coinbase (NASDAQ:COIN) CEO Brian Armstrong took X to shout BitcoinThe world’s most popular cryptocurrency said it was “up and still long on Bitcoin as always.”
Bitcoin appears to have reached a bottom, hovering below $60,000 at times but currently approaching $67,000. Speculation is that the newly announced deal with Iran helps Bitcoin capture a bid. Broader markets are also higher, and with the growing importance of crypto ETFs, money is flowing back into these exchange-traded products.
Since Bitcoin is a highly speculative asset and things tend to change quickly, the upcoming Fed meeting could have an impact and investors could hit the pause button at any time. What is really needed is more corporate participation.
Armstrong sees Bitcoin as “digital gold” and an important part of the economy going forward. He predicts a bottom and predicts a much higher price by 2030.
Since Coinbase is closely tied to Bitcoin, a rise in BTC tends to push Coinbase’s shares even higher.
If the CLARITY Act becomes law, it could also increase interest in Coinbase, as the company is seen as a leader in creating the legislation.
