Coinbase CEO Says Bitcoin Has Bottomed
"I personally think we've seen the bottom of the Bitcoin price in this cycle," said Armstrong in a media interview.
Armstrong, who runs the Coinbase crypto exchange, added that he doesn't anticipate another downturn in Bitcoin's price until the next halving event that's expected in about two years.
The comments come with Bitcoin trading at $78,000 U.S. on Sept. 10, having gained nearly 25% since the end of August.
During the "crypto winter" that began last October, Bitcoin's price fell from an all-time high of
$126,000 U.S. to a low of $58,000 U.S. at the end of June this year.
But now, Bitcoin and other cryptocurrencies such as Ethereum (CRYPTO: $ETH) are again rallying and outpacing U.S. stocks, which have been flat since late August.
In the media interview, Armstrong pointed to growth in the crypto market beyond Bitcoin, saying stablecoin payments at Coinbase have increased 700% year-over-year.
The CEO cited projections for the stablecoin market to reach $3 trillion U.S. by 2030, and pointed to payments, tokenization, prediction markets, and agentic finance as growth areas.
COIN stock has declined 45% over the last 12 months to trade at $174.72 U.S. per share.
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