Armstrong pointed to two new U.S. laws — the GENIUS Act, regulating stablecoins, and the CLARITY Act, creating a broader legal framework for digital assets. He believes their passage later this year would be a milestone. He also highlighted the creation of a strategic Bitcoin reserve, noting that five years ago the idea of the U.S. government officially holding Bitcoin would have been unthinkable.

Eric Trump, son of the U.S. president, also backed the $1M Bitcoin target. Speaking at a blockchain conference in Wyoming on August 19, he called himself a “Bitcoin maximalist.” Trump said he now spends half of his time on crypto ventures. He co-founded World Liberty Financial and American Bitcoin, a mining company. In the past, he has urged investors to buy Bitcoin during dips and also recommended Ethereum.

Other well-known figures have made similar predictions. Ark Invest CEO Cathie Wood has said Bitcoin could hit $1.5M by 2030 in a bullish scenario. Former BitMEX CEO Arthur Hayes argued earlier this year that Bitcoin could easily move into six figures under Trump’s policies. Blockstream co-founder Adam Back described Bitcoin’s current price as “too low,” saying it could rise to $500,000 or even $1M in this cycle.

Not everyone is convinced. James McKay of McKay Research urged caution, suggesting Bitcoin needs to hold $124,000 first. Still, he admitted Armstrong’s outlook isn’t unrealistic, especially since Standard Chartered projects Bitcoin could reach $500,000 by 2028.

As of now, Bitcoin is trading at $113,094, down 0.4% in the last 24 hours 

Binance BTC/USD Chart
Binance BTC/USD Hourly Chart. Source: TradingView

Just a day earlier, Bitwise’s André Dragos said adding crypto to U.S. pension plans could push Bitcoin to $200,000 by year-end. Bernstein, however, expects that milestone only by 2027.

Milestones and markers

  • Holds prior breakout zones (high-$100ks) after corrections.

  • Sustained positive ETF net inflows after major macro events.

  • First wave of retirement plan allocations disclosed in filings.

  • Miner balance sheets stabilize post-halving; hash rate trends up without capitulation spikes.

  • Clear passage/implementation of U.S. crypto legislation (stablecoins + a general regime), not just proposals.