All-In Podcast, January 23, 2026

Special Davos Interviews: Coinbase CEO Brian Armstrong Breaks Down the Three Biggest Trends in Crypto + More

Episode Overview

This episode of the All-In Podcast was recorded live at the USA House during the World Economic Forum (WEF) in Davos, Switzerland. Host Jason Calacanis conducts a series of rapid-fire interviews with leading figures from the tech, crypto, and AI worlds. The central focus is a deep-dive conversation with Coinbase CEO Brian Armstrong on the state of crypto regulation, global competitiveness, and the biggest trends shaping the crypto industry. The episode also includes a forward-looking discussion with Andrew Feldman (CEO, Cerebras Systems) on the evolution of AI hardware and global computational power, and a practical robotics segment with Jake Loosararian (CEO, Gecko Robotics).

The tone is candid, analytical, and characteristically “Bestie” — alternating between irreverent banter and sharp policy/business critique.

Key Segments & Insights

I. Brian Armstrong (Coinbase CEO): Crypto’s Regulatory Revolution & Three Big Trends

A. Crypto at a Regulatory Crossroads (01:09–04:38)

• Armstrong attends Davos focused on global crypto market structure legislation, engaging directly with bank CEOs, world leaders, and institutions.
• "Five of the top 20 global banks are now using Coinbase to build their crypto infrastructure." (Brian Armstrong, 01:25)
• New partnerships: disclosed with JP Morgan and PNC, others confidential.

B. Shift from Regulatory Hostility to Engagement (04:38–05:47)

• Armstrong contrasts Biden-era regulatory antagonism with Trump administration’s proactive engagement.
• "The Biden administration really tried to unlawfully kill this industry in America...Donald J. Trump...has leaned in and tried to get clear rules and regulations passed." (Armstrong, 02:53)

C. Banks, Stablecoins, and the Genius Act (05:47–09:57)

• Collaboration is replacing confrontation: top global banks view crypto as "existential".
• Genius Act, now law: requires US-regulated stablecoins to be backed 100% by short-term Treasuries (max 30-days).
• Memorable Moment: "You're basically trusting the United States government is not going to fail in 30 days, which I think is a pretty safe bet." (Armstrong, 06:18)

D. Stablecoin Competition & Revenue Models (09:57–12:54)

• Coinbase’s stablecoin interest paid as “rewards,” not traditional interest—customers must engage in additional platform activities.
• Major banks’ trade groups are already trying to retrade/undo the Genius Act: "For us, that's a red line." (Armstrong, 10:08)
• USDC by Circle as default regulated stablecoin; Tether supported in limited geographies, pending compliance.

E. Consumer & Investor Protection Standards (12:54–14:39)

• Coinbase employs minimum listing standards rather than ratings—compared to Amazon reviews.
• Armstrong resists becoming a ratings agency: “It always felt like those organizations that do the ratings kind of always be politicized...like go see The Big Short.” (13:24)

F. The Three Biggest Trends in Crypto (14:39–15:54)

1. All Assets Going On-Chain: Equities, prediction markets, and more.
2. Prediction Markets Surge: Partnerships with Kalshi, Polymarket in consideration.
3. Stablecoin Payment Growth: Especially for B2B cross-border payments.
   • "The biggest trends: all assets are coming on chain for trading. Prediction markets are growing like crazy. And stablecoin payments are growing like crazy." (Armstrong, 15:43)

G. Stablecoins for Business Payments (15:54–17:16)

• B2B cross-border payments are Coinbase's fastest growing segment, driven by speed and lower FX fees.
• Coinbase Business and Developer Platform (“like AWS for wallets/trading/payments”) are rapidly onboarding new clients.

H. Tokenization & Capital Market Innovation (17:16–22:52)

• Armstrong believes tokenized capital formation and secondary trading for private shares/funds are the next frontier—with appropriate permissions.
• "On-chain capital formation is going to be massive for private companies. I think eventually you’ll just be able to go public totally on chain too." (18:52)
• Democratizing access: On-chain tokenization can finally enable the “unbrokered” (4B adults) to invest in high-quality assets.

I. Economic Policy & California’s Exodus (22:52–27:47)

• Armstrong and Calacanis discuss the “self-own” of California’s wealth tax and talent flight, referencing cost of living, tax policies, and ineffective public spending.
• “It’s been kind of like an abusive relationship. It just keeps coming back with another thing.” (Armstrong, 24:50)

J. Armstrong’s Biotech Venture & Davos Takeaways (27:47–31:05)

• Armstrong briefly updates on longevity startup “New Limit” (epigenetic reprogramming), poised for human trials.
• Davos is now, “more about business and dealmaking, less about ESG/DEI,” shifting with Trump and Larry Fink’s influence.
• "Growth solves a lot of problems…The history of the last 10 years in California is that the budget has gone up dramatically and the services have gotten worse." (27:01–27:05)

K. Macroeconomic Wins & The Role of Government (31:05–32:11)

• Calacanis: "Growth is objectively...spectacular. We’ve not seen this level of GDP..."
• Armstrong: “Growth does not come from government spending...Growth comes from deregulation, low cost energy...Capitalism is the biggest win-win.” (31:39–32:11)

L. Crypto + AI: The Next Fusion (33:09–38:04)

• Armstrong predicts AI agents will need crypto/NFT wallets for autonomous transactions.
• Integrated AI/LLMs at Coinbase already identify strategic issues by reading all internal docs—a new level of “reverse prompting” and management enhancement.
• Armstrong: “Crypto and AI are the two most important technology trends...and they’re going to come together.” (33:09)

II. Andrew Feldman (Cerebras Systems CEO): AI & The Coming Compute Cambrian Explosion

A. The Wafer-Scale Engine (WSE) & Chip Races (39:14–42:59)

• Feldman demos Cerebras' chip: “56 times larger than a B200, 4 trillion transistors.”
• Customers: National labs, military, pharma; OpenAI is now a client.
• When speed goes up, AI’s entire paradigm shifts: “What speed does for AI...is not a change in degree, it’s a fundamental change in kind.” (46:09–46:11)

B. AI Infrastructure: Power, Water, and Location (49:01–54:27)

• Cheap energy is the limiting factor; locations in Texas, Wyoming, Caribbean, Nordics.
• Data centers use closed-loop water systems for cooling; water use often misunderstood.
• Feldman: “Golf courses are extremely water inefficient. Most of our data centers use a closed loop...the water’s not damaged.” (52:22–52:48)

C. AI/Chip Geopolitics & US Policy (65:02–70:08)

• US is “well ahead” in chip-making but lagging in power infrastructure and grid modernization.
• Chinese lead: open-source models, rapid grid buildout, expansion into Africa/Latin America.
• Feldman credits Trump admin for strengthening tech alliances with allies (UAE, KSA), and for regulatory streamlining.

D. AI & The Future of Work (75:35–77:35)

• Current layoffs in tech are more about organizational flattening and SaaS efficiency than AI—AI displacement is forthcoming.
• “Role of middle management, which was frequently to move information...that job has shrunk in value. I don’t think it’s yet AI.” (76:37)

III. Jake Loosararian (Gecko Robotics CEO): Industrial Automation for National Resilience

A. AI in Purpose-Built Robotics (79:53–81:13)

• Robots now essential in US defense/energy. “We do about 30% of our business in defense...adoption has been incredible.”
• ROI focus: new wave of "robot-native" application; large CapEx players seeking true automation gains.

B. Building the Nervous System of Industry (83:40–88:11)

• Gecko’s robots collect world-building data, centralize it, and drive actionable decisions — from maintenance to productivity to safety.
• The future: robots both monitor and effectuate complex repairs ("nervous system" of next-gen infrastructure).

C. The Real World Is Where AI/Robotics ROI Will Be Found (90:29–92:59)

• Tangible, physical-world gains (energy, infrastructure, defense) outstrip pure SaaS or knowledge work automation.
• Loosararian encourages Silicon Valley to "leave the bubble" and tackle overlooked, high-value real-world problems.

Notable Quotes & Moments

• On regulation: “Donald J. Trump...has kept his promises, he’s leaned in and tried to get clear rules and regulations passed so that American companies can thrive.” (Brian Armstrong, 02:53)
• On stablecoin security: “US regulated stablecoins have to have 100% of the assets stored in short-term US Treasuries.” (Armstrong, 06:18)
• On future investing: “On-chain capital formation is going to be massive for private companies...” (Armstrong, 18:52)
• On macroeconomics: “Growth does not come from government spending. That’s the key.” (Armstrong, 31:39)
• On automation: “The role of middle management, which was frequently to move information...that job has shrunk in value. I don’t think it’s yet AI.” (Feldman, 76:37)
• On robotics frontier: “Robots should be dedicated to solving the fundamental business problem...Our initiative is to build robotic solutions toward that, not folding laundry.” (Loosararian, 84:33 & 85:11)
• On China’s global strategy: “They clobbered us in Africa, they clobbered us in the developing world. They absolutely ran the table.” (Feldman, 69:48)

Timeline & Timestamps

• [01:09] Brian Armstrong on crypto regulation and partnerships with global banks.
• [02:53] Armstrong compares Trump and Biden on crypto policy.
• [06:18] Genius Act and new stablecoin reserve rules explained.
• [15:43] Armstrong outlines the three biggest trends in crypto.
• [18:52] The coming wave of on-chain capital formation.
• [24:50] Armstrong on California climate for tech and business.
• [27:01] Armstrong criticizes California’s budget bloat/outcomes.
• [31:39] Macroeconomics — private sector as the growth engine.
• [33:09] Armstrong on AI-crypto convergence; AI integration at Coinbase.
• [39:14] Feldman demos wafer-scale AI chip.
• [46:09] “Speed is the gamechanger” for AI user experience.
• [52:22] Water use and AI data centers: busting the myths.
• [65:02] Global AI race: US vs. China.
• [70:08] US tech alliances, trade policy, and 5G lessons.
• [75:35] Job displacement: SaaS and middle management now, AI coming soon.
• [84:33] Gecko's robots as a business advantage in energy/defense.
• [90:29] The imperative to apply automation to real-world, high-value verticals.

Conclusion

In this Davos special, the All-In Podcast synthesizes the cutting edge of crypto, AI, and robotics policy, with candid, insider commentary from some of the world’s most influential tech CEOs. The episode moves fluidly from the new global regulatory playing field for crypto and stablecoins, to the competitive AI hardware/energy landscape, to the on-the-ground realities of automating critical infrastructure. The "Three Biggest Trends in Crypto" are explored in actionable depth, while the practical collision of AI, blockchain, hardware, and the geopolitics of innovation reveal a world where private market ingenuity is driving economic freedom and resilience — even as institutions and policymakers race to keep up.