A recently surfaced 2012 video features Coinbase CEO Brian Armstrong practicing his pitch during the company’s early days, before it became America’s largest Bitcoin exchange. In the footage, Armstrong presents a simple yet compelling argument that Bitcoin is a digital currency capable of instantly transferring funds anywhere in the world. He acknowledges the challenges Bitcoin faced at the time, including complex tools and difficult backup processes that risked users losing their funds. Armstrong explained that Coinbase aimed to be a hosted wallet platform, allowing users to access their money from any device without security or backup concerns. He likened the project to iTunes, which revolutionized the music industry. Early Coinbase metrics were promising, with daily user growth up to 20% and $65,000 in Bitcoin payments within just five weeks.
Today, Coinbase is the largest Bitcoin exchange in the U.S., handling billions in transactions and simplifying digital asset use for Americans. Armstrong recently stated at the New York Times DealBook Summit that major U.S. banks risk falling behind if they ignore stablecoins. He revealed that several large banks are running pilot programs with Coinbase involving stablecoins, crypto custody, and trading. Armstrong highlighted a divide in traditional finance, where some institutions oppose crypto while their innovation teams seek to adopt it. He emphasized that banks must embrace new technology or face stagnation. Additionally, Armstrong supports clear cryptocurrency regulations and has taken steps to promote legal clarity for the industry with the U.S. government. This video and Armstrong’s ongoing initiatives underscore Coinbase’s significance and growth story in the cryptocurrency space.
Source: bitcoinmagazine
