Bitcoin at $400K by 2030 Still 'Reasonable Target': Coinbase CEO

In brief

• Coinbase CEO Brian Armstrong told CNBC that BTC at $400,000 by 2030 remains a "reasonable target," from below $80,000 today.
• Armstrong said he believes the current down cycle has bottomed out, having lasted about a year.
• He expects regulatory clarity within a month whether or not the Clarity Act passes on September 15.

Coinbase chief executive Brian Armstrong still expects Bitcoin to reach $400,000 by 2030, he told CNBC Squawk Box Asia on Thursday, calling it a "reasonable target" even as BTC currently trades around $77,000.

He pointed to Bitcoin's oft-cited four-year cycle, arguing that it normally follows a familiar pattern of run-up and euphoria followed by a year-long down period. "We've actually just come across the one-year mark for this down period," he said, adding that, "I personally believe that the bottom is in on Bitcoin in this most recent cycle" after its rise from around $60,000.

$81.8k$80.1k$78.5k$76.9k

24h HighHigh$79,606

24h LowLow$77,719

VolVol$1.3B

Market projectionsOdds by Myriad

Armstrong also suggested "we tend to see runups" ahead of Bitcoin halvings, with the next due in around 18 months. "I think the next year or two is going to be good for Bitcoin," he added.