Brian Armstrong, CEO of Coinbase, stated that the bitcoin market has reached its bottom. He reaffirmed his previous forecast that the price of the asset could reach $400,000 by 2030, citing the historical four-year cycle of the cryptocurrency market as a basis for his outlook.
During an interview on CNBC, Armstrong expressed confidence that the Clarity Act will pass in the Senate next week. The legislation aims to establish a regulatory framework for digital assets, specifically distinguishing between securities, commodities, and stablecoins to provide clarity for the industry.
The executive noted that regulatory progress could unlock significant institutional capital. He pointed to the passage of the Genius Act for stablecoins last year, which led to over 150 large companies integrating stablecoins within three months, as a precedent for the potential impact of the new bill.
Bitcoin recently traded near $77,318, following an all-time high of $126,080 recorded in October. The asset experienced a period of sluggish performance in June and July, but saw a growth of over 20% during a 30-day period in August, supported by favorable regulatory developments.
