Brian Armstrong, CEO of Coinbase, has confirmed that the company regularly buys Bitcoin, highlighting his confidence in the cryptocurrency. Coinbase's shares reached record highs against the backdrop of heightened interest in the crypto industry.
Brian Armstrong's Bitcoin Purchases
On the platform X (formerly Twitter), Brian Armstrong publicly declared that Coinbase purchases Bitcoin weekly, reaffirming his bullish stance on the largest cryptocurrency. This could indicate his belief in Bitcoin as a long-term store of value, given that he has previously suggested the possibility of Bitcoin's price reaching millions of dollars.
Record Shares of Coinbase
Coinbase Global Inc. shares hit a record high of $375.07, up 5.5% in a single day. The previous record was $357.39 in November 2021, shortly after the company went public. Since the fall in late 2022, Coinbase shares have surged over 1000%, thanks to the upward trend in the crypto industry and increasing support from major financial players.
Regulatory Changes in the U.S.
The resurgence in interest for Coinbase coincides with growing regulatory clarity and political support for digital assets in the United States. Anticipated legislative initiatives regarding stablecoins and signals from the Securities and Exchange Commission (SEC) are fostering confidence in the sector. U.S. lawmakers have become more open to crypto innovations, positively impacting Coinbase's operations.
In summary, Brian Armstrong's active Bitcoin purchases and Coinbase's record stock performance reflect a growing interest in cryptocurrencies, which is also related to an improving regulatory environment in the U.S.
