Bitcoin
Coinbase CEO Brian Armstrong continues to see a potential path for Bitcoin to reach $400,000 by 2030, arguing that the cryptocurrency’s historical four-year market cycles could support another major price expansion. Armstrong reiterated the view during a September 19 interview with MoneyRehabPodcast, while acknowledging that previous cycles cannot determine Bitcoin’s future performance with certainty.
Armstrong’s thesis centers on Bitcoin’s halving mechanism, which reduces the amount of new BTC entering circulation roughly every four years. Previous halving cycles have been followed by substantial price increases and subsequent drawdowns that can persist for close to a year. Based on that pattern, Armstrong said Bitcoin could potentially reach around three times its previous record price before 2030.
The $400,000 figure therefore depends on Bitcoin continuing to exhibit behavior broadly similar to earlier market cycles. Armstrong emphasized that historical price action does not establish what the next cycle will look like, making the target a possible outcome rather than a fixed prediction.
Coinbase itself is also expanding its Bitcoin-linked financial products. The exchange has introduced fixed-rate USDC loans backed by Bitcoin through Morpho Midnight, a decentralized lending protocol launched in July. Unlike variable-rate borrowing, the fixed-rate structure establishes the interest cost and repayment deadline when the loan begins.
The new lending product will operate alongside Coinbase’s existing Morpho Blue offering, which uses variable borrowing rates that change with liquidity and demand. The existing market currently has more than $1.4 billion in active loans backed by nearly $3 billion in collateral. Transactions for the new fixed-rate product will be settled through Base, Coinbase’s Ethereum-based layer-2 network.
Meanwhile, demand for U.S. spot Bitcoin ETFs has strengthened. Data cited from SoSoValue showed approximately $2.4 billion in net inflows for the week ending September 25, the strongest weekly intake since October 2025. The 12 Bitcoin ETFs tracked by the data provider recorded about $999 million of inflows on Monday alone, their strongest single-day result since October 6, 2025.
The renewed buying also moved the group’s 2026 net flow figure back into positive territory at roughly $934.1 million. That compares with approximately $5.8 billion in net outflows as of July 13. Since their launch in January 2024, the funds have accumulated about $57.6 billion in net inflows, while total net assets stood at approximately $108.4 billion as of Friday.
Bloomberg ETF analyst Eric Balchunas attributed the shift in flows to Treasury plans to increase purchases of longer-term Treasuries. Within the information provided, the combination of stronger ETF inflows and Coinbase’s expansion of Bitcoin-backed lending points to increased activity across both investment and credit channels tied to the asset.
Coinbase shares were trading at $198.85 on Pluang at 16:01 WIB on September 25, down 0.18% over 24 hours. The exchange had a reported market capitalization of $52.27 billion, while COIN’s 52-week trading range was between $141.09 and $387.27.
The reported Bitcoin target remains dependent on the market repeating elements of previous cycles rather than following a predetermined path. The key factors to watch next are whether ETF inflows remain positive, how demand develops for Coinbase’s fixed-rate Bitcoin-backed lending product, and whether Bitcoin’s market behavior continues to resemble the historical cycle structure underpinning Armstrong’s $400,000 scenario.
