Coinbase CEO Brian Armstrong has expressed the belief that Bitcoin could eventually reach a price in the multi-million dollar range. This comes as BTC peaked at a new all-time high just hours before Donald Trump returned to the Oval Office for a second term.

Armstrong attributed Bitcoin’s impressive growth to increasing institutional interest and rising national-level adoption.

Coinbase CEO’s $1 million Bitcoin vision

Speaking on CNBC’s Squawk Box, Armstrong described Trump’s presidency as the “dawn of a new day” for cryptocurrency. 

Although the first round of executive orders under Trump’s new term did not directly mention crypto, the CEO remained optimistic about Bitcoin’s long-term potential.

“I think over time we’ll see Bitcoin get into the multiple millions price range,” Armstrong predicted.

He attributed this confidence to the growing demand from institutional players. For instance, on January 21, MicroStrategy purchased 11,000 BTC worth $1.1 billion in Bitcoin. This acquisition increased the company’s total reserves to a staggering 461,000 BTC.

Armstrong also pointed to Bitcoin ETFs as a significant factor contributing to the asset’s growth. Approved in January 2024, these ETFs have attracted substantial inflows. According to data from Farside Investors, Bitcoin ETFs have seen cumulative net inflows of $38.9 billion so far.

Additionally, the ETFs recorded four consecutive days of inflows, with the daily net inflow reaching $802.6 million as of January 21. 

US Bitcoin Strategic Bitcoin Reserve: A Possibility?

Armstrong explained that Trump’s campaign promise to establish a strategic Bitcoin reserve could further accelerate the adoption of cryptocurrency on a national scale. It could also act as a catalyst for other G20 nations, which have already shown interest, to follow suit.

“Bitcoin has a long way to go. It’s going to become the new gold standard, and crypto is much bigger than that too,” noted the Coinbase CEO.

Notably, Trump has already fulfilled one of his initial promises by pardoning Silk Road founder Ross Ulbricht, effectively ending his life sentence. This move has sparked renewed hope that the President may deliver on other promises, including creating a strategic Bitcoin reserve.

“If Ross Ulbricht got the pardon, we are definitely getting the Strategic Bitcoin Reserve,” CEO of Professional Capital Management, Anthony Pompliano, said in an X post. 

Prediction platform Polymarket corroborated this sentiment, showing a 37% probability that Trump would create a Bitcoin reserve within his first 100 days in office. This was a noticeable recovery from the previous day’s low of 29%.

As these developments unfold, Bitcoin continues to soar. At the time of writing, the leading cryptocurrency was trading at $105,366. This marked a 3.0% increase over the past 24 hours.

With increasing institutional involvement, rising ETF inflows, and potential national-level initiatives, Armstrong’s multi-million-dollar Bitcoin prediction may not be far-fetched.

Thailand’s Technology Crime Suppression Division (TCSD) announced its proposal to block Polymarket, a global prediction market platform that facilitates betting on major world events using cryptocurrency.

Despite the country’s clampdown against Polymarket, it is making headway with Bitcoin ETFs (exchange-traded funds).  

Polymarket Legal Woes Reach Thailand

Local media reported that Pol. Lt. Gen. Trairong Phiwpaen, commander of the TCSD, revealed the news at a press conference on January 14. He said that the platform’s operations violate Thailand’s gambling laws and pose risks to economic and social stability. According to Pol. Lt. Gen. Trairong, the rise of Web 3.0 and cryptocurrency has complicated enforcement efforts.

“The use of cryptocurrency for transactions increases the difficulty of inspection and tracking,” he stated.

He also emphasized the need for international cooperation in monitoring and shutting down such platforms. Against this backdrop, the TCSD has set up a specialized task force to collect data and collaborate with both domestic and international agencies to tackle illegal crypto-based activities effectively.

“This action is crucial to protecting the public and preventing the misuse of cryptocurrencies in illegal activities,” Lt. Gen. Trairong added.

Polymarket’s legal issues extend far beyond Thailand. In France, the platform has faced a gambling probe, resulting in restrictions on French traders. The situation escalated further when the FBI seized electronic devices from Polymarket’s CEO as part of an investigation. Similarly, Singapore has imposed stringent limitations on the platform, reflecting the global regulatory push to oversee crypto-based betting platforms.

Adding to the mounting pressure, the US Commodity Futures Trading Commission (CFTC) subpoenaed Coinbase amid an ongoing investigation into Polymarket. These developments highlight the growing efforts by regulators worldwide to impose oversight on decentralized platforms that operate in legal gray areas.

Thailand Considers Approving Bitcoin ETFs

Despite its crackdown on Polymarket, Thailand remains a prominent player in the crypto space. According to Bloomberg, the country’s Securities and Exchange Commission (SEC) is reportedly considering allowing Thailand’s first Bitcoin ETF (exchange-traded funds).

 “Like it or not, we have to move along with more adoption of cryptocurrencies worldwide,” Bloomberg reported, citing Thailand’s SEC Secretary-General Pornanong Budsaratragoon.

She noted that the regulator is exploring ways to offer more crypto investment options while ensuring proper investor protection. Thailand’s efforts to foster innovation in digital finance also include proposals for stablecoins backed by government bonds and a sandbox for Bitcoin transactions in tourism-centric regions like Phuket.

If approved, this move could bolster Thailand’s position as a digital assets hub in the Asia-Pacific region. Specifically, it could see it compete with crypto-friendly jurisdictions like Singapore and Hong Kong. Thailand’s regulatory tightening aims to strike a balance between fostering innovation and ensuring financial stability.

US President Donald Trump pardoned Ross Ulbricht on Tuesday, ending the double life sentence handed down to the Silk Road founder. 

Ulbricht, aged 40, was convicted of creating and operating the Silk Road marketplace, where illegal goods and services were sold using Bitcoin.  generating over $200 million in transactions.

Ross Ulbricht is Finally Free After More Than a Decade of Imprisonment

This move fulfilled Trump’s campaign promise to release Ulbricht, whose case had become a landmark in the legal and crypto worlds. His arrest in 2013 marked one of the first major prosecutions involving the emerging use of cryptocurrencies for illicit activities.

The Silk Road platform operated between 2011 and 2013. It hosted over 100,000 users engaged in the sale of illegal drugs and services worth approximately $214 million. 

“I just called the mother of Ross William Ulbright to let her know that in honor of her and the Libertarian Movement, which supported me so strongly, it was my pleasure to have just signed a full and unconditional pardon of her son, Ross. He was given two life sentences, plus 40 years. Ridiculous,” said US President Donald Trump. 

The FBI dismantled the marketplace in 2013 and seized 69,370 Bitcoins, which are now valued at more than $6 billion. Last month, the Biden administration authorized the sale of these Bitcoins before leaving office.

Trump had previously announced his intention to commute Ulbricht’s sentence during a speech at the Libertarian National Convention in May. 

The Libertarian Party had long advocated for his release. They criticized the case as government overreach and used it as an example in their broader push for drug policy reform.

“Ulbricht was sentenced to two life sentences, plus 40 years, a sentence worse than the worst drug sellers on the site,” wrote Collin Rugg.

Prediction platform Polymarket had estimated a 93% chance that Trump would grant clemency to Ulbricht during the first 100 days. That prediction materialized in just two days.

There was speculation that Trump might use the confiscated BTC to establish a national Bitcoin reserve. However, those assets had already been liquidated under Biden’s administration.

A Punishment Too Harsh? 

Back in 2022, BeInCrypto sat down with Ross’s mother, Lyn Ulbricht, who gave an honest account of her son.  

Lyn mentioned that she doesn’t condone her son’s actions and thinks Ross Ulbricht deserves the punishment. However, like most of the community, she was concerned about the severity and longevity of the sentencing.

“He wants to solve problems and to help make the world a better place, which is a lot of why he loves Bitcoin, because it opens up prosperity for people who can’t get a bank account and people. That’s his idealism,” said Lyn.

Lyn told BeInCrypto that Ross already severed a decade and learned his lesson. His true intention was never to facilitate illegal trade.

Rather, he wanted a marketplace where people could interact and communicate freely. However, he failed to consider the malicious actors. 

Overall, today’s presidential pardon will allow Ross Ulbricht to regain some of his life.