Despite recent fluctuations, Bitcoin (BTC), the leading cryptocurrency, remains a focal point of discussion among investors and industry leaders. Following its record high of $109,000 just days ago, Bitcoin’s bullish momentum has waned, prompting renewed interest in its future potential.
Coinbase CEO Brian Armstrong recently shared his insights on Bitcoin’s trajectory during an interview at the World Economic Forum in Davos, Switzerland.
US Strategic Reserve As Key To Bitcoin’s Future Value
Armstrong emphasized the increasing institutional adoption of Bitcoin, particularly through exchange-traded funds (ETFs) and other financial instruments.
The executive believes that if the US were to establish a national Strategic Bitcoin reserve, it could significantly bolster Bitcoin’s value. According to Armstrong, such a move would set a precedent for other G20 nations to follow, potentially pushing Bitcoin into a price range of “multiple millions.”
“I think he is excited about it. I mean, he really wants to be the first Bitcoin president,” Armstrong stated, referring to President Donald Trump. Armstrong highlighted his previous meetings with Trump, where they discussed the potential benefits of Bitcoin for the US economy and its role as a financial reserve.
Armstrong’s vision extends beyond mere speculation; he envisions a future where BTC becomes a standard reserve asset for governments worldwide. “The US has reserves in many assets—gold, oil, and various rare minerals. I believe the world is moving toward a Bitcoin standard for money,” he asserted.
Ethical Concerns Surround Trump Family’s Crypto Ventures
Trump has also launched its “official Trump coin” (TRUMP) just days before his recent inauguration. The coin, developed by CIC Digital—an affiliate of the Trump Organization—has already made headlines for its rapid rise in market capitalization.
Within 48 hours of its debut, the Trump coin reached a staggering market cap of $73 billion, surpassing Dogecoin to become the largest memecoin. However, its value has since dropped significantly, settling at approximately $7.3 billion.
Simultaneously, Melania Trump’s own token, MELANIA, launched around the same time, currently holds a market cap of $732 million. The rapid ascent of these memecoins raised eyebrows and ignited debates about the ethical implications of such ventures, especially considering the Trump family’s potential financial gain from these assets.
Gautam Chhugani, an analyst at Bernstein Digital Assets, remarked:
In our view, the launch of a memecoin by the biggest political figure in the world is a massive paradigm shift in how the US and the rest of the world approach crypto. It signifies a new regulatory era, where governments see crypto as a technology to reach out to the masses directly.
At the time of writing, the market’s leading crypto is trading at $102,380, retracing over 3% in the 24-hour time frame.
Featured image from DALL-E, chart from TradingView.com
