Coinbase CEO points to $1M Bitcoin in 2030 as whales buy the latest dip

Coinbase CEO Brian Armstrong has predicted that Bitcoin will be worth $1 million by 2030, citing the regulatory clarity that the industry is experiencing. Armstrong shared this take in a recent interview.

In the crypto executive’s appearance on Stripe co-founder John Collison’s podcast, Cheeky Pint, Armstrong noted that many datapoints support his predictions of Bitcoin being worth a million dollars in five years.

He said:

“I think we’ll see $1M per bitcoin by 2030. Regulatory clarity is finally emerging.”

According to him, the regulatory clarity in the US will likely boost similar moves across the top economies, given that the US is a bellwether for the G20.

Meanwhile, the CEO pointed to other regulatory developments, including the passage of the GENIUS stablecoin Act and the current congressional debate on the Market Structure Bill, which would be a major milestone if it passes by the end of the year.

Beyond that, Armstrong noted the US government’s embrace of the Strategic Bitcoin Reserve, which was unimaginable five years ago. He stated that everyone would have laughed at the idea if someone had put it on a vision board. In his view, if the US plans to hold Bitcoin officially, more countries will do the same.

The Coinbase CEO added that there is sovereign interest in BTC, noting that several local, state, and even international governments are getting involved with Bitcoin. According to him, Coinbase provides crypto services to around 140 sovereign entities.

Bitcoin risks on the decline could boost demand

Overall, Armstrong believes the general decline in Bitcoin risks would be the major driving force for the asset to reach $1 million. While he admitted that regulatory risks may not be fully eliminated, he noted that any risk of the government shutting Bitcoin down has been severely diminished.

Thus, more clarity will only encourage institutions to allocate more capital to Bitcoin. According to him, his conversations with institutional participants show that the major reason many have kept their Bitcoin allocation at around 1% instead of 5% of their portfolio is because they are still waiting for clarity.

Even with significant institutional money waiting on the sidelines for more regulatory clarity that could come with the Market Structure Bill, the flagship asset has already seen an influx of capital. This is evident in the success of Bitcoin exchange-traded funds.

Meanwhile, Armstrong also noted that technical risks around the Bitcoin Network’s fundamental security appear to have also reduced. Although he is unsure whether Bitcoin Core is already post-quantum, Armstrong acknowledged the need to upgrade the network to become quantum-resistant.

The Coinbase CEO added that the core teams behind major blockchain networks such as Bitcoin, Ethereum, and Solana are already working on making these networks quantum-resistant.

Unsurprisingly, the crypto added that the $1 million is only his prediction and not financial advice, as it is impossible to guarantee. Despite this caveat, his bullish sentiments are shared by many, including Standard Chartered, which expects BTC to be worth $500,000 by 2028.

Bitcoin falls to lowest price level since early August

While Armstrong and other Bitcoin bulls are bullish on their price targets, the flagship asset appears not to have gotten the memo. Bitcoin fell as low as $112,182 in the last 24 hours, according to CoinMarketCap.

The decline to $112,000 range means Bitcoin has hit its lowest level since August 2 and continues a dip in BTC price since it hit a new all-time high above $124,000 on August 14. With the asset falling, bullish sentiments have also declined.

According to CryptoQuant’s head of research, Julio Moreno, its bull score index declined from Bullish Cooldown to Neutral phase. Moreno noted that a further decline in the index could mean prices will fall further.

Interestingly, whales are taking advantage of the dip in price to buy more BTC. Onchain analyst Caue Oliveira noted that wallets of major Bitcoin holders have accumulated 16,000 BTC in the past seven days, showing that wallets are taking advantage of the price correction to buy the dip.

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