Coinbase CEO Stands By $1M Bitcoin Prediction Despite Current Market Crash

However, the executive recently said Coinbase can no longer support the U.S. Senate's crypto market structure bill as currently drafted.

After reviewing the Senate Banking Committee draft over the past 48 hours, Armstrong concluded the bill would be "materially worse than the status quo."

While acknowledging the bipartisan effort behind the legislation, he said Coinbase would rather see no bill passed than support a framework he believes would damage innovation and competition in the U.S. crypto sector.

Why It Matters: Supply Argument

Armstrong's comments drew varied reactions across social media, with some crypto commentators interpreting his remarks as a bullish signal amid the current market downturn.

The prediction centers on Bitcoin's scarcity — its protocol caps total supply at 21 million coins, a feature proponents argue will drive prices higher as demand increases.

The remarks underscore Bitcoin's growing prominence in global financial discussions, even as regulatory uncertainty persists in Washington.

Alexey Bondarev is the Head of Content at Yellow.com, having reported on crypto for the last 10 years. He specializes in in-depth Research and Learn pieces, with a focus on analytical reporting, industry context, and the bigger forces shaping crypto, from the AI era and security technologies to fintech innovation. He believes that everything digital will imminently overcome everything analogue and is working hard to make that come true.