Brian Armstrong, the co-founder, and CEO of Coinbase, predicts that Bitcoin (BTC) could eventually be worth several million dollars. He explained that more big companies and organizations are starting to use Bitcoin. The continuous use of Bitcoin by these organizations could help make this happen.
Armstrong also said that having a Bitcoin reserve is important for money to flow into the United States. He believes Bitcoin still has a lot of growing to do. The CEO thinks it could become as important as gold and can act as a new global standard for value.
Brian Armstrong explained that Exchange-Traded Funds (ETFs) helped to attract a lot of money in 2024. This made Bitcoin’s price increase significantly.
Farside Investors shared data that shows that ETFs for Bitcoin have brought in about $36.2 billion. Armstrong said that over time, things would change. As more big businesses and investors start using Bitcoin and these ETFs, Bitcoin’s price could continue to climb.
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One of the most popular Bitcoin ETFs is the iShares Bitcoin Trust ETF (IBIT). It is the biggest ETF, and it has about $38 billion invested in it. When it launched in January 2024, many big investors showed interest. Their involvement helped to push Bitcoin’s price to a record high of $108,000.
Eric Balchunas, an ETF expert, said IBIT became one of the fastest ETFs to manage $50 billion in assets. It reached this milestone in just 277 trading days. This broke a record that was set by the iShares Core MSCI Emerging Markets ETF. This ETF took more than 1,300 days to do the same thing IBIT did.
In 2024, the U.S. Department of the Treasury even called Bitcoin “digital gold.” The department called it that because people are starting to see it as a valuable way to save money. Right now, Bitcoin’s price is above $104,000, and it recently hit a new high of $108,000. Since that high point, its price has gone up another 5%.
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The CEO of Coinbase explained that having clear laws about cryptocurrency, like creating a strategic reserve of Bitcoin, would be a huge step forward for the cryptocurrency. He pointed out that if the United States sets up such a reserve, other major countries, especially those in the G20 group, might follow its lead.
Armstrong mentioned that he has talked with finance officials from the U.S., Switzerland, and other countries. He said many officials from the other countries are interested in the idea of a Bitcoin reserve because the U.S. is exploring it. This interest has been growing globally.
In the U.S., Senator Cynthia Lummis introduced a law called the Bitcoin Act of 2024. This proposed law suggests creating a U.S. Bitcoin reserve. This reserve will help to strengthen the U.S. dollar and keep America ahead in the world of cryptocurrency. However, before it becomes a law, it needs approval from the Senate, the House of Representatives, and the President.
Lummis proposed that the U.S. government would buy about 200,000 Bitcoins every year for five years. These Bitcoins would then be held for 20 years to protect against inflation. CEO and co-founder of Satoshi Action Fund, Dennis Porter, has revealed that out of the 50 states in the U.S., about 13 were working to create Bitcoin reserves.
In Ohio, a politician named Derek Merrin explained that the U.S. dollar is losing value. He suggested that adding Bitcoin to the state’s investments would help to protect its finances. He even introduced a bill to create a Bitcoin reserve for Ohio’s treasury.
Armstrong talked about the need for U.S. government agencies to work together to create clear rules about cryptocurrency. He believes it will encourage businesses and investments to grow in the U.S.
When he was asked about recent meme coins from Trump and his family, Armstrong said it is good to stay open-minded. He thinks meme coins might eventually become very important, just like how the internet grew into something powerful.