According to Brian Armstrong, CEO of Coinbase, the price of Bitcoin (BTC) could rise to several million dollars in the future. Armstrong believes that the inclusion of BTC in strategic reserves by more and more countries could be the key to an explosive price rise. He shared this vision during a conversation on CNBC’s Squawk Box program.
In addition to the adoption of BTC as a national reserve, Armstrong also highlights the strong interest of institutional investors in the world’s largest cryptocurrency. This is evident, among other things, from the success of various spot Exchange Traded Funds (ETFs) for Bitcoin and Ethereum (ETH). In addition, he expects the policy towards cryptocurrency to become more friendly, partly because Donald Trump has been elected president again.
Many countries are showing interest in a Bitcoin reserve strategy
Armstrong believes that if the United States were to move to a BTC reserve strategy, many other countries would follow suit. America’s adoption of Bitcoin would not only establish the largest cryptocurrency as a valid investment, but could also make it highly profitable due to the explosive price increases that come with it. According to the Coinbase CEO, he expects many countries within the G20 to join this initiative:
“If the United States were to go down this path (a Bitcoin reserve strategy), the rest of the G20 would likely follow suit. I have discussed the idea of a strategic Bitcoin reserve with a number of finance ministers in Switzerland from different countries. They are becoming more and more interested in it now because America is looking into it.”
— Brian Armstrong, speaking to CNBC
Bitcoin price to $1 million and beyond
Armstrong states that the implementation of a Bitcoin reserve strategy by countries such as the United States could be one of the factors pushing BTC’s price towards $1 million. Such a price would represent an increase of more than 850% from the current price of approximately $105,000, with a market capitalization of approximately $19.2 trillion.
According to Armstrong, the price could rise even further, into the multi-million dollar range. However, he emphasizes that such price increases take time, and predicts that this scenario could play out over a period of 10 years.
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Source: https://newsbit.nl/btc-naar-1-miljoen-brian-armstrong-ziet-landen-bitcoin-opnemen-in-reserves/
