‘As Bullish As Ever On Bitcoin’: Coinbase CEO Reveals What Investors Are Missing

With Bitcoin rallying above $65,000, Coinbase CEO Brian Armstrong expressed a massive bullish case for Bitcoin. He argued that investors are focusing too much on the short-term price movements while not acknowledging the importance of BTC’s long-term contribution to the global economy.

Coinbase CEO Stays Bullish On Bitcoin

In a post on X, Armstrong has stated that he is “as bullish as ever on Bitcoin.” He confirmed that he is “still long” on the BTC price. He also mentioned Bitcoin’s four-year market cycles, which is a trendy measure used by traders to understand boom-and-bust in the Bitcoin market, particularly around Halving events.

Sharing the chart, Armstrong noted that the crypto market sentiment can get very emotional in rallies and declines. “It’s never as good or bad as it seems,” he wrote. This suggests investors might be overreacting to the volatility during the latest BTC price fluctuations around the $60,000 level.

Later, the Coinbase chief elaborated on those remarks in a video embedded in the post. He reaffirmed Bitcoin is “the new digital gold.” He said it will grow to become a more important part of the financial system over time.

“I think it’s going to be a key part of our economy going forward into the future,” Armstrong said.

His words come amid crypto investors’ uncertainty about whether Bitcoin has formed a local bottom. The BTC price after being in a downtrend for weeks and weeks of geopolitical uncertainty. However, the situation has changed since then.

On Sunday, June 14, Pakistan PM Shehbaz Sharif announced that the U.S. and Iran have agreed to enter a peace agreement. Further, he confirmed that the deal will be signed on June 19 in Switzerland. This news pushed Bitcoin to soar above $65,000 in the beginning of the week.

Armstrong Offers BTC Price Prediction

While no one can reliably predict the market’s near-term direction, Armstrong said he feels the worst may be behind the short-term market correction.

“My instinct is we’ve probably bottomed at this point, maybe at the 60K number, but nobody can say for sure,” he said.

The Coinbase CEO also highlighted the rising number of the long-term holders in the Bitcoin market. Over the years, the percentage of investors holding a profit has moved in cycles, Armstrong added. This scenario has generally shown repeated waves of fear and optimism in the entire crypto market.

Moreover, amid the geopolitical easing, Armstrong maintained a strong long-term forecast on the BTC price. “By 2030, we’re going to have a much higher price,” he said. The Coinbase CEO further declared that he remains committed to holding Bitcoin “just like always.”

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