Coinbase CEO: 'Good Chance' Bitcoin Price Hits $1 Million
Coinbase CEO Brian Armstrong has reiterated his prediction that Bitcoin could potentially surge to as high as $1 million during his recent interview with Fox Business.
In fact, Armstrong believes there is a “good chance” that the flagship token reaches seven digits before 2030.
As reported by U.Today, Armstrong initially predicted that BTC could reach $1 million in August, arguing that regulatory clarity in the US would be the main catalyst for its bull run.
Once again, he has mentioned the Genius Act as well as the market structure legislation.
Moreover, the U.S. holding Bitcoin would be a massive potential driver of demand, and it could potentially encourage other G20 countries to follow suit.
Lastly, Armstrong claims that plenty of institutional money is now flowing into Bitcoin.
“So, there are a lot of positive tailwinds for Bitcoin,” he said, adding that lots of pools of capital still haven’t gotten access to the flagship cryptocurrency.
Bitcoin’s ambidextrous nature
Armstrong has compared Bitcoin to gold, noting that it is something that people might actually flee to in times of uncertainty.
That said, he tends to view BTC as a “hybrid” of risk-on and risk-off assets.
As reported by U.Today, gold bug Peter Schiff recently opined that Bitcoin investors bet on the wrong horse after both U.S. equities and precious metals rallied to record highs while Bitcoin remained basically flat.
However, Armstrong claims that he does not want to be caught up in short-term trends.
“What I try to do is to look at the long-term trends,” he told Fox Business.