Coinbase CEO Says He Believes Bitcoin Has Reached Cycle Bottom

Coinbase Global (NASDAQ:COIN) Chief Executive Brian Armstrong said he believes Bitcoin has reached its low point in the current market cycle and expects the cryptocurrency to trend higher as the next halving approaches.

"Bitcoin goes through these four-year cycles. I personally think we've seen the bottom of the Bitcoin price in this cycle, and it's going to start to trend up over the coming year or two as we reach the next halving event," Armstrong said in an interview with Bloomberg Television in Singapore on Thursday.

Armstrong's comments represent his personal assessment of Bitcoin's potential direction and do not establish how the cryptocurrency will perform.

Bitcoin declined to $78,033.6 by 03:52 ET (07:52 GMT) on Thursday. The move came as the U.S.-Iran conflict escalated and Treasury yields remained elevated, while broader cryptocurrency prices also traded lower.

Armstrong Comments on U.S. Crypto Regulation

Armstrong also discussed the regulatory environment for the cryptocurrency industry, saying regulatory clarity "has been getting a lot better" and that the Clarity Act is "right on the finish line" in the Senate.

He said passage of the legislation would represent "a big milestone for crypto."