In a move that has sent tremors through the crypto community, Eric Trump took to X today to voice a bullish stance on Bitcoin. “Feels like a great time to enter BTC! 🚀 @worldlibertyfi” he wrote, triggering immediate reactions from industry figures and observers alike.
Feels like a great time to enter #BTC! 🚀 @worldlibertyfi
— Eric Trump (@EricTrump) February 6, 2025
Bullish Signal For Bitcoin Or Hype?
Michael Saylor, Executive Chairman of Strategy (formerly MicroStrategy), was among the first to respond: No ₿etter Time 🚀” Eric Weiss, CEO of the Bitcoin Investment Group, echoed a similar sentiment: It’s always a great time to buy Bitcoin.”
However, not all reactions were straightforward nods of approval. Crypto analyst Byzantine General (@ByzGeneral) offered a more ironic take: “People hold ETH for one day and become a BTC maxi.” Meanwhile, Joe Consorti, Head of Growth at Theya, quipped: “Only took him 3 days to capitulate.”
Consorti’s remark refers to Eric Trump’s post just three days earlier, on February 3, when he declared it was a “great time to add ETH.” That comment was followed by a notable bump in Ethereum’s price—rising from approximately $2,300 to over $2,900 within 24 hours.
Market analysts have pointed out, however, that Ethereum’s rally was part of a broader crypto market recovery after a dip triggered by proposed tariffs, which were then temporarily halted by President Donald Trump. There is no direct evidence linking Eric Trump’s statement to Ethereum’s price rise.
Now that Eric Trump has pivoted to Bitcoin, speculation runs rampant. Some traders wonder whether he has insights beyond public knowledge, while others suggest it might be yet another passing endorsement. As of yet, there has been no explicit rationale from Eric Trump explaining his shift in stance.
Earlier this week, David Sacks—appointed by President Donald Trump as the administration’s AI and crypto czar—confirmed that the White House is actively exploring a Strategic Bitcoin Reserve. “One of the things that The President instructed us to do was evaluate the idea of a Strategic Bitcoin Reserve. That’s one of the first things we’re going to look at as part of the internal working group of the administration: the feasibility of a Bitcoin Reserve,” Sacks said in a press conference.
Notably, Eric Trump has never been shy about voicing grand predictions for the world’s largest cryptocurrency. During his keynote at the Bitcoin MENA conference earlier this year, he recalled the day Bitcoin reached $100,000 and added: “I can tell you a lot of eyes were open when Bitcoin hit $100,000. And I can tell you a hell of a lot of more eyes will be open when Bitcoin hits $1 million.”
He then doubled down on that forecast with a personal conviction: “I’m confident it’s going to hit $1 million, I think we are all confident in this room that it will hit $1 million.”
What’s Next For BTC Price?
According to a report from Axios in January, President Donald Trump himself reportedly spoke about a $150,000 Bitcoin target at the start of his presidency, regarding the cryptocurrency as “another stock market.”
Yesterday, Treasury Secretary Scott Bessent addressed concerns about the administration’s monetary priorities. Rather than focusing on the Federal Reserve’s benchmark rates, Bessent stated, the President’s gaze is fixed on long-term borrowing costs: “He and I are focused on the 10-year Treasury,” Bessent told Fox Business, adding, “He is not calling for the Fed to lower interest rates.”
The direction of 10-year Treasury yields is considered pivotal for both traditional and crypto markets. Lower yields typically stimulate borrowing and investment, thereby encouraging risk-taking. Many analysts see this as a massive bullish signal for BTC price.
While Eric Trump’s endorsement has once again shone the spotlight on Bitcoin, the reasons behind his abrupt enthusiasm remain elusive. The market, influenced by shifting interest-rate strategies and speculation over a potential federal crypto reserve, could be pivotal bullish catalysts.
At press time, BTC traded at $98,137.
Featured image from YouTube, chart from TradingView.com
