A video has surfaced showing Coinbase CEO Brian Armstrong rehearsing a pitch in 2012, years before the company became the largest Bitcoin exchange in the U.S.
In the recording, Armstrong lays out a simple argument: Bitcoin is a digital currency that can move money instantly anywhere in the world. But it’s hard to use. Tools were clunky, backups were tricky, and users could easily lose their funds.
Coinbase, he said, would fix that. The platform would act as a hosted wallet, letting anyone access their money from any device without worrying about security or backups.
Armstrong compares his plan to what iTunes did for music. He emphasizes the early growth: sign-ups and transactions increasing “20 % a day,” and $65,000 in Bitcoin payments were processed in just five weeks.
The pitch is short, under three minutes, and candid. Armstrong discussed fees, competition, and the potential of Bitcoin as a global payment system. It’s a glimpse at the early vision of a company few outside crypto had heard of.
Coinbase: Don’t get ‘left behind’
It’s safe to say that Armstrong’s idea was a success. More than a decade later, Coinbase is the top U.S. exchange, handling billions in Bitcoin transactions and shaping how Americans interact with digital assets.
That scrappy 2012 rehearsal captures the first hints of a company that would grow into a crypto powerhouse.
Just yesterday, Armstrong sat beside BlackRock CEO Larry Fink and said that all major U.S. banks that ignore stablecoins risk being “left behind.”
Speaking at the New York Times DealBook Summit, Armstrong said that several top banks are running pilot programs with Coinbase for stablecoins, crypto custody, and trading.
Armstrong acknowledged a split within traditional finance: some institutions’ lobbying arms resist crypto, while innovation teams explore it.
“This is the classic innovator’s dilemma,” he said, noting banks must choose between embracing or fighting new technology. On concerns about capital flowing to stablecoins, Armstrong said banks are mainly focused on protecting profit margins.
Fink, once a bitcoin skeptic, said he now sees a “huge use case” for Bitcoin and worries the U.S. is falling behind in stablecoin innovation.
Armstrong has championed crypto to the U.S. government. He has lobbied and pushed for clearer regulations for the crypto industry.
Armstrong supported legislation like the CLARITY Act to set legal clarity. He launched grassroots efforts, including Stand With Crypto. He has also spent millions on campaigns through PACs like Fair Shake.