Image credit: David Claridad

Eric Trump declared that Bitcoin would reach $1 million and vowed that the United States, under the leadership of his father, President-elect Donald Trump, would “fight like hell” to protect cryptocurrencies from overregulation.

Speaking at the Bitcoin MENA conference in Abu Dhabi, Eric Trump positioned his father as the most pro-crypto president in U.S. history, marking a stark contrast to the outgoing administration of President Joe Biden.

Eric Trump’s address came amid a surge of optimism in the cryptocurrency sector following Donald Trump’s convincing return to the White House last month. Echoing his father’s campaign rhetoric, Eric Trump energized the audience, some of whom sported red caps with the slogan “Make Bitcoin Great Again.”

“This is the future of finance,” he told the packed crowd at the Abu Dhabi National Exhibition Centre. “Now that he’s won, America is going to lead the way in the digital revolution.” He also revealed that he had immediately informed his father when Bitcoin hit the $100,000 milestone on December 5. “A lot more eyes are going to be opened when Bitcoin hits $1 million,” he added.

Eric Trump took aim at the Biden administration’s regulatory actions, particularly the Securities and Exchange Commission’s legal battles with cryptocurrency firms like FTX, whose collapse resulted in the conviction of its founder, Sam Bankman-Fried. He pledged that the incoming administration would prevent excessive oversight and high taxes that could stifle the industry.

“Think about a president who isn’t going to allow Bitcoin and cryptocurrencies to be overregulated and stifled,” he said. “Someone who will fight like hell against the institutions that have waged war on cryptocurrency.”

The phrase “fight like hell” mirrored language used by Donald Trump during his January 6, 2020, speech that preceded the Capitol insurrection, a comparison not lost on some observers. However, the crowd in Abu Dhabi responded enthusiastically, with Eric Trump calling his father not just a “national treasure” but also “a treasure to the world.” He credited Donald Trump for Bitcoin’s resurgence, claiming his leadership added a trillion dollars to its value.

The conference also featured notable Trump allies, including Steve Witkoff, recently appointed as the U.S. special envoy to the Middle East, and Paul Manafort, Donald Trump’s 2016 campaign manager. Tesla CEO Elon Musk, a vocal cryptocurrency advocate, has also been tapped as co-head of the newly created Department of Government Efficiency.

Donald Trump’s transformation from a crypto skeptic to a champion of digital assets was a focal point of the event. Once dismissing Bitcoin as a “scam” and “not money,” Trump’s views shifted dramatically after raising $8.9 million through the sale of non-fungible tokens (NFTs) in December 2022. This change of heart, along with support from Vice President-elect JD Vance, a Bitcoin holder since 2021, has positioned cryptocurrencies as a central part of the Trump administration’s agenda.

Eric Trump also criticized traditional financial systems, arguing that blockchain technology and cryptocurrencies represent the future of investment. “There is nothing that can’t be done faster, cheaper, and more transparently in this new frontier,” he said. He concluded by pledging that the Trump family would remain steadfast advocates for the cryptocurrency revolution.

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