There is never a shortage of Bitcoin price prognosticators. The world’s most popular crypto is highly volatile, if anything. Its capped issuance leads some to point to its inflation-fighting credibility. If demand increases while supply stays steady, prices must rise.
Yesterday, Brian Armstrong, Coinbase (NASDAQ:COIN) CEO, threw his hat into the prediction ring, foreseeing a price of $400,000 for Bitcoin by 2023. Armstrong says this is a “reasonable target.”
Part of his bullish forecast is his anticipation that the CLARITY Act will become law before the end of the year. The Senate is scheduled to vote on it next week.
Speaking with CNBC on Squawk Box Asia, Armstrong said Bitcoin is a digital version of gold.
“We have just come across the one-year mark for a down period,” said Armstrong about the price of BTC.
“I personally believe that the bottom is in on Bitcoin and this most recent cycle. We have already seen it come up from $60k or so … the next year or two will be good for Bitcoin. We will see what happens.”
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