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Coinbase (NASDAQ:COIN) CEO Brian Armstrong has rejected the idea that cryptocurrencies are too expensive for new entrants.
“You don’t need to buy a full Bitcoin or ETH to get started,” Armstrong said Sunday on X. “You can start buying and holding crypto with a few dollars. It’s never too late.”
Armstrong’s remarks come as Bitcoin trades over $100,000 and Ethereum near $4,000, figures that are likely to intimidate potential investors. For investors seeking significant returns, it may also feel like the train has left the station. This sentiment is often cited as a reason some investors engage in speculative trading of assets like memecoins, which lack utility and are prone to rapid booms and busts.
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According to several cryptocurrency executives and top market watchers, however, it is still early to get into cryptocurrencies, particularly Bitcoin.
“Until Bitcoin hits $500K, it is still early,” Bitwise investment chief Matt Hougan said in a November 2024 memo. This view, which SkyBridge Capital founder Anthony Scaramucci has since shared, is based on Bitcoin’s digital gold narrative.
The idea is that if the narrative of Bitcoin as digital gold takes off, a mature Bitcoin would have half the market share of gold, which Hougan, at the time, estimated would push the asset to $500,000.
In the same vein, Gemini Space Station Inc. (NASDAQ:GEMI) co-founder Tyler Winklevoss said last month that “it’s still very much the bottom of the first inning” for Bitcoin. He said he expected Bitcoin to trade at $1 million if it disrupts gold.
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Similarly, Armstrong has recently said that Bitcoin would trade at $1 million by 2030. Reiterating this prediction in a Fox Business interview last month, he cited growing regulatory clarity in the U.S. as one of the reasons for his confidence. He also cited President Donald Trump‘s establishment of a strategic Bitcoin reserve and institutional flows from spot BTC exchange-traded funds.
“There’s a lot of positive tailwinds for Bitcoin, and there’s never going to be more than 21 million Bitcoin ever made in the world, and lots of pools of capital still haven’t gotten access to it,” Armstrong told Fox Business. “So that tells me this thing has a long way to run.”
