Armstrong's comments come in response to a recent report by the Financial Times that the two countries are starting preparatory work on a common currency.
The move is expected to have far-reaching implications for the industry and for the company's clients and Gemini Earn users. The parent company Digital Currency Group may also be impacted by the filing.
Despite the initial drop, Bitcoin regained some of its value, but it remains to be seen how this latest development will impact the market in the long term.