Coinbase CEO says Bitcoin price driven by inflation expectations, not mining

Coinbase CEO Brian Armstrong stated that Bitcoin’s long‑term price is determined primarily by investors’ expectations about inflation rather than mining activity or the network’s energy consumption.

He explained that hash power and energy used for mining do not directly set the price; even if miners leave, network difficulty adjusts to keep block production steady. Armstrong linked ongoing inflation concerns—especially in democracies with persistent budget deficits—to continued demand for Bitcoin, a view voiced amid US‑Iran tensions that have added volatility to the cryptocurrency market.