Key Takeaways
(Las Vegas) – Eric Trump, co-founder of American Bitcoin, and Calamos Investments CEO John Koudounis told attendees at the Bitcoin 2026 conference that Bitcoin is on a path to becoming a global reserve asset, floating a price target of $1 million as institutional adoption accelerates.
“I have absolute conviction that bitcoin is going to hit one million dollars,” Trump said during a panel discussion on April 29. “I’ve never been more bullish on this asset class in my life.”
The core argument from the panel was that the supply of Bitcoin is being permanently constrained as a new class of holders, including institutional funds, corporate treasuries like MicroStrategy and Metaplanet, and even the U.S. government’s strategic reserve, absorb available coins with no intention to sell. Koudounis noted that the $60 billion that has entered spot Bitcoin ETFs is just the beginning, set against a projected $124 trillion generational wealth transfer. “Once institutions get involved, it’s game over,” Koudounis said.
This forecast comes as Bitcoin’s market cap stands at S$1.94 trillion with a 24-hour trading volume of S$51.7 billion, according to CoinGecko data from April 30. The asset traded at S$96,915.15, down 2.7% over the previous seven days. The discussion at the conference highlights a growing belief among some institutional players that the asset's current valuation does not reflect its potential role in the global financial system.
The panel, which also included Bloomberg ETF analyst Eric Balchunas, focused on the structural changes in Bitcoin ownership. Trump argued that natural sellers are leaving the market while permanent holders take their place. “We are compressing bitcoin,” Trump said, pointing to his own company’s strategy of mining and holding every coin.
Koudounis framed the dynamic as a broader capital shift, moving beyond the initial question of whether to buy Bitcoin. “The question used to be, ‘Are you buying bitcoin?’” he said. “Now it’s, ‘What percent are you allocating?’” This sentiment is echoed by other bullish market observers, including Jan3 CEO Samson Mow, who recently argued that a supply shock is imminent and that Bitcoin's fair value is already over $110,000.
Both speakers also grounded their advocacy in personal experience, presenting Bitcoin as a necessary tool for financial self-sovereignty. Trump recounted how major banks closed hundreds of Trump Organization accounts following the January 6, 2021 Capitol riot. “They threw us away like dogs,” he said, identifying the experience as a primary motivator for his Bitcoin advocacy.
Koudounis broadened the argument, citing the 2015 debt crisis in his native Greece, where the government imposed capital controls and limited bank withdrawals for years. “You don’t have to be the Trumps to be targeted by banks,” Koudounis said. “This can happen to anybody.” They argued that Bitcoin's ability to transfer value across borders without an intermediary is a feature that becomes more valuable as traditional financial systems show signs of fragility and currency debasement continues.
This article is for informational purposes only and does not constitute investment advice.
