Coinbase CEO Says Bitcoin Could Hit $400,000 by 2030

Coinbase CEO Says Bitcoin Could Hit $400,000 by 2030 — Here’s Why

• BTC-USD
• COIN

In a new interview on Sep. 10, Coinbase CEO Brian Armstrong reaffirmed his Bitcoin price target of $400,000 by 2030:

“The short answer is yes. I do think that that’s a reasonable target by 2030.”

More important than the price prediction itself are the factors Armstrong believes could help Bitcoin reach that level over the coming years.

Bitcoin could continue to rise even without CLARITY Act

According to Armstrong, Bitcoin could once again follow its roughly four-year market cycle. These cycles typically include a strong rally, a period of euphoria and then a longer correction.

The Coinbase CEO believes the current downturn may now be approaching its end:

“There’ll be a run-up, some euphoria, some euphoria, there’ll be a down period. Most of the down trades last about a year, and we’ve actually just come across the one-year mark for this down period.”

Bitcoin recently found support around the $60,000 area before recovering. Armstrong therefore believes the bottom of the latest cycle may already be in:

“And so I personally believe that the bottom is in on Bitcoin in this most recent cycle. We’ve already seen it come up from 60K or so.”

Another important factor is the CLARITY Act, which is intended to establish clearer regulatory rules for the U.S. cryptocurrency industry:

“And a lot of people will be watching this CLARITY Act, and if it fails, you know, the subsequent rulemaking that comes out after that.”

If the legislation passes, it could help unlock additional institutional capital by providing banks and asset managers with clearer regulatory guidance:

“It’s a regulatory checkbox. It’d be a big milestone, certainly, to unlock institutional capital and to bring things like tokenized equities and more to the United States, which would be very good.”

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Armstrong also connected Bitcoin’s outlook with rising government spending, debt markets and concerns about fiat currencies.

In his view, excessive government spending can push investors toward scarce assets such as Bitcoin:

“Well, they are intertwined. That’s true. I think when government spending gets a little out of control — people put money and capital flows back into Bitcoin, almost like gold. Bitcoin is a digital version of gold.”

Source: au.finance.yahoo.com