Bitcoin News Today: Coinbase CEO Targets $1M Bitcoin by 2030 as Market Tests $124K Support

Coinbase CEO Brian Armstrong has reiterated a bold long-term forecast, suggesting that Bitcoin could reach $1 million by 2030. In a recent interview on the “Cheeky Pint” podcast, Armstrong cited emerging U.S. regulatory clarity as a key driver of confidence, calling the country a “bellwether for the rest of the G20.” He pointed to legislative developments such as the Genius Act for stablecoins and a market structure bill under Senate debate as potential milestones [1]. Armstrong also highlighted the concept of a U.S. Strategic Bitcoin Reserve, describing it as a visionary idea that, while once unthinkable, could become reality [1].

Despite the bullish outlook, Armstrong acknowledged that Bitcoin must first stabilize at current key levels. Shortly after his comments, crypto analyst James McKay of McKay Research posted on X, urging the market to focus on defending the $124,000 level following Bitcoin’s recent correction from its record high of $124,128. “Let’s try and hold 124K first guys,” McKay wrote, emphasizing that progress must be measured step by step [1].

McKay noted that Armstrong’s $1 million prediction is not entirely out of line with broader industry sentiment. For instance, Standard Chartered has forecasted Bitcoin at $500,000 by 2028. Factors supporting such optimism include growing institutional interest, the purchase of Bitcoin by crypto treasury firms and nation-states, and the rising demand for spot Bitcoin ETFs [1]. However, potential short-term headwinds include the U.S. Federal Reserve’s potential delay in rate cuts, while longer-term risks may stem from a future U.S. administration less favorable to crypto [1].

Armstrong’s remarks also came amid similar forecasts from other industry figures. Cathie Wood of ARK Invest, for example, has projected a $1.5 million Bitcoin by 2030 under a “Bull Case” scenario, while Twitter co-founder Jack Dorsey predicted $1 million by the same year in May 2024 [1]. However, not all analysts are bullish. Galaxy Digital CEO Mike Novogratz warned that if Bitcoin were to reach $1 million by 2025, it would signal severe economic distress in the U.S. rather than a success [1].

Bitcoin’s price has shown mixed performance in recent weeks. Over the past 30 days, it has fallen 2.42%, according to CoinMarketCap [1]. In Indonesian Rupiah, the price has fluctuated between a high of Rp1,915,328,918 and a low of Rp1,836,431,817 [2]. This volatility underscores the challenges of sustaining momentum at all-time highs, particularly as the market tests technical support levels [1].

As the largest cryptocurrency by market capitalization, Bitcoin’s performance often sets the tone for the broader crypto market. Armstrong’s comments reflect a balance between long-term optimism and near-term pragmatism, a perspective that resonates with many in the industry. While the $1 million price tag may still seem distant, the battle to hold $124,000 highlights the ongoing tug-of-war between bullish sentiment and bearish corrections [1].

Source:

[1] Cointelegraph: [https://www.tradingview.com/news/cointelegraph:181323a95094b:0-coinbase-ceo-sees-1m-bitcoin-but-let-s-hit-124k-first-analyst/](https://www.tradingview.com/news/cointelegraph:181323a95094b:0-coinbase-ceo-sees-1m-bitcoin-but-let-s-hit-124k-first-analyst/)

[2] CoinGecko: [https://www.coingecko.com/en/coins/bitcoin/idr](https://www.coingecko.com/en/coins/bitcoin/idr)