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Coinbase CEO Brian Armstrong has expressed belief that Bitcoin can reach a multi-million dollar price. This happened when BTC reached a new peak just as Donald Trump returned to the President’s office for a second term.
Armstrong attributes Bitcoin’s growth to growing interest from financial institutions and increasingly strong national-level adoption.
Coinbase CEO’s million-dollar Bitcoin vision
In an interview on CNBC’s Squawk Box, Armstrong described Trump’s tenure as “the dawn of a new day” for the cryptocurrency sector.
Although Trump’s first executive order does not directly mention cryptocurrencies, CEO Armstrong remains optimistic about Bitcoin’s long-term potential.
“I think over time we will see Bitcoin reach multi-million dollar prices,” Armstrong predicted.
This belief is explained by Armstrong with increasing demand from institutional investors. For example, on January 21, MicroStrategy bought 11,000 BTC worth $1.1 billion. This transaction brings the company’s total reserves to a staggering 461,000 BTC.
Armstrong also emphasized the role of Bitcoin ETFs in supporting this asset’s growth. Approved in January 2024, these ETFs have attracted large capital inflows. According to data From Farside Investors, Bitcoin ETFs have recorded cumulative net inflows of $38.9 billion to date.
Additionally, these ETFs have had four consecutive days of inflows, with daily net inflows reaching $802.6 million on January 21.
US Bitcoin Strategic Reserve: Possible or Not?
Armstrong explained that Trump’s campaign promise to establish a Bitcoin strategic reserve could further boost cryptocurrency adoption on a national level. This may also motivate other G20 countries, which have expressed interest, to follow this example.
“Bitcoin has a long way to go. It will become the new gold standard, and cryptocurrency is much bigger than that,” commented the CEO of Coinbase.
Notably, Trump fulfilled his first promise by pardoning Silk Road founder Ross Ulbricht, ending his life sentence. The move has created new hope that the President can fulfill other promises, including the creation of a Bitcoin strategic reserve.
“If Ross Ulbricht is pardoned, we will certainly have a Bitcoin Strategic Reserve,” Professional Capital Management CEO Anthony Pompliano said in a statement. article on X.
Prediction platform Polymarket echoes this sentiment, showing a 37% chance that Trump will create a Bitcoin reserve in the first 100 days of his term. This is a significant recovery from the previous day’s low of 29%.
As these developments continue, Bitcoin continues to grow. At the time of writing, the leading cryptocurrency is trading at $105,366, marking a 3.0% increase over the past 24 hours.
With growing institutional participation, growing ETF inflows, and potential national-level initiatives, Armstrong’s prediction of Bitcoin in the millions may not be far-fetched.
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