HONG KONG (Reuters) -Eric Trump says the Trump family "loves" and "believes in" the Bitcoin community, which supported his father Donald Trump before he became the U.S. President for the second time.

Trump, speaking at the Bitcoin Asia conference in Hong Kong, said he believed Bitcoin would hit a $1 million valuation.

"The Bitcoin community embraced my father unlike anything I had ever seen before," Eric Trump said.

"And I hope that's paid off in spades because we love this community. We believe in this community."

Bitcoin has risen 18% this year, hitting a record high of $124,480.82 in mid-August, buoyed by friendlier regulations from the Trump administration and consistent demand from institutional investors. The world's best known cryptocurrency has dropped off those record highs and was last at $110,554.05 on Friday, down over 1% on the day.

"There's no question. Bitcoin takes $1 million," Eric Trump said.