In a recent interview on Fox Business, Brian Armstrong, CEO and co-founder of Coinbase, articulated the company’s ambitious vision of evolving into a financial “super app” that integrates cryptocurrency with a full spectrum of financial services. During a discussion with host Liz Claman, Armstrong highlighted a notable increase in bipartisan momentum within Congress, which he believes is vital for advancing the regulatory framework needed to support Coinbase’s goals.
Armstrong explained that the company intends to move beyond traditional banking services, proposing a model that utilizes crypto technology to enhance various financial transactions. He showcased the recently introduced Coinbase credit card, which offers users 4% cashback in Bitcoin as an innovative approach to payments, suggesting that existing card networks’ swipe fees—a range of 2% to 3%—demonstrate a pressing need for a reformed payments ecosystem.
“We want to be a bank replacement for people; we want to be their primary financial account,” Armstrong asserted, indicating that Coinbase’s ambitions are not limited to cryptocurrency alone. He acknowledged that the elements required to establish this super app are already taking shape; the groundwork depends significantly on forthcoming legislative clarity, particularly regarding stablecoins and broader cryptocurrency regulations.
Armstrong pointed to recent legislative developments, including the passage of the “Genius Act,” which lays out rules for stablecoin usage, and the market-structure bill under consideration in the Senate aimed at defining how cryptocurrencies like Bitcoin and Ethereum will be regulated. He expressed optimism about the increasing interest from lawmakers in establishing a clear regulatory framework, suggesting that this could resolve ongoing conflicts with previous administrations that often classified crypto tokens as unregistered securities.
However, he cautioned about the influence of traditional banking institutions that have voiced concerns over the competitive rewards programs linked to stablecoins, suggesting that they fear such offerings would disrupt their conventional payment operations. Armstrong refuted these claims, equating crypto rewards with established loyalty programs like airline miles or credit card points. “American consumers want to earn more money on their money—that should be totally allowed,” he argued, while noting that despite some collaborative struggles, Coinbase continues to partner with significant banking players like JPMorgan and PNC for custody and payment services.
As Coinbase pushes toward its super app objective, Armstrong recognizes the competitive landscape intensifying with new exchanges, such as those launched by Gemini, entering the U.S. market. Nevertheless, he remains unbothered by this competition, asserting that the company’s established trust and reputation provide a solid foundation. “A thriving ecosystem is essential for mainstream adoption,” he emphasized.
He also shared Coinbase’s current advantage, claiming the platform now holds more cryptocurrency than any other provider, which encourages transactional activity across its diverse services. Armstrong’s vision for Coinbase resonates with the broader trends within fintech, aligning with sentiments expressed by leaders like Robinhood’s CEO, who spoke about aspirations to transform into a comprehensive financial platform.
Addressing the broader cryptocurrency market, Armstrong refrained from making short-term predictions but suggested there is “a good chance” Bitcoin could achieve a valuation of $1 million by 2030. He identified three key factors that could drive this growth: regulatory clarity, the establishment of a U.S. strategic Bitcoin reserve, and significant inflows into newly launched Bitcoin exchange-traded funds (ETFs), 80% of which utilize Coinbase for custody services.
Armstrong further characterized Bitcoin’s role in modern investment portfolios as a blend of gold and equities, mentioning that many investors are beginning to see it as both a hedge against economic uncertainty and a strategic long-term growth asset.
