Donald Trump's Son Predicts $1 Million in Bitcoin and Emphasis on China
Eric Trump, the second-eldest son of US President Donald Trump, described China as "an incredible force in the crypto industry" during his speech at the Bitcoin Asia conference in Hong Kong. Despite China's strict crypto bans, Eric Trump emphasized the influence of both Hong Kong and China on the crypto world.
China and Hong Kong's Role
Eric Trump acknowledged China's importance in the crypto world during a conversation with David Bailey at Bitcoin Asia. In response to Bailey's comment that "China is another Bitcoin superpower next to the US," Eric Trump replied, "You've become a very significant force in this world, and you're doing it really well."
Yet, China banned institutional crypto trading in 2017 and declared crypto transactions completely illegal in 2021. Despite this, individual crypto ownership remains legal, and peer-to-peer transactions remain in a gray area. Furthermore, despite China's ban on Bitcoin mining, mining is known to continue in some regions. Hong Kong, by contrast, continues to open up space for crypto as a regulated pilot region under China's shadow.
Praise for the Middle East and South America
Eric Trump highlighted not only China but also the Middle East. Stating that the region has embraced crypto "massively," Trump praised the passion shown by some smaller countries in South America for the sector. However, he singled out his country, saying, "The US is winning the digital revolution right now."
Trump Family and Crypto Connection
The Trump family's interest in crypto is growing. During President Donald Trump's term, the US passed stablecoin legislation, established a strategic Bitcoin reserve, and declared its goal of making the country a global "crypto hub." During his speech in Hong Kong, Eric Trump introduced his American Bitcoin initiative, a joint venture with Hut 8. He also mentioned his advisory role at the DeFi project World Liberty Financial and the Japanese Bitcoin treasury company Metaplanet.
Eric Trump attributed his entry into crypto to the Trump family's exclusion from banks during the Biden administration: "If the banks hadn't closed our family's accounts, I might not be here today. That's how I got into crypto."
Bitcoin prediction: $1 million
Eric Trump, noting that he has increased his interest in crypto on a personal level, said he spends 90% of his time in the crypto community. He also made a bold price prediction for Bitcoin: “I believe Bitcoin will reach $1 million in the coming years. Buy now, hold long-term, never sell. This is the best asset in the world.”
Bitcoin, meanwhile, is trading at $108,000 at the time of writing. Having fallen 2.6% in the last 24 hours, the leading cryptocurrency remains 12% below its historic high of $124,500, reached on August 14.
US-China dialogue and Bitcoin
Eric Trump also pointed to the planned summit between US President Donald Trump and Chinese President Xi Jinping. The aim is to ease relations strained by US global trade tariffs. Trump indicated that Bitcoin could also be on the agenda during this meeting, but he tempered expectations, saying, “They’ll probably have bigger things to talk about.”
