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Coinbase CEO believes Bitcoin will reach multi-million price range

Source Cryptopolitan

Coinbase’s Brian Armstrong predicted that Bitcoin’s price could reach multiple million dollars over time. He also acknowledged that more institutions are adopting Bitcoin, which could help its million-dollar push.

The Coinbase CEO acknowledged that a Bitcoin reserve is necessary to allow capital flow into the U.S. He also said that Bitcoin has a long way to go and believes BTC will be the new gold standard of the world.

Coinbase’s Brian Armstrong says Bitcoin’s price will reach millions

Brian Armstrong: Bitcoin will get into the multiple millions price range 🔥 pic.twitter.com/r1XwDOOsBj

— Crypto Banter (@crypto_banter) January 21, 2025

While predicting that Bitcoin could reach a multi-million price range, Coinbase co-founder and CEO Brian Armstrong highlighted how ETFs brought in a large amount of inflows last year and contributed to BTC’s ascent.

Data from Farside Investors revealed that spot bitcoin ETFs have seen net inflows of roughly $36.2 billion.

“I think overtime we will see Bitcoin get into the multiple millions price range. Its being adopted by more and more institutional customers, the ETFs brought in a huge amount of inflow.”

–Brian Armstrong, Coinbase co-founder and CEO.

The iShares Bitcoin Trust ETF (IBIT) is the first and largest ETF with nearly $38 billion in inflows. Institutional investors proved their interest in IBIT after a January launch helped push Bitcoin to an all-time high of $108K. Eric Balchunas, an ETF analyst, revealed that IBIT reached $50 billion of assets under management in just 277 trading days. IBIT broke the previous record of 1,323 days set by the iShares Core MSCI Emerging Markets ETF.

In 2024, the U.S. Department of the Treasury referred to Bitcoin as “digital gold” and noted its use as a store of value.

Data from CoinMarketCap shows that Bitcoin’s price is currently trading above the $104K mark. The digital asset reached a new all-time high of $108K two days ago and has since recorded a 5% increase since inauguration day.

Armstrong believes a strategic Bitcoin reserve will lead to global adoption

The Coinbase CEO also said that clear crypto legislature, such as a strategic Bitcoin reserve, will be a big milestone for Bitcoin. Armstrong also highlighted that if the U.S. pursued such a reserve, it could make the G20 countries follow suit.

Coinbase’s CEO said he has observed a growing interest in the strategic Bitcoin reserve after discussing it with a number of finance ministers in the U.S., Switzerland, and other countries around the world. Armstrong disclosed that other countries showed interest in a strategic Bitcoin reserve because the U.S. was looking into it.

Senator Cynthia Lummis introduced the Bitcoin Act of 2024, which is still in the initial stage of the legislative process. Lummis said the bill proposed a U.S. strategic bitcoin reserve (SBR) to strengthen the dollar and maintain the county’s crypto leadership. However, the proposal will only become law after passing through the Senate and the House of Representatives before reaching the President for approval.

Lummis said that the U.S. government would have to buy roughly 200,000 Bitcoins every year for five years through a 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, revealed that out of 50 states, at least 13 were working to create Bitcoin reserves. Ohio’s Derek Merrin also acknowledged that the U.S. dollar faced devaluation, and Bitcoin would offer a means to diversify the state’s portfolio. Merrin also introduced a bill to launch a Bitcoin reserve with Ohio’s treasury.

Armstrong also urged the U.S. government agencies to collaborate and work towards passing clear legislative rules. He believes collaboration is necessary to allow capital to flow into the United States

When asked about Trump‘s family’s recent memecoin activity, Armstrong said it was “good to keep open-minded about memecoins.” He also believes that memecoins could “evolve to something powerful,” just like the internet.

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