Episode summary
Coinbase CEO's Top 3 Crypto Trends for 2026 + More from Davos!
All-In Podcast
· · Hosts: Chamath Palihapitiya, Jason Calacanis, David Friedberg, David Sacks · Guests: Brian Armstrong, Andrew Feldman, Jake Loosararian
Summary
The conversation centers on crypto’s move from speculation to infrastructure. A guest from Coinbase argues that the biggest change in 2026 is regulatory clarity in the U.S., especially after the Genius Act made 100% reserve backing and short-term U.S. Treasuries mandatory for regulated stablecoins. He says Coinbase now works with five of the top 20 global banks, sees stablecoins as a collaborative product rather than a pure threat to banks, and expects the main growth areas to be stablecoin payments, prediction markets, and an “everything exchange” where equities and other assets can move onchain.
He also argues that tokenization could widen access to private markets, funds, and real estate, but only if companies and regulators accept new rules around liquidity and disclosure. He is bullish on onchain capital formation and says Coinbase is building products for businesses, developers, and AI agents that will need wallets and stablecoin rails.
Andrew Feldman then makes the case that AI’s biggest bottleneck is no longer model quality alone but compute speed and power. Cerebras is building wafer-scale chips and cloud systems to cut latency dramatically for deep research, coding, and inference, while using water cooling and low-cost power sources such as hydro and natural gas.
Key takeaways
- A guest from Coinbase says the Genius Act makes U.S. regulated stablecoins safer by requiring 100% reserves in short-term Treasuries.
- He says the three biggest crypto trends are an everything exchange, prediction markets, and stablecoin payments.
- He argues that banks and crypto can both win, and says five of the top 20 global banks already use Coinbase infrastructure.
- Andrew Feldman says deep research and inference are driving huge demand for compute speed, not just more chips.
- Feldman says power, not square footage, is now the limiting constraint for AI data centers.
- The guest says onchain capital formation could democratize access to private markets, funds, and high-quality assets.
Notable quotes
“the biggest trends happening in crypto right now is number one it's the everything exchange”
“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”
“AI agents I think are going to use stable coins and wallet crypto wallets”
“the limiting constraint on data centers is always their power footprint”
How the episode opens
This guy is literally gonna hover over us. This pilot hates podcasting. What a prick. — The besties are broadcasting from the USA House at the World Economic Forum. Our episode is sponsored by the New York Stock Exchange. Are you looking to change the world and raise capital? Do it at the NYSC. The NYSE is a modern marketplace and a massive platform built for scale and long-term impact. So, if you're building for the future, the NYSC is where it happens.
I'm Jason Calakanis. This is the All-In interview show. Uh, last minute we got added to the roster here at the World Economic Forum, and we had time to do a halfozen interviews and, uh, Brian was here, and uh, this is your Brian Armstrong from Coinbase, of course, and friend of the pod.
This is probably your fourth or fifth appearance on the pod. You come to Davos because this actually isn't for you about networking. This is about serious regulations on a global basis.
Yeah.
Well, that's been the focus of this attendance at Davos is we are trying to get market structure legislation done for crypto. But actually there I mean there is a lot of networking that happens here. We've done a lot of commercial meetings.
You know five of the top 20 global banks are now using Coinbase to build their crypto infrastructure into their products. uh we meet with heads of leaders of different countries and talk to them about economic freedom and how crypto can update their financial system. So there's all kinds of good meetings.
So uh you had embedded in there these partnerships with banks. Uh is that like a white label type thing so they can sell crypto to their customers? Is it disclosed which banks are doing that and how that works?
From the episode’s captions: roughly the first two minutes, lightly cleaned. Keep watching on YouTube →
Topics
- crypto adoption
- crypto trends 2026
- ai compute power
- physical robots
- davos
Companies and tickers mentioned
- COIN
- Coinbase
- Cerebras
- Gecko Robotics
Watch the episode
Watch “Coinbase CEO's Top 3 Crypto Trends for 2026 + More from Davos!” on YouTube
Summary, takeaways and quote selection by Octagon. Quotes are short excerpts; the full conversation is in the episode.
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