Coinbase co-founder and CEO Brian Armstrong says Bitcoin (BTC) could appreciate to a seven-figure price in a few years.
In a recorded conversation with payments firm Stripe co-founder and president John Collison, Armstrong says Bitcoin could reach a price of $1 million by 2030.
[adinserter block="1"]According to the Coinbase CEO, rising demand for Bitcoin could catalyze BTC’s explosive rally.
“The United States government now has a strategic Bitcoin reserve. If you asked me five years ago, someone would have said, ‘You’re crazy, the United States government is not going to officially hold Bitcoin.’
If they do that, which there’s now an executive order to do, a bunch of other countries are going to do that. We’ve seen a lot of interest from sovereigns. Coinbase provides crypto services to about 140 government entities – federal, state, local and internationally. Governments are now getting more and more engaged in this. You can imagine the big pools of capital around the world…
The amount of institutional money just sitting on the sidelines waiting for this next bill to land. The big institutions I talk to are holding 1% of the portfolio in Bitcoin. And I’m like, ‘What would it be to get to 5%-10%? They say regulatory clarity, that’s it. I think we’ll continue to see huge inflows of capital. The exchange-traded funds (ETFs) have been huge.”
The Coinbase CEO also says the risks that Bitcoin faces are gradually diminishing, further improving the crypto king’s bullish prospects.
“…one of the big risks is, ‘Is the government going to shut this [Bitcoin] down?’ I think that risk has been severely diminished.
And then is there going to be some flaw found in the Bitcoin protocol? I think that’s been severely combed over at this point.”
Bitcoin is trading at $113,155 at time of writing.
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