Coinbase Chief Executive Officer Brian Armstrong said he believes Bitcoin has already found its bottom and repeated his view that $400,000 by 2030 is a reasonable target.
Speaking on CNBC on Thursday, Armstrong said he is confident the long-awaited crypto Clarity Act will pass next week. The legislation would create a formal framework for dividing oversight among regulators by distinguishing which digital assets are securities, commodities, or stablecoins.
Armstrong repeats $400,000 Bitcoin target
Bitcoin Magazine cited Armstrong as saying: “[$400,000] is a reasonable target by 2030, and if you follow crypto, you know it typically goes through these four-year-ish cycles: there’ll be a run-up, some euphoria, there’ll be a down period.”
He added: “Most of the down periods last about a year, and we’ve actually just come across the one-year mark for this down period, so I personally believe that the bottom is in.”
The report said Bitcoin was recently trading near $77,318 per coin. It also said the cryptocurrency reached a new all-time high of $126,080 in October.
Clarity Act heads to a vote next week
Market participants have been watching the Clarity Act throughout the year. Senators are set to vote on the bill next week after an August delay. The crypto industry has long pushed for rules of this kind.
According to the report, Bitcoin traded sluggishly through June and July before starting to surge in August on positive regulatory news. Over a 30-day period, the largest cryptocurrency is up more than 20%.
Armstrong says clearer rules could unlock capital
U.S. President Trump had earlier hosted crypto executives and traditional finance leaders at the White House and urged lawmakers to move forward with the bill. The report said that helped fuel a rise in Bitcoin’s price.
Armstrong said Thursday that he expects the bill to pass and to unlock new capital.
“We saw with the Genius Act that passed last year for stablecoins: in the wake of that legislation passing, we saw well over 150 large companies integrate stablecoins within just a three-month period,” he said.
He continued: “And I think something similar could happen with the Clarity Act passing — it’s a regulatory checkbox, it’d be a big milestone certainly to unlock institutional capital and to bring things like tokenized equities and perks to the United States, which would be very good.”
The story first appeared in Bitcoin Magazine and was written by Mathew Di Salvo.