After Trump’s return to the White House, numerous crypto influencers are bullish about potential regulatory changes and growth within the crypto market. In an interview with CNBC, Brian Armstrong, CEO of Coinbase, has stated that Bitcoin’s value is set to soar into the “multiple millions.” He also proposed the establishment of a strategic Bitcoin reserve by the United States, a move he believes could lead other G20 nations to follow suit.
Coinbase Predicts BTC Price to Record ‘Multiple Millions’
At a Davos panel, while crypto leaders were upbeat about Trump’s presidency, South Africa’s central bank chief criticized their U.S. lobbying, dismissing Bitcoin as a viable reserve asset. Meanwhile, Coinbase CEO Brian Armstrong saw potential for increased market investment during Trump’s term.
He further mentioned, according to a Reuters report, that new legislation in Congress could lead to significant investments in cryptocurrencies. The Coinbase CEO also emphasized that the recent all-time high in Bitcoin’s value was largely due to Donald Trump’s inauguration. He argued that Bitcoin could potentially serve as a modern gold standard.
He said, “Bitcoin is a better form of money than gold… For a store-of-value, it’s important governments hold bitcoin over time.”
Additionally, he believes that BTC price could reach ‘multiple million’ under Trump’s leadership as the crypto president understands core value of blockchain. He also suggested a U.S. strategic Bitcoin reserve, arguing that it would strongly promote cryptocurrencies at an institutional level.
Armstrong believes that creating such a reserve would encourage other major economies, particularly those in the G20, to explore similar options. His reasoning is that when a leading global economy like the U.S. supports Bitcoin, other nations will likely recognize and consider its benefits.
Brian said, “‘To have a leader of the largest GDP country in the world come out undeniably and say that he wants to be the first crypto president.”
Polymarket Gives 35% Chance of Bitcoin Reserve
Crypto investors are hopeful that Trump will set up a national bitcoin reserve, following his announcement of such plans in July 2024. However, the likelihood that a Strategic Bitcoin Reserve (SBR) will be established within the first 100 days of Trump’s presidency has decreased from a high of 55%. Polymarket now estimates there is a 35% chance that Trump will initiate an SBR during this period.
Bitcoin’s price dropped on Monday when Trump didn’t mention crypto in his inauguration speech, but Coinbase CEO Brian Armstrong stated that the bitcoin reserve project is still on track.
A pro-crypto regulatory shift could speed up the adoption of Bitcoin and other cryptos. SEC Chair Gary Gensler’s departure is seen as a victory for the crypto industry, which had clashed with his strict oversight. During his tenure, the SEC targeted major players like Coinbase and Binance, with crypto-related complaints making up 18% of its total cases.
