Eric Trump, the second son of US President Donald Trump, predicted on Friday at a conference in Hong Kong that Bitcoin would reach $1 million within the next few years, and he referred to China as “a powerhouse” in digital currency development.
While Bitcoin has risen by 18% this year, it is still far from the $1 million mark. The cryptocurrency reached its all-time high of $124,480 in mid-August, driven by more favorable regulations from the Trump administration and strong demand from institutional investors.
“There’s no doubt that Bitcoin is going to hit $1 million,” said Eric Trump during a discussion at the Bitcoin Asia conference, citing surging institutional demand and limited supply. “It’s just a matter of time.”
Last week, Reuters reported that mainland China has banned cryptocurrency trading but is considering stablecoins backed by the yuan to promote its global use. Hong Kong, on the other hand, passed a stablecoin bill in May, competing with the US and other countries in the region to become a global hub for digital assets.
When asked if President Donald Trump and Chinese President Xi Jinping would soon discuss digital currencies, Eric Trump suggested that both countries likely have a strong understanding of the digital asset space, perhaps better than most.
As Bitcoin has been on an upward trajectory, many experts have offered predictions about the price of the world’s largest cryptocurrency. Even before Eric Trump’s comments, some analysts had suggested that Bitcoin could reach staggering prices.
Back in May, former Binance CEO Changpeng Zhao predicted in an interview with Rug Radio that Bitcoin would reach $1 million per token in this cycle. His prediction came amidst the institutionalization of Bitcoin spot ETFs in multiple countries, which was seen as a positive catalyst for the market.
“With Bitcoin ETFs being institutionalized, it’s clearly a positive sign for price increases. My portfolio is going up, thanks to Bitcoin and altcoins,” CZ said. He explained that ETFs are channeling traditional institutional money into the cryptocurrency market. “Bitcoin is going up because most ETFs are based on Bitcoin,” Zhao added.
In another notable forecast, analyst Sminston With gained attention for predicting that Bitcoin could peak between $220,000 and $330,000 before the end of 2025. This analysis, shared on the X platform, is based on the 365-day simple moving average (SMA) combined with a power law model, with an accuracy of R² = 0.96.
Meanwhile, Matt Hougan, Chief Investment Officer of Bitwise Asset Management, told CNBC that his firm expects Bitcoin to surpass $200,000 by the end of this year. This prediction is largely due to the recent surge in demand from financial institutions, coupled with Bitcoin’s limited supply.
Bitwise Asset Management is the world’s largest ETF manager in the cryptocurrency space. They offer digital asset investment solutions for both individual and institutional investors, including ETFs, private funds, hedge funds, and separate account management services. As of last year, they managed over $10 billion in assets with a team of more than 90 professionals.
Despite a pullback from its all-time highs, Bitcoin has still shown significant gains since the beginning of the year and remains in a long-term uptrend since late 2022. In fact, Bitcoin is one of the best-performing assets of the last decade.
