Coinbase CEO Predicts Bitcoin's Downturn Is Over

Watch on YouTube ↗  |  September 10, 2026 at 06:55  |  46:38  |  Bloomberg Markets
Speakers
Anthony Stevens — Bloomberg Market Producer
Yuting Shao — Senior Global Macro Strategist, Manulife Investment Management
Hitesh Sethia — MD & CEO, Jio Financial Services
Brian Armstrong — CEO of Coinbase
Amitabh Chaudhry — CEO, Axis Bank
Dipesh Shah — Executive Director, IFSCA
Haslinda Amin — Anchor, Bloomberg Television

Summary

Bloomberg's Insight from Mumbai covers market fallout from oil above $100 and rising yields, with Manulife's Yuting Shao turning bullish on the yen and flagging near-term oil upside. Jio Financial's CEO lays out a plan to quadruple customers to 100 million and scale lending, asset management and insurance. Coinbase CEO Brian Armstrong says Bitcoin's cycle bottom is in and highlights stablecoins, tokenized equities and prediction markets as growth drivers. The episode also examines Axis Bank's rupee worries and GIFT City's efforts to become an international financial hub.

  • Brent crude trades above $100 on Iran-US escalation, heating demand and low stockpiles.
  • Manulife strategist sees near-term oil upside risk and turns technically bullish on the yen.
  • Jio Financial Services targets 100 million customers within 12 months and highlights capital runway and partnerships.
  • Coinbase CEO Brian Armstrong says Bitcoin's downturn is over and expects an improving trend over one to two years.
  • Armstrong points to stablecoin payments, tokenized equities, prediction markets and agentic finance as key crypto growth trends.
  • Axis Bank CEO warns elevated oil prices will keep pressure on the Indian rupee.
  • GIFT City IFSCA discusses direct and dual listings and ambitions to onshore commodity and bullion trading.
Ideas
Anthony Stevens Bloomberg Market Producer 4:08
Brent oil squeezed by geopolitics, low stocks
Near-term oil prices have upside risk because China has started importing oil again and strategic reserve releases will not close the current supply-demand gap; high prices may eventually encourage a diplomatic offramp, but not immediately.
BNO HIGH
Anthony Stevens Bloomberg Market Producer 4:15
Equities vulnerable as oil rises, volatility low
Equity markets look vulnerable because volatility is very low and positioning is complacent even as oil is much higher; that dynamic is now being challenged with equities reacting to oil on the downside.
AAXJ MED
Yuting Shao Senior Global Macro Strategist, Manulife Investment Management 9:14
Watch 5% Treasury yield intervention trigger
Ten-year yields are trending higher globally, but 5% is a psychological threshold where Yuting expects more jawboning and possible intervention from authorities if yields reach that level.
10-Year Treasury Yield MED
Yuting Shao Senior Global Macro Strategist, Manulife Investment Management 9:31
Equities still offer best returns
Despite rising yields, equity markets have stayed resilient and still give the best return at this moment, especially with volatility remaining steady; thus equities remain preferred for allocating money.
VT MED
Yuting Shao Senior Global Macro Strategist, Manulife Investment Management 10:38
Bullish yen on BOJ and repatriation
Manulife has turned technically bullish on the yen due to joint intervention, a hawkish Bank of Japan shift, an expected BOJ hike next week, terminal rates moving above 2%, potential GPIF repatriation into JGBs, and further unwinding of the crowded short-yen carry trade.
FXY HIGH
Hitesh Sethia MD & CEO, Jio Financial Services 13:11
Well-capitalized Jio can quadruple customers
Jio Financial Services aims to triple or quadruple its customer base to 100 million within 12 months, is well capitalized with roughly $2.5B equity and a $10-12B lending runway, has low borrowing and acquisition costs from its Jio brand and AAA rating, and is using AI to reduce operating costs; partnerships with BlackRock, Allianz and BofA support growth in lending, asset management and insurance.
JIOFIN.NS HIGH
Brian Armstrong CEO of Coinbase 26:42
Bitcoin bottom is in; uptrend coming
Bitcoin is digital gold and has been through a normal four-year cycle; Armstrong personally believes Bitcoin has seen the bottom of this cycle and will start to trend up over the coming year or two as the next halving event approaches.
BTC HIGH
Brian Armstrong CEO of Coinbase 27:50
Coinbase benefits from stablecoin, tokenization growth
Coinbase is diversifying revenue into subscription and services and is exposed to fast-growing crypto trends: stablecoin payments projected to grow from about $300B to $3T by 2030, USDC economics where Coinbase gets over half, tokenized equities with real shareholder rights, prediction markets, and agentic finance; its 'everything exchange' vision aims for 24/7 unified global liquidity and democratized access.
COIN HIGH
Amitabh Chaudhry CEO, Axis Bank 35:14
Liquidity and credit growth support Axis Bank
Axis Bank used the RBI foreign currency swap facility to raise deposits at attractive rates, system credit growth of 16-18% should absorb the temporary liquidity quickly, and this should support NIMs and reflect positively on bank balance sheets and P&L over time.
AXISBANK.NS LOW
Amitabh Chaudhry CEO, Axis Bank 36:39
Oil keeps Indian rupee under pressure
Elevated oil prices and continued Gulf uncertainty are keeping the Indian rupee under pressure, and Axis Bank CEO Amitabh Chaudhry worries this pressure is not going to go away even after India's large RBI swap-related dollar inflows.
Indian rupee MED
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This Bloomberg Markets video, published September 10, 2026, features Anthony Stevens, Yuting Shao, Hitesh Sethia, Brian Armstrong, Amitabh Chaudhry discussing BNO, AAXJ, 10-Year Treasury Yield, VT, FXY, JIOFIN.NS, BTC, COIN, AXISBANK.NS, Indian rupee. 10 trade ideas extracted by AI with direction and confidence scoring.

Speakers: Anthony Stevens, Yuting Shao, Hitesh Sethia, Brian Armstrong, Amitabh Chaudhry  · Tickers: BNO, AAXJ, 10-Year Treasury Yield, VT, FXY, JIOFIN.NS, BTC, COIN, AXISBANK.NS, Indian rupee