Overview

• Armstrong made the projection during a Fox Business interview and reiterated it in an X post on September 24.
• He pointed to the stablecoin-focused Genius Act becoming law and the broader Clarity Act under consideration as paving clearer rules for the market.
• He said sustained ETF-driven institutional inflows and the possibility of U.S. government Bitcoin reserves could amplify demand.
• He warned that large banks are lobbying to restrict Bitcoin and stablecoin rewards programs as Coinbase pursues a bank-replacement super app offering trading, custody, payments, savings and bitcoin-denominated rewards.
• Bitcoin traded near $112,000 as his comments circulated, and the forecast drew wide reaction across the crypto community.