shoot through the roof because of the demand and scarcity.

Elements, Explaining the Prospects for Bitcoin’s Development

Several key factors could support Trump’s prediction and contribute to Bitcoin’s future price appreciation:

Bitcoin is being used more often as a payment option by ordinary users and also large companies. Today, companies such as Tesla, PayPal, Square, and others have already included Bitcoin in their value-creation strategies and it is logical to assume that many more will join shortly.

Bitcoin has also benefited in the last couple of years from institutional investors. Despite these and many other reasons, market makers large investment houses and hedge funds are now taking Bitcoin as a serious asset class.

Being developed with a total of 21 million Bitcoins to be mined in its lifetime, the digital currency is deflationary. With the increasing demand for bitcoins, with the supply capability shrinking, the price per bitcoin can go up.

Political and Economic crises, high inflation, and depreciating currencies in many countries have made investors run towards Bitcoin investments. Because, for instance, combined with increased competition in terms of digital financial systems, the element of decentralization and scarcity is only alluring.