Coinbase CEO Armstrong Sees Bitcoin Bottom, Expects Clarity Act to Pass

Bitcoin's bottom has been reached, according to Coinbase chief executive Brian Armstrong, who also repeated his forecast that the coin will hit $400,000 by 2030.

In a Thursday appearance on CNBC, the chief of America's biggest crypto exchange expressed confidence that the long-awaited Clarity Act would be approved next week.

Bitcoin traded sluggishly through June and July before accelerating in August, helped by positive regulatory news. The largest cryptocurrency has advanced by over 20% during a 30-day stretch.

“[$400,000] is a reasonable target by 2030, and if you follow crypto, you know it typically goes through these four-year-ish cycles: there’ll be a run-up, some euphoria, there’ll be a down period,” Armstrong said.

“Most of the down periods last about a year, and we’ve actually just come across the one-year mark for this down period, so I personally believe that the bottom is in.”

Bitcoin has recently been trading near $77,318 per coin. Its record high stands at $126,080, reached in October.

Market watchers have had their attention fixed on the long-awaited Clarity Act this year. It would establish a framework for formally dividing oversight between regulators, classifying digital assets as securities, commodities or stablecoins. Crypto firms have been asking for such rules for a long time.

Senators are scheduled to hold a vote on the bill next week, after it was delayed in August.

U.S. President Trump helped spark a surge in bitcoin's price when he hosted crypto executives and traditional finance heavyweights at the White House and pressed lawmakers to move the bill forward.

Armstrong said Thursday he was sure the bill would make it through and would in turn unlock new capital.

“We saw with the Genius Act that passed last year for stablecoins: in the wake of that legislation passing, we saw well over 150 large companies integrate stablecoins within just a three-month period,” he said.

“And I think something similar could happen with the Clarity Act passing — it’s a regulatory checkbox, it’d be a big milestone certainly to unlock institutional capital and to bring things like tokenized equities and perks to the United States, which would be very good.”