In 2012, a few years before Coinbase became the largest U.S. Bitcoin exchange, a video was released showing Coinbase CEO Brian Armstrong rehearsing his pitch.
In the recording, Armstrong made a simple argument: Bitcoin is a digital currency that can instantly move money anywhere in the world. But it’s difficult to use. The tools were difficult to use, backups were unwieldy, and users could easily lose their funds.
Coinbase will solve that, he said. The platform functions as a hosted wallet, allowing anyone to access their money from any device without worrying about security or backups.
Armstrong compares his plans to what iTunes has done for music. He highlighted early growth, saying signups and transactions were up “20% per day” and $65,000 in Bitcoin payments were processed in just five weeks.
The pitch is short, less than three minutes, and straightforward. Armstrong spoke about fees, competition, and Bitcoin’s potential as a global payments system. It’s a glimpse into the early vision of a company almost unheard of outside the crypto industry.
In 2012, Brian Armstrong recorded himself rehearsing his pitch to Coinbase.
Currently, they are the largest Bitcoin exchange in the United States.
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— Bitcoin Magazine (@BitcoinMagazine) December 4, 2025
Coinbase: “No one will be left behind”
It is no exaggeration to say that Mr. Armstrong’s idea was a success. More than a decade later, Coinbase has become the top U.S. exchange, processing billions of Bitcoin transactions and shaping the way Americans interact with digital assets.
That half-hearted rehearsal in 2012 captured the first hints of a company that would become a crypto powerhouse.
Just yesterday, Armstrong sat next to BlackRock CEO Larry Fink and said that any major U.S. bank that ignores stablecoins risks being “left behind.”
At the New York Times’ DealBook Summit, Armstrong said several major banks are running pilot programs with Coinbase for stablecoins, crypto custody and trading.
Armstrong acknowledged the divisions within traditional finance. While lobbying departments at some financial institutions resist cryptocurrencies, innovation teams are exploring them.
“This is a classic innovator’s dilemma,” he said, noting that banks have to choose between embracing new technology or fighting it. Regarding concerns about capital inflows into stablecoins, Armstrong said banks are primarily focused on protecting their profit margins.
Fink, who was once a bitcoin skeptic, said he now sees “huge use cases” for bitcoin and worries that the U.S. is lagging behind in stablecoin innovation.
Armstrong defended cryptocurrencies against the US government. He has lobbied and pushed for regulatory clarity for the cryptocurrency industry.
Mr. Armstrong supported legislation like the CLARITY Act to provide legal clarity. He started grassroots initiatives such as Stand With Crypto. He has also spent millions of dollars on campaigns through PACs such as Fair Shake.
This post, a resurfaced 2012 video of Coinbase CEO Brian Armstrong’s pitch explaining what made it America’s largest Bitcoin exchange, originally appeared on Bitcoin Magazine and was written by Micah Zimmerman.
