Coinbase CEO Sticks to $400K Bitcoin Target Amid Market Downturn

Brian Armstrong, CEO of Coinbase, remains optimistic about Bitcoin's future price. He told CNBC Squawk Box Asia that he still expects Bitcoin to reach $400,000 by 2030, calling it a 'reasonable' target even though the current price is around $77,000.

Armstrong pointed out that Bitcoin typically follows a four-year cycle of high and euphoria followed by a year-long downturn. He noted that this period has just ended, suggesting that the recent high from around $60,000 may have been the bottom for this cycle.

The Coinbase CEO also mentioned that his company tends to see price increases before Bitcoin halvings, which are expected to occur in about 18 months. He believes that the next year or two will be good for Bitcoin.