Morning Update: Coinbase CEO Advocates for Bitcoin to Reach $1 Million

Morning Minute is a daily newsletter authored by Tyler Warner. The insights and viewpoints expressed are his own and may not represent those of Decrypt. Subscribe to the Morning Minute on Substack.

GM!

Here are the main stories for today:

• Major cryptocurrencies are mostly declining as we approach Jackson Hole; BTC down 1% at $112,300
• MetaMask unveils new stablecoin mUSD, launching on ETH + Linea
• Plasma’s XPL launches at $0.45 on Hyperliquid pre-market, a 9x increase since July presale
• XCOPY artwork ‘Death Wannabe’ sells for $475,000
• Kanye’s token YZY decreases another 37% to $0.69

💰 Brian Armstrong Joins the $1M Bitcoin Club

Coinbase CEO Brian Armstrong has shared his ambitious goal:

Bitcoin may reach $1,000,000 by 2030.

📌 What Happened

In a discussion on the Cheeky Pint podcast, Armstrong presented his bold prediction for Bitcoin’s trajectory, anticipating a $1M valuation within the next five years.

His reasoning is based on three key factors:

• Increased regulatory clarity, with the U.S. setting a standard for other G20 nations.
• Growing institutional adoption through ETFs, treasuries, and increased bank involvement in cryptocurrency.
• Potential government reserves, including the concept of a U.S. Strategic Bitcoin Reserve.

He joins a list of prominent Bitcoin advocates: Jack Dorsey has also stated BTC could hit $1M, and Cathie Wood forecasts it may reach as high as $3.8M by 2030.

Furthermore, Michael Saylor has made even more ambitious predictions, suggesting values could exceed $40M by 2040.

🧠 Why It Matters

While anyone can make bold predictions, not all carry the same significance.

Brian Armstrong’s opinion is particularly impactful, given his position as CEO of the largest U.S. cryptocurrency exchange and his involvement in regulatory discussions.

Ambitious targets like $1M influence:

• Market psychology: Significant figures like $1M contribute to long-term narratives and bolstered investor confidence, even amidst short-term fluctuations.
• Institutional FOMO: With the rise of ETFs and corporate treasuries accumulating Bitcoin, foundational support for Armstrong’s thesis is already forming.
• Strategic framing: The concept of a U.S. “Bitcoin reserve” might seem extreme, but in a competitive financial landscape, it’s plausible.

Such targets can aid newcomers purchasing over $100,000 to foresee significant returns (helping with unit bias).

$1M is a popular figure, and memes often play a role in shaping reality in crypto.

The recent trend saw early Bitcoin investors “selling to the bankers,” which is now happening.

Thus, if $1M BTC is popularly discussed enough, it might just materialize…

🌎 Macro Crypto and Memes

A selection of notable Crypto and Web3 headlines:

• Crypto majors experienced declines ahead of Powell’s remarks at Jackson Hole; BTC down 1% at $112,300, ETH steady at $4,285, XRP down 3% at $2.80, SOL down 2% at $180
• ZEC (+11%), OKB (+7%), and MORPHO (+4%) were the top gainers
• The ETH ETFs recorded their first day of net inflows ($287.6M) following four consecutive negative sessions
• MetaMask introduced its stablecoin mUSD, set to launch on ETH and Linea soon
• A dormant Bitcoin whale transferred 670 BTC (~$75M) to establish leveraged long positions on Ethereum
• The OCC repealed its consent order on Anchorage Digital after the bank achieved AML compliance, restoring its status as the only federally chartered crypto bank in the U.S.
• The EU is deliberating the abandonment of its CBDC plans in favor of a stablecoin
• Singapore’s DBS Bank launched Ethereum-tokenized structured notes, allowing institutional investors blockchain access to crypto-linked products
• Gemini obtained a MiCA license in Malta, allowing compliant expansion into over 30 European countries under EU crypto regulations

In Corporate Treasuries

In Memes

• Memecoin leaders are mostly performing positively today; DOGE +2%, Shiba +1%, PEPE +3%, PENGU +4%, BONK +2%, TRUMP -2%, SPX -4%, and FARTCOIN -3%
• YZY dropped an additional 37% today to $0.69 with an $89M market cap
• SPARK (+80%), TROLL (+20%), and BITTY (+165%) were notable SOL meme movers

💰 Token, Airdrop & Protocol Tracker

A quick overview of significant token, protocol, and airdrop updates from the day:

• Plasma’s XPL token launched for pre-market perps trading on Hyperliquid, debuting with a $4.65B FDV
• Coinbase added Trump-supported USD1 stablecoin by World Liberty Financial to its listing pipeline, broadening its stablecoin offerings

🤖 AI x Crypto

Coverage of headlines in the AI segment of cryptocurrency:

• Overall market cap dropped 4% to $11.8B, with most leaders declining
• FARTCOIN (-4%), VIRTUAL (-4%), TIBBIR (+4%), ai16z (-3%) & VVV (-7%)
• fxn (+24%), Simmi (+22%), and IRIS (+15%) were top gainers

🚚 What is happening in NFTs?

Here are additional noteworthy headlines from the day in NFTs:

• ETH NFT leaders showed mixed results; Punks increased by 4% to 48.3 ETH, Pudgy decreased by 1% to 12.44, BAYC decreased by 2% to 11.4 ETH
• Reflections (+19%) and Meebits (+10%) were notable gainers
• Bitcoin NFTs were generally declining or steady, with no significant movers
• Abstract NFTs generally saw increases, led by Final Bosu (+27%) and OCH Heroes (+15%)
• XCOPY’s edition of 10 ‘Death Wannabe’ was sold for $475,000 (four editions still exist)
• The anticipated new mint Cerebro trades below the 0.08 ETH mint price following its debut