Coinbase CEO Brian Armstrong still stands by a $400,000 target for Bitcoin by 2030. Bitcoin is currently trading near $77,000, meaning the largest crypto asset would need a fivefold surge over the next three-plus years to hit that price mark.
Armstrong believes the worst is in the past. “I personally believe that the bottom is in for this cycle,” he said, referencing Bitcoin’s rebound from the $60,000 level.
Coinbase itself recently weathered a down year in Bitcoin’s four-year cycle. During that downturn, the exchange cut 14% of its workforce and reported second-quarter revenue that missed expectations. Even so, Armstrong forecasts a price rally heading into the next halving event, which is roughly 18 months away.
Regulatory Stakes in Washington
Beyond price action, Armstrong’s focus turned to the regulatory front. Based on discussions with various stakeholders in Washington, he said the draft Clarity Act is poised to secure “yes” votes in the upcoming September 15 ballot.
Support for the new framework is reportedly flowing from banks, law enforcement agencies, and crypto companies. Objections previously raised by Coinbase have also been resolved. The remaining hurdle centers on ethics rules concerning the president’s family crypto ventures, with negotiations ongoing and reportedly nearing a resolution.
However, the Coinbase chief’s optimism contrasts with market sentiment. Prediction platform Myriad, operating under Decrypt’s parent company, gives just a 17% probability that the Clarity Act will be signed into law by 2026.
Adoption Track Record and Fallback Options
Armstrong pointed to the impact of last year’s Genius Act enactment, which saw more than 150 major companies integrate stablecoins within three months. He cited that milestone as a precedent that regulatory clarity directly spurs corporate entry into the industry.
If the bill ultimately fails to pass, U.S. authorities reportedly have an interim plan. The Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) are preparing to issue new rules and innovation exemptions using their existing powers.
For industry players, the wide divide between corporate lobbying and prediction market pessimism serves as a dual warning. Long-term price targets may spark optimism, but near-term industry volatility will be decided by the gavel in Congress next month.
Source: Decrypt.
Also read: What Is Bitcoin Halving?
Also read: Fractal Bitcoin Cuts Reward to 6.25 FB in First Halving - Remaining Half Bridged to Mainnet
Disclaimer: This article is for informational and educational purposes only, not financial advice. Cryptocurrency assets are highly volatile and carry significant risk. Always do your own research (DYOR) and never invest more than you can afford to lose.
