Armstrong Sticks to $400K Bitcoin Target, Sees Clarity Act Passing

Coinbase CEO Brian Armstrong says it's still 'reasonable' to expect Bitcoin (BTC) to hit $400,000 by 2030, despite its current price of around $77,000. He cited the four-year cycle that BTC follows, which includes a run-up and euphoria phase followed by a year-long downturn. Armstrong believes the current down period is nearing its end and that 'the bottom is in' for this cycle.

He also pointed to the upcoming Bitcoin halving in around 18 months, saying that we tend to see run-ups before these events. This could lead to a strong price increase in the next year or two, Armstrong suggested.

Armstrong was more confident about Washington's Clarity Act, which is set to be voted on September 15. He believes it has enough support from law enforcement groups, banks, and crypto companies to pass, although there are still some sticking points surrounding ethics rules for the president's family crypto ventures.