Armstrong: Clarity Act to Pass, Bitcoin Bottom Reached
Coinbase CEO Brian Armstrong expressed confidence that the long-awaited Clarity Act will pass next week, providing regulatory clarity for the crypto industry. He also stated that Bitcoin's bottom is in and predicted a price target of $400,000 by 2030.
Armstrong made these comments on CNBC Thursday, highlighting the importance of the Clarity Act in unlocking new capital and bringing tokenized equities to the US market. He noted that similar legislation, such as the Genius Act for stablecoins, had a positive impact on industry growth.
The CEO emphasized that Bitcoin's current price surge is largely due to regulatory news, with the largest cryptocurrency currently up over 20% in the past month. Armstrong also mentioned that most down periods in the crypto market last around a year, and the one-year mark for this particular down period has recently been reached.