Significant Prediction: Coinbase Chief Executive Anticipates Bitcoin's Price Overtaking Gold's $18 Trillion Market Cap
Bitcoin has seen a significant surge in value since the election of U.S. president Donald Trump, with optimism swirling around potential game-changers for the cryptocurrency. The price of bitcoin hit a record-breaking $100,000 per coin just before Trump's inauguration, spurred on by BlackRock's chief executive revealing that sovereign wealth funds are exploring the use of bitcoin.
In light of the ongoing dollar crisis, the CEO of major bitcoin and crypto exchange Coinbase believes that the digital currency could surpass gold's $18 trillion market cap. Brian Armstrong, Coinbase's CEO, believes that any country with gold reserves should allocate at least 11% of those reserves to bitcoin reserves and predicts that bitcoin's market cap will surpass gold within the next five to ten years.
The idea of a U.S. bitcoin strategic reserve has been floated, with former President Trump confirming his intention to establish one. Trump suggested that he wants the U.S. to be at the forefront of cryptocurrency and does not want to fall behind countries like China, which has already embraced Bitcoin.
In July 2020, then Republican candidate Donald Trump pledged to create a strategic National Bitcoin Reserve and predicted that Bitcoin could eclipse gold's market cap during an appearance at the Bitcoin 2024 conference. Armstrong supports the idea of a Bitcoin strategic reserve, claiming that it could bring economic freedom to the world at a critical moment in history. He also highlighted that the digital economy will be the new global arms race, and Bitcoin could become the new gold standard, securing and uplifting national economies.
Armstrong recently talked to CNBC and predicted that the bitcoin price would exceed "multiple millions" due to the U.S.'s bitcoin reserve causing other G20 nations to follow suit. He also emphasized that Bitcoin's potential as a reserve asset brings along the need for clear regulation and fostering innovation to integrate it into mainstream financial strategies.
In essence, there's a strong push for Bitcoin to become a reserve asset, with backing from influential figures like President Trump and Coinbase's CEO, Brian Armstrong. Regulatory frameworks are being developed to support this initiative, and industry predictions suggest that the U.S. will likely launch a Bitcoin reserve in 2025. The momentum behind the use of Bitcoin as a strategic asset is growing, with several U.S. states introducing legislation to recognize Bitcoin's value as a strategic asset.
The CEO of Coinbase, Brian Armstrong, suggested that bitcoin could surpass gold's $18 trillion market cap due to the ongoing dollar crisis, advocating for countries with gold reserves to allocate at least 11% to bitcoin reserves. Recent predictions by Armstrong to CNBC indicate that the bitcoin price could exceed "multiple millions" with the U.S.'s potential bitcoin reserve inspiring other G20 nations to follow suit.
