Brian Armstrong of Coinbase predicts that Bitcoin’s price could reach several million dollars over time. He also admitted that more institutions are adopting Bitcoin, which could help push it to the $1 million mark.
The Coinbase CEO acknowledged that Bitcoin reserves are necessary to allow capital to flow into the United States, and also said that Bitcoin has a long way to go and believes that BTC will be the world’s new gold standard.
Brian Armstrong of Coinbase says Bitcoin price will reach millions
Brian Armstrong: Bitcoin will reach the multi-million price range 🔥 pic.twitter.com/r1XwDOOsBj
— Crypto Banter (@crypto_banter) January 21, 2025
While predicting that Bitcoin will reach a multi-million price range, Brian Armstrong, co-founder and CEO of Coinbase, highlighted how ETFs brought in a large amount of inflows last year and contributed to Bitcoin’s rise.
Data from Farside Investors open Spot Bitcoin ETFs saw net inflows of about $36.2 billion.
“I think with more time, we will see Bitcoin reach the multi-million price range. As more and more institutional clients adopt it, ETFs have brought in a tremendous amount of inflow.
–Brian Armstrongco-founder and CEO of Coinbase.
The iShares Bitcoin Trust ETF (IBIT) is the first and largest ETF with inflows of approximately $38 billion. Institutional investors have made their presence felt interest In IBIT after its launch in January, it helped push Bitcoin to an all-time high of $108,000. Eric Balchunas, ETF Analyst open IBIT reached $50 billion in assets under management in just 277 trading days. The IBIT broke the previous record of 1,323 days set by the iShares Core MSCI Emerging Markets ETF.
In 2024, the US Treasury referred to Bitcoin as “Digital gold“Note its use as a store of value.
Data from CoinMarketCap shows that the price of Bitcoin is currently trading higher than that$104k mark. The digital asset reached a new all-time high of $108,000 two days ago, and has since registered a 5% increase since opening day.
Armstrong believes that Bitcoin’s strategic reserve will lead to global adoption
The Coinbase CEO also said that clear regulation for cryptocurrencies, such as the Bitcoin Strategic Reserve, would be a big milestone for Bitcoin. Armstrong also stressed that if the United States followed such a reserve, it could make the G20 countries follow suit.
The CEO of Coinbase said that he has noticed increased interest in the Bitcoin Strategic Reserve after discussing it with a number of finance ministers in the United States, Switzerland, and other countries around the world. Armstrong revealed that other countries have shown interest in the Bitcoin Strategic Reserve because the United States has been looking into it.
Senator Cynthia Lummis foot The Bitcoin Act of 2024, which is still in the early stage of the legislative process. Loomis said the bill proposes creating a US Strategic Bitcoin Reserve (SBR) to strengthen the dollar and maintain cryptocurrency leadership in the country. However, the proposal will not become law until it passes the Senate and House of Representatives before reaching the president for approval.
Loomis said the US government would have to purchase approximately 200,000 bitcoins each year for five years through the Bitcoin Purchase Program. The Republican senator from Wyoming also added that the government would have to hold the assets for 20 years as a hedge against inflation.
Dennis Porter, CEO and Co-Founder of Satoshi Action Fund, open Of the 50 states, at least 13 were working on creating Bitcoin reserves. Ohio’s Derek Mirren too I confess That the US dollar is facing currency depreciation, and that Bitcoin will provide a way to diversify the country’s portfolio. Merrin also introduced a bill to release a Bitcoin reserve for the Ohio State Treasury.
Armstrong also urged US government agencies to cooperate and work to pass clear legislative rules. He believes cooperation is necessary to allow capital to flow into the United States
When asked about the Trump family’s recent memecoin activity, Armstrong said it was “good to remain open about memecoins.” He also believes that meme currencies “could evolve into something powerful,” just like the Internet.
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