While Coinbase CEO Brian Armstrong has become the latest crypto executive to predict Bitcoin to reach $1 million by 2030, one crypto analyst warns investors should not get ahead of themselves after Bitcoin fell to $112,676 this week, retreating 9% from its all-time high.
The US is a “bellwether for the rest of the G20”
“The rough idea I have in my head is that we’ll see a million-dollar Bitcoin by 2030,” Armstrong told John Collison on the “Cheeky Pint” podcast on Wednesday.
Armstrong pointed to a few reasons to back up his Bitcoin (BTC) prediction, including clearer regulations starting to take shape in the United States, which he called a “bellwether for the rest of the G20.”
He highlighted the recently passed Genius Act for stablecoins and the market structure bill that is now “being debated” in the Senate.
“Fingers crossed something could happen by the end of this year, that would be a huge milestone,” Armstrong said.
He also cited the US Strategic Bitcoin Reserve. “If you asked me five years ago, that would have been like a vision board. Someone would have said you’re crazy, the United States government is not going to officially hold Bitcoin.”
It comes the same day Eric Trump said at the Wyoming Blockchain Symposium, “You go out a couple of years, there’s no question Bitcoin hits a million bucks.”
Crypto analyst suggests one step at a time
However, McKay Research researcher James McKay suggests Bitcoiners should not get ahead of themselves over the asset’s future price.
“Let’s try and hold 124K first guys,” McKay said in an X post on Tuesday, a week after Bitcoin hit a new all-time high of $124,128 but shed its gains in the days following.
McKay, however, said Armstrong’s prediction is “not out of left field,” considering Standard Chartered predicts $500,000 by 2028.
Factors supporting a continued Bitcoin rally include crypto treasury firm and nation-state Bitcoin buying, continued institutional interest in Bitcoin and rising demand for spot Bitcoin ETFs.
However, some near-term headwinds could include the US Federal Reserve delaying rate cuts, while longer-term risks include a potentially less crypto-friendly stance from the next US presidential administration.
Several other execs forecast $1M Bitcoin by 2030
McKay’s comments came just hours after he said, “Only time will tell whether the 4-year cycle is dead or not.”
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In February, ARK Invest CEO Cathie Wood said Bitcoin could reach $1.5 million by 2030 in her firm’s “Bull Case” forecast. Going even further back, in May 2024, Twitter co-founder Jack Dorsey forecasted that the price of a single BTC would be $1 million by 2030 and could appreciate further.
However, others warn that if the price tag comes any sooner, it may set off warning signs.
Galaxy Digital CEO Mike Novogratz says a million-dollar Bitcoin next year wouldn’t be a victory but rather a sign that the US economy is in serious trouble.
“People who cheer for the million-dollar Bitcoin price next year, I was like, Guys, it only gets there if we’re in such a shitty place domestically,” Novogratz told Natalie Brunell on the Coin Stories podcast on Wednesday.
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