Brian Armstrong Says Bitcoin’s $102K Rally Signals Government Buying
By: cryptonews|2025/05/09 19:00:12
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Bitcoin has pushed past the $102,000 mark, showing renewed momentum in 2025. This latest surge, a 3.17% rise in 24 hours, is powered by growing institutional adoption, strong Bitcoin ETF inflows, and increasing legislative interest in a U.S. strategic Bitcoin reserve. Bitcoin’s market capitalization now stands at $2.04 trillion. Trading volume for Bitcoin also jumped 37.53% in the same period, to $73.13 billion. With 19.86 million BTC circulating, close to its 21 million cap, recent market activity points to heightened investor engagement and better liquidity. Coinbase CEO Brian Armstrong Foresees Multi-Million Dollar Bitcoin Following Bitcoin’s price jump, Coinbase CEO Brian Armstrong stated Bitcoin could eventually hit a multi-million-dollar valuation per coin. He cited expanding institutional demand and the success of U.S.-listed Bitcoin ETFs as key reasons. Armstrong noted ETF inflows were a primary driver of Bitcoin’s price surge in 2024, with net inflows reaching $36.2 billion, according to Farside Investors data. COINBASE CEO SAYS #BITCOIN IS GOING TO MULTIPLE MILLIONS IT’S COMING!!! pic.twitter.com/If0lewLc2f The iShares Bitcoin Trust (IBIT) leads ETF performance, attracting nearly $38 billion in inflows. Analyst Eric Balchunas reported on December 5, 2024, that IBIT reached $50 billion in assets under management (AUM) in just 277 trading days. This milestone surpassed a previous iShares fund record of 1,323 days. U.S. Strategic Bitcoin Reserve Gains Political Traction Armstrong also emphasized the potential impact of a U.S. strategic Bitcoin reserve. He believes significant institutional capital flows into the country would follow regulatory clarity and the establishment of such strategic holdings. Armstrong revealed that finance ministers from Switzerland and other nations have shown interest in similar reserves, referencing U.S. discussions on the concept. Senator Cynthia Lummis introduced the Bitcoin Act of 2024. This bill proposes a national Bitcoin reserve to strengthen the U.S. dollar and solidify America’s position in digital finance. It suggests annual government purchases of 200,000 BTC for five years, with a 20-year holding period. The bill remains under Senate review and requires passage in both Congressional chambers and presidential approval to become law. Dennis Porter, CEO of the Satoshi Action Fund, confirmed 13 U.S. states are actively developing Bitcoin reserve frameworks. In Ohio, Representative Derek Merrin proposed a bill to add Bitcoin to the state treasury. Merrin cited diversification and hedging against dollar devaluation as core motivations for this state-level initiative. Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.
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