Eric Trump has issued a warning that the crypto ‘floodgates are opening’ as the price of Bitcoin could surge to historic highs.
This comes as cryptocurrency prices have continued to skyrocket this week, with Bitcoin alone adding 10% to its price in just a week.
Now, the son of President Donald Trump has revealed what he predicts could happen to Bitcoin in the near future.
Eric has shared that he believes the price will go as far as to hit $1 million.
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Speaking to Fox Business, he said: “There is no doubt in my mind, cryptocurrency is going to replace traditional finance, and it’s happening so fast.
“Cryptocurrency is literally outpacing the growth of the internet in the 90s, and I’ve never … been able to see something so clearly in my life.”
Eric went on to say: “The floodgates are opening. We are on the one yard line of cryptocurrency and we’ve got another whole field to run as explosive as its been, so I do think that [the bitcoin price] hits $1 million eventually. I’ve never been more bullish on anything in my life.”
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The Trump family are no strangers to the world of cryptocurrency as just last month, the president and his family made a whopping $6 billion overnight after launching a new crypto.
This comes after the new venture, with the coin being called WLFI, opened its trading on September 1.
World Liberty Financial, which is a finance protocol and cryptocurrency company, was co-founded by Trump’s sons, Eric, Donald Trump Jr, and Barron Trump, while the president is named as the firm’s ‘co-founder emeritus’.
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There has been push-back from members of the public that this involvement by the president could lead to conflicts of interest for the First Family.
However, White House Press Secretary Karoline Leavitt denied this, saying that ‘neither the president nor his family have ever engaged, or will ever engage, in conflicts of interest’.
The CEO of World Liberty Financial happens to be Zach Witkoff, who is the son of Trump’s US Special Envoy to the Middle East, Steve Witkoff.
Zach Witkoff has stated that the crypto firm is non-political, although went on to say that ‘clearly President Trump is the greatest president of all time’.
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Earlier this year, on the eve of his inauguration, the president launched his own meme coin, called $TRUMP.
And in the 24 hours that followed, the Republican businessman gained more wealth than in his entire career, with his net worth jumping to $60 billion.