In his opinion, the weak reaction of the crypto market to the interest rate cut by the US Federal Reserve (FRS) was expected.
Previously, it was believed that lower interest rates positively correlated with the growth of risky assets, but now bitcoin is increasingly perceived as a tool to preserve value in conditions of financial uncertainty.
He stressed that his forecast is based not on current dynamics, but on long-term trends. In particular, Armstrong highlighted several main arguments in favor of the growth of quotations of the first cryptocurrency to $ 1 million.:
• The regulatory framework in the USA. The discussion and implementation of new rules of the market structure of the crypto industry may be a turning point.
• Country participation. The creation of a bitcoin crypto reserve in the United States will be a key catalyst for demand for the asset. The United States will be followed by other states from the G20.
According to the head of Coinbase, many large funds have not yet joined the race for bitcoin. This means that the first cryptocurrency has a huge potential for further growth, despite short-term price fluctuations.
Earlier, the co-founder of the BitMEX crypto exchange, Arthur Hayes, said that bitcoin will be able to switch to the "only up" mode after the treasury's operating account at the Federal Reserve Bank of New York reaches $850 billion.