Finance

Eric Trump tells Abu Dhabi bitcoin will hit $1m

December 10, 2024, 6:00 PM

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President-elect Donald Trump is planning to make the US the “crypto capital of the world”, his son Eric Trump said in a keynote speech in Abu Dhabi on Tuesday.

Speaking at the Bitcoin Mena event being held at Abu Dhabi’s ADNEC centre, the younger Trump said he was “confident” that bitcoin would hit $1 million.

“He’s going to be the crypto president,” Trump said of his father. “I really believe that this is the future of finance, and I can say with great pride that now that he’s won [the presidency], you’re going to have the most pro-crypto president in the history of America.”

Bitcoin has rallied following Donald Trump’s election victory, surging above $100,000 after he announced that pro-crypto Paul Atkins would be his pick to chair the US Securities and Exchange Commission, replacing Gary Gensler.

Eric Trump said that Gensler “waged war” against the crypto industry, and that the sector would benefit under his father’s new presidency.

“My father is not going to allow bitcoin and cryptocurrencies to be overregulated and stifled by high taxes,” he said.

Trump framed bitcoin as a “fundamental shift in the way we think about money, wealth and the future”.

He drew parallels to the early days of email and text messaging, acknowledging the slow pace of mainstream adoption but expressing confidence in bitcoin’s eventual ubiquity.

The Trump factor: an attendee at the Bitcoin Mena conference in Abu Dhabi — The Trump factor: attendees at the Bitcoin Mena conference in Abu Dhabi appeared very excited about the currency’s potential

“It’s instantly liquid, borderless and a global currency,” Trump said. “It doesn’t rely on traditional banking systems. It’s not subject to corrupt governments.”

He pointed to bitcoin’s rally past $100,000 as evidence of growing public interest and predicted, “a hell of a lot more eyes are going to be open when bitcoin hits $1 million – and I’m confident it’s going to hit $1 million”.

Pointing to the Trump Organization, his own real estate company, Trump noted the possibilities for crypto in traditional sectors. “It’s a shift in how companies like ours receive money, and I want to be very clear that revolution isn’t coming, that revolution is already here,” he said.

“I truly believe that this is the beginning of the financial revolution, not just in America but around the world.”

The Trump family is closely involved in World Liberty Financial (WLF), a crypto platform co-founded with billionaire Steve Witkoff, who was recently appointed as President-elect Trump’s new White House envoy for the Middle East.

Donald Trump is listed as WLF’s “chief crypto advocate” on its website, and he is entitled to a share of its revenue as well as 22.5 billion of its tokens, according to the company’s filings.