Coinbase CEO Brian Armstrong has expressed the belief that Bitcoin could eventually reach a price in the multi-million dollar range. This comes as BTC peaked at a new all-time high just hours before Donald Trump returned to the Oval Office for a second term.
Armstrong attributed Bitcoin’s impressive growth to increasing institutional interest and rising national-level adoption.
Coinbase CEO’s Multi-Million Dollar Bitcoin Vision
Speaking on CNBC’s Squawk Box, Armstrong described Trump’s presidency as the “dawn of a new day” for cryptocurrency.
Although the first round of executive orders under Trump’s new term did not directly mention crypto, the CEO remained optimistic about Bitcoin’s long-term potential.
“I think over time we’ll see Bitcoin get into the multiple millions price range,” Armstrong predicted.
He attributed this confidence to the growing demand from institutional players. For instance, on January 21, MicroStrategy purchased 11,000 BTC worth $1.1 billion in Bitcoin. This acquisition increased the company’s total reserves to a staggering 461,000 BTC.
Armstrong also pointed to Bitcoin ETFs as a significant factor contributing to the asset’s growth. Approved in January 2024, these ETFs have attracted substantial inflows. According to data from Farside Investors, Bitcoin ETFs have seen cumulative net inflows of $38.9 billion so far.
Additionally, the ETFs recorded four consecutive days of inflows, with the daily net inflow reaching $802.6 million as of January 21.
US Bitcoin Strategic Bitcoin Reserve: A Possibility?
Armstrong explained that Trump’s campaign promise to establish a strategic Bitcoin reserve could further accelerate the adoption of cryptocurrency on a national scale. It could also act as a catalyst for other G20 nations, which have already shown interest, to follow suit.
“Bitcoin has a long way to go. It’s going to become the new gold standard, and crypto is much bigger than that too,” noted the Coinbase CEO.
Notably, Trump has already fulfilled one of his initial promises by pardoning Silk Road founder Ross Ulbricht, effectively ending his life sentence. This move has sparked renewed hope that the President may deliver on other promises, including creating a strategic Bitcoin reserve.
“If Ross Ulbricht got the pardon, we are definitely getting the Strategic Bitcoin Reserve,” CEO of Professional Capital Management, Anthony Pompliano, said in an X post.
Prediction platform Polymarket corroborated this sentiment, showing a 37% probability that Trump would create a Bitcoin reserve within his first 100 days in office. This was a noticeable recovery from the previous day’s low of 29%.
As these developments unfold, Bitcoin continues to soar. At the time of writing, the leading cryptocurrency was trading at $105,366. This marked a 3.0% increase over the past 24 hours.
With increasing institutional involvement, rising ETF inflows, and potential national-level initiatives, Armstrong’s multi-million-dollar Bitcoin prediction may not be far-fetched.
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