Coinbase (COIN) CEO Brian Armstrong believes in bitcoin it may have bottomed near $60,000.
“My gut feeling is that we’ve probably hit bottom at this point, maybe around sixty thousand, but no one can say for sure,” Armstrong said in a video posted to X on Monday. He added that he maintains a long position in bitcoin and expects prices to be significantly higher by 2030.
“I think bitcoin is the new digital gold,” he said.
Bitcoin traded above $66,000 on Monday, up almost 3% in 24 hours, after the United States and Iran reached a deal to reopen the Strait of Hormuz. The token hit a low near $59,743 on June 5, its weakest level since October 2024, before recovering.
Armstrong pointed to bitcoin’s four-year halving cycle, which has historically alternated between bull and bear markets at roughly regular intervals, as a framework for reading the current decline. Bitcoin is now about 50% below its October 2025 all-time high, near $126,000.
The Coinbase boss also said last week that the decline in bitcoin’s price was masking the broader health of the cryptocurrency market. “Derivatives, stablecoin and prediction markets are all up,” he wrote on X on June 5. “It will take some time for this to sink in.”
