Coinbase CEO Predicts Bitcoin Will Reach ‘Multiple Millions’, Pushes Bitcoin Reserve for G20 Impact
Since Trump's return to the White House, several crypto influencers are bullish about potential regulatory changes and growth in the crypto market. Coinbase CEO Brian Armstrong said in an interview with CNBC that Bitcoin's value is set to grow to “several millions.” He also proposed that the United States establish a strategic bitcoin reserve.
Coinbase predicts BTC price to register ‘multiple millions'
At the Davos panel, crypto leaders cheered on Trump's presidency, while the head of South Africa's central bank criticized their U.S. lobbying, making bitcoin an important reserve asset. Meanwhile, Coinbase CEO Brian Armstrong sees the possibility of increased market investment during Trump's tenure.
In addition, according to a report by Reuters, a new law in Congress can make significant investments in cryptocurrencies. The CEO of Coinbase also emphasized that the recent all-time high price of Bitcoin is largely due to the inauguration of Donald Trump. It has been argued that Bitcoin can be used as a modern gold standard.
He said, “Bitcoin is a better form of money than gold… For a store of value, it's important for governments to hold bitcoin over time.
He also believes BTC's value could reach ‘several million' under Trump's leadership as the crypto president understands the core value of blockchain. He proposed the US Strategic Bitcoin Reserve, saying it would heavily promote cryptocurrencies at the institutional level.
Armstrong believes that creating such a stockpile will encourage other major economies, particularly those in the G20, to explore similar options. His rationale is that when a leading global economy like the US supports Bitcoin, other countries may realize and consider its benefits.
Brian said, “‘To have the leader of the country with the largest GDP in the world to come out and say he wants to be the first president of crypto is incredible.'
Polymarket offers a 35% chance of a Bitcoin reserve
Crypto investors hope that Trump will establish a national bitcoin reserve after announcing such plans in July 2024. However, within the first 100 days of Trump's presidency, the possibility of establishing a Strategic Bitcoin Reserve (SBR) has diminished. A top 55% Polymarket now estimates that there is a 35% chance that Trump will launch an SBR within this timeframe.
Also Read: Just in: MicroStrategy Shareholders Approve Share Raise for $42B Bitcoin Strategy
Bitcoin prices fell after Trump didn't mention crypto during his inauguration speech on Monday, but Coinbase CEO Brian Armstrong said the Bitcoin Reserve project is still a work in progress.
A pro-crypto regulatory shift could accelerate the adoption of Bitcoin and other cryptos. The release of SEC Chairman Gary Gensler is seen as a victory for the crypto industry, which has clashed with strict controls. During his tenure, the SEC targeted major players like Coinbase and Binance, with crypto-related complaints accounting for 18% of all cases.
