Coinbase CEO predicts 450% upside for Bitcoin

Billionaire Brian Armstrong is the founder and CEO of Coinbase Global (Nasdaq: COIN), the largest crypto exchange in the United States.

He was among those present at the White House meeting on Aug. 19 where President Donald Trump doubled down on his pro-crypto agenda and urged the U.S. Congress to pass a "fair version" of the CLARITY Act. The legislation aims to establish the most comprehensive regulatory framework for digital assets in the U.S.

The Treasury also made a major announcement yesterday that it is going to increase the amount of longer-term government bond buybacks at least twice. The move could inject liquidity into the market.

Following these twin announcements, the crypto market immediately began rallying.

Related: Analyst predicts 1,000% rally for Bitcoin

Armstrong praises Trump administration for 'urgency' on CLARITY Act

As Bitcoin (BTC) surpassed the price mark of $72,000 for the first time after more than 2.5 months on Aug. 20, Armstrong appeared for an interview with Stuart Varney on Fox Business.

When Varney asked Armstrong if Bitcoin was rallying due to anticipation around the passage of the CLARITY Act, the Coinbase CEO didn't disagree. He talked about the upcoming Senate vote on Sep. 15 and said the bipartisan compromise on the legislation makes him hopeful for more than 60 votes in favor of the bill.