Coinbase CEO Predicts Bitcoin Will Reach ‘Millions’ and Push for Bitcoin Reserves to Influence G20
Following Trump’s return to the White House, many cryptocurrency influencers are optimistic about potential regulatory changes and growth within the cryptocurrency market. In an interview with CNBC, Coinbase CEO Brian Armstrong said Bitcoin’s value will soar into the “hundreds of millions.” He also proposed that the United States establish a strategic Bitcoin reserve, something he believes other G20 countries could follow.
Coinbase Predicts BTC Price to Hit ‘Millions’
While cryptocurrency leaders at the Davos panel were optimistic about the Trump presidency, South Africa’s central bank chief dismissed Bitcoin as a viable reserve asset and blamed US lobbying. Meanwhile, Coinbase CEO Brian Armstrong saw potential for increased market investment during Trump’s term.
He also noted that new legislation in Congress could lead to significant investments in cryptocurrencies, according to a Reuters report. The Coinbase CEO also emphasized that the recent record high in Bitcoin value was largely due to Donald Trump’s inauguration. He argued that Bitcoin could potentially become a modern gold standard.
He said, “Bitcoin is a better form of money than gold… “It is important for governments to hold Bitcoin over time as a store of value.”
He also believes that under President Trump’s leadership, the price of BTC could reach ‘multi-millions’ because the cryptocurrency president understands the core value of blockchain. He also proposed a strategic Bitcoin reserve for the United States, claiming it would strongly promote the cryptocurrency at an institutional level.
Armstrong believes that establishing such a reserve would encourage other major economies, particularly G20 countries, to explore similar options. His reasoning is that if a leading global economy like the United States supports Bitcoin, other countries will recognize and consider its benefits.
“It’s undeniable that the leader of the world’s largest GDP country is saying he wants to be the first cryptocurrency president,” Brian said.
Polymarket offers 35% chance of Bitcoin reserves
Cryptocurrency investors are expecting Trump to set up a national Bitcoin reserve after announcing such a plan in July 2024. However, the likelihood of a Strategic Bitcoin Reserve (SBR) being established within 100 days of President Trump’s inauguration has decreased compared to 2020. Up to 55%. Polymarket currently estimates that the probability that President Trump will initiate SBR during this period is 35%.
Also Read: Just In: MicroStrategy Shareholders Approved Share Increase for $42 Billion Bitcoin Strategy.
The price of Bitcoin fell on Monday after President Trump failed to mention the cryptocurrency in his inauguration speech, but Coinbase CEO Brian Armstrong said the Bitcoin reserve project is still underway.
Regulatory changes in favor of cryptocurrencies could accelerate the adoption of Bitcoin and other cryptocurrencies. SEC Chairman Gary Gensler’s resignation is seen as a victory for the cryptocurrency industry, which has clashed with his strict oversight. During his tenure, the SEC targeted major companies such as Coinbase and Binance, with cryptocurrency-related complaints accounting for 18% of all cases.