Coinbase CEO Brian Armstrong says that US President Donald Trump’s plans for crypto are now dominating conversations not only among crypto industry executives but also across the broader financial market.
“Basically every conversation I had with major market leaders was focused on what the Trump Admin planned to do on crypto,” Armstrong said in a Jan. 24 X post reflecting on his time at the World Economic Forum in Davos, which wrapped up its 4-day conference on Jan. 24.
“President Trump is forcing everyone to up their game,” Armstrong said.
Crypto market leaders aim to stay ahead of the curve
Armstrong said everyone is intrigued to know “how they can avoid being left behind.”
It comes after Trump pledged to make the US the “world capital of artificial intelligence and crypto” at an annual meeting of the WEF, which was one of his first public appearances since taking office on Jan. 20.
Armstrong said that along with Trump, Argentina’s President Javier Milei and El Salvador’s President Nayib Bukele “understand that free markets are catalysts for prosperity.”
“Socialism is on its way out,” he said.
Armstrong cited the Strategic Bitcoin Reserve as an example of one of Trump’s speculated plans. However, Trump’s latest executive order to form a working group on digital asset markets has sparked speculation that other cryptocurrencies might also be under consideration.
While Bitcoin (BTC) investors were hoping for a Bitcoin reserve-specific order, the order said it would be “evaluating the creation of a strategic national digital assets stockpile.”
Financial institutions are ‘accelerating’ crypto investments
Meanwhile, Armstrong said that financial institutions, such as banks, asset managers, and payment service firms, made clear that they are all “accelerating investments in crypto.”
“There are going to be more players and competition than ever in crypto, and we welcome it all. We need crypto to update the entire global financial system to bring these benefits to everyone.”
Related: ‘Bitcoin reserve or nothing’ — Ripple slammed for pushing multi-asset reserve
At the same time, other traditional finance executives expressed interest in Bitcoin at the WEF but said that, from a regulatory standpoint, not much has changed regarding the limitations banks face in using Bitcoin.
Goldman Sachs CEO David Solomon said, “at the moment, from a regulatory perspective, we can’t own, we can’t principal, we can’t be involved with Bitcoin at all.”
Solomon called Bitcoin an “interesting speculative asset.”
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