The World Liberty Forum held at Mar-a-Lago this week featured remarks from President Donald Trump’s sons, Eric Trump and Donald Trump Jr., who used the event to reaffirm their strong support for Bitcoin (BTC) and reiterate their long-standing $1 million price projection for the cryptocurrency.
‘Never been so bullish on Bitcoin’
Eric Trump spoke on Wednesday described himself as “a big supporter of Bitcoin” and said he has never felt more optimistic about Bitcoin’s future. “I have never been more optimistic about Bitcoin in my life,” he said, arguing that the digital currency has the potential to eventually reach $1 million per coin.
However, amid falling Bitcoin prices, Eric acknowledged the asset’s volatility and characterized price fluctuations as typical of an emerging technology with significant growth potential.
According to him, Bitcoin’s advantage is in stark contrast to traditional fixed income investments such as municipal bonds or U.S. Treasury bonds (T-Bills), which generally offer lower returns.
At the same time, Donald Trump Jr. sharply criticized the traditional banking system, calling it a “Ponzi scheme” and arguing that the family’s move into crypto was not driven by chasing trends, but by necessity.
Trump Brothers Accuse Banks of Political ‘Debanking’
During a interview With CNBC at the forum, Donald Trump Jr. said. that his family turned to digital assets after banks closed “hundreds of accounts” belonging to the Trump Organization in early 2021.
“You know, we didn’t get into crypto because we were ahead of the curve,” Trump Jr. said. “We got into it out of necessity. They basically forced us into it.”
The brothers attributed the closure of the accounts to the political fallout following the Jan. 6, 2021, riot at the U.S. Capitol, when supporters of their father stormed the building while disputing the results of the 2020 presidential election.
They also claimed that banks had ‘debanked’ other smaller customers because of their conservative political views. Eric Trump said their crypto initiative, World Liberty Financial, is part of a broader effort to reform the financial system.
“We are trying to modernize the financial world,” he said, adding that the family felt left out of mainstream institutions during that period. “We are the most canceled people in the world in 2020, 2021,” he said.
At the time of writing, Bitcoin is still consolidating at around $66,258. This represents a 50% difference from current trading prices and the all-time high of $126,000, which was reached last October.
Featured image from OpenArt, chart from TradingView.com