The Ledger
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Armstrong estimates 20% of California billionaires left, creating $10B tax deficit
“My estimates would probably be 20% of the billionaires have already left in California, that it's already created a negative ten billion tax hole, even if, even with the amount that they hope to raise from the people who stay.”
Armstrong: SEC currently offers no mechanism to register crypto securities
“There is not currently a way to register, and so, they've been sort of talking out of both sides of their mouth, and then saying, hey, just come and register, and then you see these exchanges come in that have never traded a single coin as, like, you know, the…”
Armstrong: Tether is not compliant under the US GENIUS Act
“It's not currently compliant under the genius act in the U S and so it doesn't follow those same hundred percent reserves in short term U S treasuries is my understanding.”
Armstrong: All assets are coming on-chain for trading
“So anyway, we're long, I think that, yeah, the biggest trends are all assets are coming on chain for trading. Prediction markets are growing like crazy, and stablecoin payments are growing like crazy. Those are the, probably the three biggest trends in crypto …”
Armstrong: Companies will eventually go public entirely on-chain
“I think eventually, like, you'll actually just be able to go public totally on-chain too.”
Armstrong: AI agents will use stablecoins and crypto wallets for payments
“AI agents, I think, are gonna use stablecoins and wallet, crypto wallets.”
Armstrong: Biden administration crypto policy pushed tech jobs overseas
“The Biden administration with Warren and Gensler has not been Good for Americans on this dimension, and it's pushed a lot of tech jobs overseas.”
Armstrong: 5% of Coinbase employees took exit packages during culture transition
“About five percent of the company opted into the exit package package.”
Armstrong: Five of top 20 global banks use Coinbase infrastructure
“Five of the top 20 global banks are now using Coinbase to build their crypto infrastructure into their products.”
Armstrong: 52 million Americans have used cryptocurrency
“There's like, fifty-two million Americans who've used crypto now.”
Armstrong: B2B cross-border payments were crypto's top growth area last year
“So the biggest growth area over the last year has been B to B cross border payments and cross border.”
Armstrong: BlackRock and Apollo publicly stated plans to tokenize all products
“BlackRock, Apollo, like these, the top funds in the world are putting, they've come out publicly and said they want to tokenize every single one of their products.”
Armstrong: Four billion adults globally are unbrokered without investment access
“There's actually four billion adults who are unbrokered as well, which means they don't have any ability to invest in these high quality assets.”
Armstrong: California budget rose dramatically over 10 years while services worsened
“The history of the last 10 years in California is that the budget has gone up dramatically and the services have gotten worse.”
Armstrong: New Limit demonstrated cell reprogramming to restore youthful function
“Within the first two or three years, they were able to successfully demonstrate reprogramming of human cells to sort of function they had when they were younger.”
Armstrong: New Limit's first drug candidate likely enters clinical trials next year
“And the first drug candidate is probably going to go into clinical trials next year.”
Armstrong: AI job displacement will lead to net economic abundance
“I basically, I think if the AI plays out as we all think it will with robots and a lot of, there will be job displacement, but it means that we'll be in a world of more abundance and people are going to have jobs that there's like, they're streaming on video g…”
Armstrong: SEC has gone zero for three in cryptocurrency court cases
“The SEC has gone zero for three in the courts.”
Armstrong: Sub-cent, sub-second crypto transactions will trigger explosion of new use cases
“I, the metric I've been tracking internally, and I kind of push our team on, is we need every transaction to get under one cent in 1:02. If that, that feels like a threshold where we'd see an explosion of new use cases.”
Armstrong: About half of active Coinbase users engage in non-trading activities
“Now about half our active customers do something other than trading, and it runs the gamut, you know, they're spending crypto with Coinbase card, they're earning staking rewards they're starting to engage in some of these dApps and doing payments with stableco…”
Armstrong: Coinbase customer funds are segregated and backed 1-to-1
“We're a public company. We're regulated. Our financial statements are audited. They can show that, you know, customer funds are segregated. They're backed one to one. We're not investing customer assets without their explicit direction.”
Armstrong: 95% of crypto trading volume is outside the US
“95% of the trading volume in crypto is now outside the United States, and it's come down a lot since the beginning of this year even.”
Armstrong: FTX did about $1B in revenue in 2021
“At that time, FTX did about one billion in revenue.”
Armstrong: China announced interest payments on central bank digital currency
“China just announced that they're going to pay interest on their central bank digital currency.”
Armstrong: Roughly 500 million people globally have used crypto
“Something like five hundred million people have used it globally.”
Armstrong: Bitcoin was the best-performing asset class of the last decade
“Bitcoin was the best performing asset class of the last decade.”
Armstrong: GENIUS Act requires US-regulated stablecoins to hold 100% Treasury reserves
“Under the Genius Act that got passed into law last year, US regulated stable coins have to have 100% of the assets stored in short term US treasuries.”
Armstrong: USDC is the largest regulated stablecoin globally
“USDC is the largest regulated stablecoin, because it is compliant under Genius in the US, they're compliant under Mika in Europe, et cetera.”
Armstrong: On-chain capital formation will be massive for private companies
“But anyway, I think on-chain capital formation is going to be massive for private companies.”
Brian Armstrong: Coinbase has reached over 100 million global signups
“Yeah, I mean, we've had over a hundred million people sign up globally.”
Armstrong: Crypto industry will move past FTX collapse around one year in
“Luckily, people turn the page on this thing, and they move on after about a year, and so I think we're coming up on that.”
Armstrong: Coinbase had no material exposure to FTX, Alameda, or FTT
“And I again, just for the sake of clarity, I should say that Coinbase did not have any material exposure to Alameda FTX or FTT token.”