CEO of Coinbase, Brian Armstrong, has conveyed the notion that Bitcoin might eventually attain a valuation in the multi-million dollar territory. This statement comes as BTC reached a new record high just hours prior to Donald Trump’s return to the Oval Office for a second stint.
Armstrong credited Bitcoin’s remarkable surge to the growing institutional appetite and increasing adoption at a national level.
Coinbase CEO’s Multi-Million Dollar Bitcoin Vision
During an appearance on CNBC’s Squawk Box, Armstrong characterized Trump’s administration as the “beginning of a new era” for cryptocurrency.
Although the initial series of executive directives under Trump’s renewed term did not overtly address crypto, the CEO remained positive regarding Bitcoin’s long-term viability.
“I believe that over time we’ll observe Bitcoin entering the multiple millions price bracket,” Armstrong forecasted.
This assurance stems from the heightened demand from institutional entities. For example, on January 21, MicroStrategy acquired 11,000 BTC valued at $1.1 billion in Bitcoin. This purchase augmented the company’s overall reserves to an impressive 461,000 BTC.
Armstrong also highlighted Bitcoin ETFs as a pivotal aspect influencing the asset’s expansion. Authorized in January 2024, these ETFs have garnered significant capital inflows. According to data from Farside Investors, Bitcoin ETFs have registered collective net inflows of $38.9 billion thus far.
Moreover, the ETFs experienced four consecutive days of inflows, with the daily net intake hitting $802.6 million as of January 21.
US Bitcoin Strategic Bitcoin Reserve: A Possibility?
Armstrong articulated that Trump’s campaign promise to create a strategic Bitcoin reserve could further propel the adoption of cryptocurrency on a substantial scale. It might also serve as a stimulus for other G20 countries, which have previously expressed interest, to follow suit.
“Bitcoin has a long journey ahead. It’s destined to become the new gold standard, and crypto encompasses much more than that,” remarked the Coinbase CEO.
Significantly, Trump has already accomplished one of his original pledges by granting clemency to Silk Road founder Ross Ulbricht, effectively terminating his life sentence. This action has reignited optimism that the President may fulfill additional commitments, such as establishing a strategic Bitcoin reserve.
“If Ross Ulbricht received a pardon, we are certainly getting the Strategic Bitcoin Reserve,” stated Anthony Pompliano, CEO of Professional Capital Management, in an X post.
The prediction platform Polymarket echoed this sentiment, indicating a 37% likelihood that Trump would launch a Bitcoin reserve within his initial 100 days in office. This represented a significant rebound from the previous day’s low of 29%.
As these events progress, Bitcoin continues to surge. At the moment of writing, the leading cryptocurrency was priced at $105,366, marking a 3.0% rise over the past 24 hours.
With increased institutional engagement, escalating ETF inflows, and prospective national-level undertakings, Armstrong’s multi-million-dollar Bitcoin forecast may well be plausible.
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