Coinbase CEO Brian Armstrong said in an Aug. 20 interview with CNBC that Bitcoin could be at the start of its next bull cycle, as the cryptocurrency trades above $72,000. He pointed to growing institutional adoption and a potential upcoming U.S. Senate vote on crypto market structure legislation as key catalysts.
Armstrong noted that the current market conditions resemble previous bull cycle starts, with increasing trading volumes and renewed interest from both retail and institutional investors. He emphasized that regulatory clarity, particularly the possible passage of a comprehensive crypto bill, could further boost market confidence.
The U.S. Senate is expected to vote on the crypto legislation in the coming days, which would establish a federal framework for digital assets. If passed, it would mark a significant milestone for the industry, potentially leading to more mainstream adoption and investment.
As of Aug. 21, Bitcoin's price remains above $72,000, reflecting a strong performance over the past month. However, analysts caution that the market remains volatile and that regulatory outcomes are uncertain.
