Key Notes

• Brian Armstrong listed a few structural factors that could propel the Bitcoin price to hit $1 million in five years.
• US regulation and growing institutional adoption top the list of those factors.
• Invariably, the Coinbase CEO sees Bitcoin scarcity as a price propeller to watch.

Brian Armstrong, the CEO of American cryptocurrency exchange Coinbase Global Inc, is quite optimistic that Bitcoin

BTC
$112 931

24h volatility:
0.1%

Market cap:
$2.25 T

Vol. 24h:
$47.89 B

price will reach $1 million within the next 5 years. He made this bold prediction during an appearance on Fox Business News. The crypto insider’s optimism stems from the current outlook and sentiments within the crypto industry.

Brian Armstrong on US Regulation and Institutional Adoption of Bitcoin

Coming from Armstrong, who is largely known for avoiding making such specific predictions, the statement sparked some reactions from the broader crypto community. He believes that the sustainability and advancement in certain current outlooks could push BTC price to the target.

He cited the availability of robust crypto regulatory frameworks in the United States, like the GENIUS Act. In his opinion, tightening such US regulations would go a long way in fueling a significant price rally for the flagship cryptocurrency. Also, there is growing institutional adoption of digital assets, especially Bitcoin.

Firms like Strategy and Metaplanet have taken Bitcoin adoption to a whole new level, consistently filling up their bags. The Michael Saylor-led firm currently holds about 639,835 BTC. With the current price of Bitcoin ($112,466.45), this stash is worth approximately $71.96 billion. Metaplanet holds up to 25,555 BTC, valued at nearly $3 billion.

Related article: Bitcoin Mining Difficulty Hits New Peak, Squeezing Miner Profits

In line with this Bitcoin adoption, Nasdaq-listed Fold Holdings announced the upcoming launch of its Bitcoin Rewards Credit Card. This is in collaboration with Stripe, which will provide the backend infrastructure, and Visa serving as the issuing network.

Bitcoin Scarcity to Push Price Rally

Beyond US regulation and growing institutional adoption, Armstrong also highlighted the fixed maximum supply of the top digital asset. All of these entities are aiming for Bitcoin’s 21 million supply, a move that will fuel scarcity, triggering a price rally.

Before now, the digital asset industry has seen some prominent names like Jack Dorsey and Cathie Wood share similar bullish views on the Bitcoin price. Right after the US Federal Reserve “third mandate” was hinted at, with an attempt at yield curve control, veteran crypto investor Arthur Hayes also predicted a Bitcoin price rally to $1 million.

At the time of this writing, Bitcoin was trading at $112,466.45, with a 0.64% decline over the last 24 hours.

Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.

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Author
Godfrey Benjamin

Benjamin Godfrey is a blockchain enthusiast and journalist who relishes writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desire to educate people about cryptocurrencies inspires his contributions to renowned blockchain media and sites.

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