Bitcoin Could Hit $1M, Says Eric Trump at Hong Kong Conference- But How?

• Eric Trump predicted Bitcoin would reach $1 million, citing supply shortage and institutional demand.
• Bitcoin struggles in descending channel near $108,400 support, resistance holding strong around $111,000 level.

Eric Trump, son of U.S. President Donald Trump, told an audience at the Bitcoin Asia conference in Hong Kong on Friday that the world’s largest cryptocurrency would climb to $1 million in the coming years. He argued that limited supply and increasing institutional interest would push prices far beyond current levels. He said, 

Eric added that he now spends 90% of his time in the crypto community and called the digital token “the greatest asset in the world.” He urged investors to buy and hold without selling early, stating:

Eric Says U.S. Winning Crypto Revolution

Eric described China as “a hell of a power” in developing digital currencies, but remarked that the U.S. is “winning the digital revolution.” He also suggested that both his father and Chinese President Xi Jinping likely understood cryptocurrencies “better than anybody else in the world.”

Mainland China still bans open trading of digital assets but is exploring yuan-backed stablecoins for international use. Meanwhile, Hong Kong passed a new stablecoin law, attempting to rival the U.S. and other regional economies as a center for digital finance.

Eric also emphasized the political side of digital currency adoption. He said the Bitcoin community had supported Donald Trump even before his second presidential term began. 

The Trump family has expanded into multiple projects tied to digital assets. Their ventures include a trading platform, a stablecoin project, exchange-traded funds for crypto, and a mining company. One mining firm linked to Eric Trump and Donald Trump Jr. is expected to seek a Nasdaq listing next month.

Bitcoin’s Price Action in 2025

Bitcoin prices have gained 16.24% this year, reaching an all-time high of $124,480 in mid-August before pulling back. The rally had been supported by favorable regulations from the Trump administration and rising institutional demand.

At present, Bitcoin is trading at $108,445, with technical indicators showing a difficult path forward. Analysts noted that the coin remains in a descending channel since August, holding support at $108,400 with resistance around $111,000.

Failure to hold $107,800 could trigger a drop toward $105,150 or even $101,500. A move above $111,000, however, may open the way toward $113,650, $116,850, and $120,250, with some traders watching $130,000 once the current consolidation phase ends.