Coinbase CEO’s 2012 Pitch Rehearsal Goes Viral as He Warns Banks Risk Being “Left Behind”
A video of Coinbase CEO Brian Armstrong rehearsing his pitch for the then-nascent cryptocurrency exchange has resurfaced, offering a stark contrast to the company’s current position as a leading U.S. digital asset platform. The 2012 recording, shared by bitcoin Magazine on December 4, 2025, shows a young Armstrong outlining his vision for a company that woudl ultimately handle billions in Bitcoin transactions and reshape American interaction with digital assets.
More than a decade after that initial pitch,Armstrong is now sounding the alarm for conventional financial institutions. Speaking alongside BlackRock CEO larry Fink at the New York Times DealBook Summit yesterday, Armstrong stated that major U.S. banks that ignore stablecoins risk being “left behind.”
According to Armstrong, several top banks are currently piloting programs with Coinbase focused on stablecoins, crypto custody, and trading. He described a divide within traditional finance, with lobbying arms frequently enough resisting crypto while innovation teams actively explore its potential. “This is the classic innovator’s dilemma,” Armstrong said, emphasizing the need for banks to embrace or risk being overtaken by new technology. He added that concerns about capital flowing to stablecoins are primarily driven by banks’ desire to protect profit margins.
Fink, previously skeptical of Bitcoin, now acknowledges a “huge use case” for the cryptocurrency and expressed concern that the U.S.is lagging in stablecoin innovation.
Armstrong has been a vocal advocate for crypto within the U.S.government, actively lobbying for clearer regulations. He has supported legislation like the CLARITY Act to establish legal clarity and launched grassroots initiatives, including Stand With Crypto. He has also invested millions in campaigns through political action committees like Fair Shake, according to Punchbowl News.
