Coinbase (NASDAQ:COIN) CEO Brian Armstrong took to X to tout Bitcoin, the world’s most popular crypto, stating he is “bullish as ever on Bitcoin and “still long.”
Bitcoin seems to have hit a floor, hovering around $60,000 at times below, but it is now nearing $67,000. Speculation is that the just-announced deal with Iran is helping Bitcoin catch a bid. The broader markets are higher as well, and with the growing importance of crypto ETFs, money is flowing back into these exchange-traded products.
As Bitcoin is a highly speculative asset and things tend to change quickly, a forthcoming Fed meeting could have an impact, and investors could hit the pause button at any time. What is really needed is more institutional participation.
Armstrong sees Bitcoin as “digital gold” and a key part of the economy going forward. He predicts a bottom, while predicting a much higher price by 2030.
As Coinbase is tightly tied to Bitcoin, a rise in BTC tends to push Coinbase’s shares higher.
If the CLARITY Act is signed into law, it could also drive interest in Coinbase, as the company is viewed as a leader in the legislation’s creation.