Coinbase CEO Brian Armstrong has reaffirmed his bullish stance on Bitcoin as the cryptocurrency moves closer to a new all-time high. He confirmed that the company is actively buying Bitcoin every week, signaling long-term confidence in the digital asset.
According to Armstrong, now is the time for investors to go long on Bitcoin as it trades at $107,363, based on data from CoinGecko. With growing market momentum, Coinbase has climbed to become the tenth-largest corporate holder of Bitcoin, with current holdings valued at around $995 million.
Although Armstrong is now a vocal supporter of Bitcoin in the mainstream media, this move has changed with time. In a deleted post a decade ago, he spoke about the alternative cryptocurrencies (such as XRP and Stellar) as a distraction.
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At the time, he believed Bitcoin was far ahead of other digital assets, but that perspective changed as Coinbase expanded to support multiple cryptocurrencies.
The exchange has since expanded to include Ethereum in 2016 after it was traditionally Bitcoin-based. It started supporting ERC-20 tokens two years later and boosted its asset support in a bull market cycle.
In 12 months, Coinbase listed additional tokens to close to 100 new tokens. This growth attracted criticism among Bitcoin maximalists who claimed that the company was more focused on hype rather than content.
Armstrong’s Renewed Bitcoin Focus Reignites Market Attention
Despite criticism from purists, Coinbase stayed committed to a diverse asset lineup. Armstrong’s recent push for Bitcoin reinforces confidence at a time when market activity is heating up. The move suggests a possible rebalancing of focus toward the cryptocurrency that started it all.
The steady buying of Bitcoins by Coinbase points towards an overall confidence in it being a long-term source of holding value. The increasing status of the company among corporate possessors proves its positioning strategy toward the asset. It is a loud manifesto by Armstrong to institutional as well as retail investors to go long.
Its support among the masses might also help the Bitcoin community, which has been critical of the service’s wide support of altcoins. Armstrong is sending a new message about how the company has long been aligned with the most popular cryptocurrency, Bitcoin.
As the latter sets new records, there might be an opportunity to redefine its position.
Coinbase’s growing Bitcoin reserves and Armstrong’s public support mark a critical shift in tone. With Bitcoin nearing a historic valuation, the exchange is doubling down on its original roots.
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