Coinbase CEO Predicts Multimillion-Dollar Bitcoin Prices Amidst Growing Adoption

By: Eliza Bennet

The recent forecast from Coinbase CEO Brian Armstrong signals optimistic horizons for Bitcoin (Coinbase). During an appearance on CNBC’s Squawk Box, Armstrong suggested that Bitcoin could skyrocket to “multiple millions” in terms of price, as nations start implementing strategic reserves akin to the United States. He highlighted the pivotal role of institutional adoption, potential legislative approvals, and the endorsement of crypto-related ETFs by the US as significant influencers.

While discussing with finance ministers at the World Economic Forum in Davos, Armstrong noted the increased interest in Bitcoin reserves among G20 countries. He envisions Bitcoin shaping a new gold standard, anticipating a much larger crypto market landscape. Armstrong emphasized the transformative role of cryptocurrencies in enabling financial autonomy, particularly in regions wrestling with hyperinflation. Stablecoins were spotlighted for providing dollar exposure accessible solely via smartphones, yet Armstrong remarked on the limitations, pointing to Bitcoin’s potential advantages like scarcity.

Further, Armstrong declared inflation as an “insidious thing,” disproportionately affecting the most economically vulnerable. Advocating for a return to “sound money,” he posited that a move akin to using Bitcoin as a new gold standard could forestall fiat currency abuses and unchecked monetary printing globally.
Looking forward, Armstrong predicted a substantial portion of global payments would operate on crypto infrastructures within the next decade, spurred by the burgeoning stablecoin activity in the market. However, despite their simplicity in introducing people to dollars, stablecoins are not immune to inflation’s pitfalls. To counteract these risks, Armstrong urged investments in appreciating cryptos, spotlighting decentralized markets for borrowing and lending as vital to promoting economic empowerment in nations where credit access is limited.