Bitcoin advocates are making headlines again. Recently, Coinbase CEO Brian Armstrong joined the ranks of those predicting a big rise in Bitcoin's value. He believes the cryptocurrency could reach "multiple millions." He calls this moment “the dawn of a new day for crypto.”

In a CNBC interview, Armstrong expressed his optimism. He said, “We’ve seen incredible growth. I think it hit an all-time high yesterday, so we feel very good about that. Over time, I think we’ll see Bitcoin get into the multiple millions price range.”

If John McAfee were still around, he might have appreciated Armstrong's predictions. Unlike McAfee, Armstrong offered four solid reasons to support his forecast:

  • Institutional investors are finally buying into crypto.
  • The approval of Bitcoin spot ETFs is on the horizon.
  • Trump has promised to create a strategic Bitcoin reserve.
  • Other countries may follow the U.S. in building their own reserves.

Armstrong noted, “If the U.S. takes that path, probably the rest of the G20 would follow.” He believes Bitcoin has a long way to go. He stated, “It’s going to be the new gold standard, but crypto is much bigger than that.”

Armstrong isn’t alone in making bold predictions. Michael Saylor of MicroStrategy, which holds 461,000 Bitcoin worth over $49 billion, has even bolder ideas. He forecasted that Bitcoin could hit $13 million per coin in the next 21 years. That’s over a 12,000% increase from the current price of under $107,000. Recent political shifts in the U.S., especially Trump’s pro-crypto stance, have boosted this optimism. Saylor said, “The Republicans have shifted to way progressive, and the Democrats are drifting to the middle regarding crypto and Bitcoin.”

Both Coinbase and MicroStrategy have a lot riding on Bitcoin's success. Coinbase relies on trading activity for revenue. Meanwhile, MicroStrategy has invested heavily in Bitcoin, owning over 2% of the total supply.

Since MicroStrategy started buying Bitcoin in 2020, when it was priced below $12,000, the company's stock has surged. Its shares have become a proxy for Bitcoin exposure in traditional markets, even after spot Bitcoin ETFs were approved about a year ago.

As of now, both stocks have seen significant gains in January, with COIN up about 18% and MSTR rising by 34%.

Armstrong's optimistic forecasts come at a time of “extreme greed” among Bitcoin investors, according to an index from Alternative.me.

While it’s smart to keep an eye on market trends, it’s wise to be cautious with the words of market influencers. Unlike McAfee's infamous prediction in 2017, Armstrong avoided giving a specific timeline for his forecast. He left it open-ended, making it applicable to a wide range of future scenarios. His use of “over time” allows for various interpretations, likely keeping his position secure no matter how things unfold.