Coinbase CEO Predicts Bitcoin Will Reach ‘Multiple Millions’, Pushes for Bitcoin Reserve to Impact G20
With Trump back in the White House, many crypto influencers are bullish on potential regulatory changes and growth in the cryptocurrency market. Coinbase CEO Brian Armstrong said in an interview with CNBC that the value of Bitcoin will soar into “millions of dollars.” He also proposed that the United States establish a strategic reserve of Bitcoin, a move he believes could lead other G20 countries to follow suit.
Coinbase predicts BTC price to hit ‘multi-million dollar’ record
At Davos, while cryptocurrency leaders expressed optimism about a Trump presidency, the South African central bank governor criticized their lobbying in the United States for Bitcoin as a viable reserve asset. Meanwhile, Coinbase CEO Brian Armstrong sees potential for increased investment in the market during Trump’s term.
According to Reuters, he further mentioned ReportNew legislation from Congress could lead to massive investments in cryptocurrencies. The Coinbase CEO also emphasized that the recent all-time highs in Bitcoin value are largely due to the inauguration of Donald Trump. He believes Bitcoin has the potential to become the modern gold standard.
He said, “Bitcoin is a better form of currency than gold… It is important for governments to hold Bitcoin for the long term as a store of value.”
Furthermore, he believes that under Trump, the price of Bitcoin could reach “millions of dollars” as the cryptocurrency president understands the core value of blockchain. He also suggested that the United States establish a strategic reserve of Bitcoin, believing that this would vigorously promote cryptocurrencies at an institutional level.
Armstrong believes that establishing such reserves would encourage other major economies, particularly those in the G20, to explore similar options. His reasoning is that when a leading global economy like the United States supports Bitcoin, other countries may recognize and consider its benefits.
“‘The leader of the country with the largest GDP in the world has undeniably stepped up and said he wants to be the first cryptocurrency president,'” Bryan said.
Polymarket offers 35% Bitcoin reserve opportunity
Cryptocurrency investors are hopeful that Trump will establish a national Bitcoin reserve after he announced such plans in July 2024. However, the likelihood of establishing a Strategic Bitcoin Reserve (SBR) within Trump’s first 100 days as president has gone from as high as 55%. Polymarket currently estimates that there is a 35% chance that Trump will initiate an SBR during this period.
Also read: Latest News: MicroStrategy shareholders approve $42B increase in stake in Bitcoin strategy
Bitcoin prices fell on Monday after Trump did not mention cryptocurrencies in his inauguration speech, but Coinbase CEO Brian Armstrong said the Bitcoin Reserve project remains on track.
Regulatory shifts supporting cryptocurrencies could accelerate the adoption of Bitcoin and other cryptocurrencies. The departure of SEC Chairman Gary Gensler is seen as a victory for the crypto industry, which has been at odds with his strict oversight. During his tenure, the SEC targeted major players such as Coinbase and Binance, with cryptocurrency-related complaints accounting for 18% of its total cases.
