Brian Armstrong convinced Bitcoin bottom is in

Brian Armstrong, CEO of the major US crypto platform Coinbase, is convinced that Bitcoin has reached its bottom in this market cycle and expects the largest cryptocurrency to rise further over the next two years.

“Personally, I think we have now seen the bottom of the Bitcoin price in this cycle,” he said in an interview with several US media outlets.

Halving

The CEO of crypto exchange Coinbase added that he does not expect another major slump in Bitcoin before the next halving, which is expected to take place in about two years.

Armstrong’s remarks come as Bitcoin trades around $78.000. Since the end of August, the coin has gained nearly 25% in value.

During the so-called “crypto winter”, which began last October, Bitcoin fell from a record level of $126.000 to a low of $58.000 at the end of June this year.

In recent weeks, however, the crypto market has been on the rise again. Both Bitcoin and other digital assets are currently outperforming US stock markets, which have largely moved sideways since the end of August.

Armstrong also pointed to the growth of the broader crypto sector. According to him, the volume of stablecoin payments via Coinbase has increased by 700% year on year.

Meanwhile, Coinbase’s stock is not doing so well. It has fallen by around 20% this year. Armstrong is therefore hoping for a revival of the crypto sector to boost his own company’s shares as well.