Eric Trump, Vice President of the Trump Organization and Chief Strategy Officer at American Bitcoin, said in a Fox Business interview that he strongly supports cryptocurrency. He believes Bitcoin will replace the old financial system and sees it reaching $1,000,000 in the future.
Eric Expresses Confidence in $1 Million Bitcoin Price
Eric said Bitcoin has a clear edge over gold because it’s digital and can move around the world quickly and at a low cost. Unlike gold, which comes with storage and transport issues, Bitcoin is liquid and easy to use in today’s financial system. He also pointed out that Bitcoin’s supply is capped at 21 million, which makes it different from traditional assets.
This scarcity, along with rising demand from big institutions, will push Bitcoin much higher in the years ahead, even reaching $1 million. In his view, crypto is still at an early stage, but as more banks and companies make it easier to use, Bitcoin’s growth potential becomes even stronger.
Eric said, “I do think it hits a million dollars eventually. I’ve never been more bullish on anything in my entire life.”
Crypto to Replace Traditional Finance?
While speaking about crypto posing as a financial savior, Eric says that everybody in the world wants the U.S. dollar because it has the best financial system. But the countries with high inflation, like those in South America or Africa, face threats from traditional finance because, once they receive their wages, they lose a hefty amount to the US dollar. This vulnerable and volatile financial system leads to debt and higher interest rates.
To resolve this issue, Eric says stablecoin is the best answer. He said, “Now, what you can do is immediately transfer into USD 1, which is our stablecoin, and you can get pegged 1 to 1 with the US dollar in the US treasury. So you have the security blanket.”
Looking at the numerous benefits and utility of crypto, Eric confirms, “Cryptocurrency is going to replace traditional finance.”
