Eric Trump, co-founder of American Bitcoin (ABTC) and son of U.S. President Donald Trump, reaffirmed his ultra-bullish stance on Bitcoin.
Key Takeaways:
Eric Trump reiterated his $1 million Bitcoin prediction, citing rising demand from governments and major institutions. His mining firm, American Bitcoin (ABTC), is set to go public via a reverse merger with Gryphon Digital Mining in September. Despite long-term optimism, Bitcoin has dropped 13% from its all-time high and is trading below key technical support.During the Bitcoin 2025 Asia conference in Hong Kong on Friday, he said there is “no question” BTC will hit $1 million in the coming years.
Trump Cites Global Demand as Fuel for Bitcoin’s Rise
Speaking to a packed audience, Trump pointed to surging demand from governments, major corporations, and wealthy families as key drivers behind his conviction.
“Everybody wants Bitcoin. Everybody is buying Bitcoin,” he said. “That’s why I’ve always said Bitcoin is going to hit $1 million. There’s no question.”
Trump had previously made the same $1 million prediction in December 2024. This time, he emphasized that institutional adoption is just beginning and current holders are still early.
“The vast majority of people still haven’t caught on to the future of finance,” he noted.
His comments come amid rising momentum for ABTC, the mining firm he co-founded.
In August, shareholders of Gryphon Digital Mining approved a reverse merger with ABTC. The newly merged entity will begin trading under the ABTC ticker on Nasdaq in September.
Originally revealed in May, the deal allows American Bitcoin, launched by Donald Trump Jr. and Eric Trump earlier this year, to enter public markets without a separate IPO, using Gryphon’s Nasdaq listing as a vehicle.
Since the merger announcement, Gryphon’s stock has surged over 230%, including a 42% rally on Thursday ahead of the listing.
The company is now seen as a direct play on Trump’s growing influence in the digital asset space.
American Bitcoin has positioned itself as a pure-play mining venture focused on Bitcoin accumulation.
It has disclosed 215 BTC in holdings, though third-party data from BitcoinTreasuries.NET suggests its reserves could approach 1,941 BTC.
Despite the optimism, Bitcoin has seen short-term price weakness, slipping nearly 13% from its all-time high of $124,500 on August 14.
The asset is now trading below its 50-day exponential moving average, a key technical level often watched by traders.
$1M Bitcoin in 2026 Would Signal US Economic Crisis
As reported, Galaxy Digital CEO Mike Novogratz has pushed back on predictions that Bitcoin could hit $1 million in the near term, warning that such a move would likely reflect a collapse in the US economy rather than a crypto success story.
“People who cheer for the million-dollar Bitcoin price next year, I was like, guys, it only gets there if we’re in such a shitty place domestically,” Novogratz told Natalie Brunell on the Coin Stories podcast recently.
“I’d rather have a lower Bitcoin price in a more stable United States than the opposite.”
Novogratz explained that extreme currency devaluations often fuel demand for alternative safe havens, and Bitcoin, often dubbed digital gold, becomes a hedge against economic turmoil.
However, he cautioned that such conditions would come at the expense of civil society.
Last month, Glassnode lead analyst James Check raised concerns over the longevity of the corporate Bitcoin treasury strategy, arguing the easy gains might already be gone for new entrants as the market matures.
The warning echoes recent comments from Matthew Sigel, head of digital asset research at VanEck, who has voiced concerns over the Bitcoin treasury strategies adopted by some publicly traded firms.
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