Coinbase CEO Brian Armstrong is standing by his projection that Bitcoin could reach $400,000 by 2030, though he emphasized that the figure remains a hypothetical scenario.

Armstrong, who leads the largest U.S.-based cryptocurrency exchange, repeated the view during a September 19 interview with MoneyRehabPodcast, linking the target to Bitcoin's historical four-year market cycles. He stressed that the estimate depends on Bitcoin repeating patterns observed in earlier cycles. His comments came as U.S. spot Bitcoin ETFs recorded $2.4 billion in weekly inflows through September 25, lifting their combined net assets to about $108.4 billion.

Armstrong Explains the $400,000 Target

Armstrong said Bitcoin's cycles relate partly to its supply schedule. New Bitcoin issuance is cut roughly in half every four years, and according to Armstrong, those periods have historically included price runs around the halving events. The cuts follow a schedule hard-coded into Bitcoin's protocol, with the next one expected around 2028.

They have also featured contractions that often lasted about a year, he noted. Bitcoin recently spent roughly a year in a contraction, Armstrong, referencing a dip near $63,000 before the asset began rising again.

Even so, he cautioned that past performance cannot predict future prices and warned against claims of perfect certainty about Bitcoin's future.

Bitcoin Could Reach Three Times Its Prior High

Armstrong's $400,000 figure is derived from a hypothetical repeat of earlier market behavior. He said Bitcoin could reach three times its previous all-time high by 2030, describing that outcome as one possible path rather than a guaranteed result.

Meanwhile Coinbase has been expanding its Bitcoin-backed lending products, building out credit offerings alongside its core exchange business. Its fixed-rate USDC loans use Bitcoin as collateral and set borrowing costs upfront. The product works with Morpho Midnight, a decentralized lending protocol introduced in July, and loans settle through Base, Coinbase's Ethereum-based layer-2 network. Coinbase also offers Morpho Blue, which uses variable borrowing rates; its lending market held more than $1.4 billion in active loans and nearly $3 billion in collateral.

ETF Flows Add to Bitcoin Market Activity

Separately, U.S. spot Bitcoin ETFs recorded $2.4 billion in net inflows during the week ended September 25. The 12 ETFs tracked by SoSoValue collected $999 million on Monday, their strongest daily inflow since October 6, 2025. Spot ETFs hold Bitcoin directly and trade on stock exchanges, allowing investors to gain exposure to the asset through standard brokerage accounts.

The weekly inflows pushed 2026 net flows to about $934.1 million. Since their launch in January 2024, the funds have recorded roughly $57.6 billion in cumulative net inflows, with combined net assets reaching about $108.4 billion as of Friday. Weekly flow reports from trackers such as SoSoValue give the market a regularly updated read on demand through the ETF channel.