Coinbase Global Chief Executive Brian Armstrong said he believes Bitcoin has already found the low for the current cycle and will likely begin an upward trend as the market approaches the next halving.
Speaking to Bloomberg Television in Singapore on Thursday, Armstrong framed his view around the notion that "Bitcoin goes through these four-year cycles." He added, "I personally think we’ve seen the bottom of the Bitcoin price in this cycle, and it’s going to start to trend up over the coming year or two as we reach the next halving event."
On policy, Armstrong said regulatory clarity for the crypto industry "has been getting a lot better." He pointed to legislation known as the Clarity Act and said it is "right on the finish line" in the Senate. He described the passage of that bill as "a big milestone for crypto" if it clears Congress.
At the same time, Armstrong noted that U.S. regulators have signaled readiness to act even if the bill does not pass. "If it doesn’t pass, the regulators in the U.S., the SEC and the CFTC, have come out and said they’re ready to publish clear rules anyway. So we’ll either get it from the Senate or from the regulators I think in the next week or two," he said.
Market conditions at the time of his comments reflected short-term pressures. Bitcoin traded down to $78,033.6 by 03:52 ET (07:52 GMT) on Thursday, with the cryptocurrency feeling the impact of an escalating U.S.-Iran conflict and higher Treasury yields, both of which the comments identified as weighing on demand for risk assets. Broader cryptocurrency prices also moved lower during that period.
Armstrong reiterated Coinbase’s interest in expanding tokenization products in the U.S., saying he hopes to bring tokenized equities to the market "soon." He listed the trends for which he holds the highest conviction through 2027: stablecoin payments, tokenization of equities, prediction markets, and what he called agentic finance.
Turning to state fiscal policy, Armstrong criticized a proposed wealth tax in California. He said the measure "would be a bad thing for California," noting that many technology founders he knows are already planning to leave the state or have already departed. "I think it could create a major budget deficit," he said, and added, "I personally just believe that it’s un-American and unethical to try to seize people’s assets."
The comments combined market outlook, regulatory expectations, and public policy concerns from the perspective of the executive leading a major U.S.-listed cryptocurrency exchange. They highlighted potential near-term sources of market pressure while outlining product and market trends Coinbase is prioritizing going forward.
Market snapshot included in the interview: BTC/USD -1.9%; COIN -2.36%; TNX +0.65%.