- Brian Armstrong expressed his dissent with crypto firms that rebrand because of fashionable trends.
- Armstrong called the broader idea 'Agentic Finance', or just AiFi.
- Blockchain technology acts as a general-purpose infrastructure that will underpin future automation rather than competing with it, according to Armstrong.
In a recent statement, Coinbase CEO Brian Armstrong criticized the trend of crypto startups pivoting to artificial intelligence, arguing that autonomous AI programs will require cryptocurrency for transactions without traditional banking. He introduced the concept of Agentic Finance (AiFi), asserting that blockchain technology will serve as a foundational infrastructure for future automation.123
Armstrong emphasized that crypto is essential for enabling autonomous systems to operate efficiently. He stated, "If you're in crypto, pivot to AI. I used to hear versions of this, and it's the wrong way to think about the world," highlighting the misconception that blockchain and AI are in competition.
The CEO's vision includes using the x402 protocol and Circle Internet’s USDC stablecoin to facilitate automated payments, reinforcing the idea that agents need capital that moves at machine speed. Tory Green, CEO of io.net, echoed this sentiment, stating, "Agents don't just need money, but they need money that moves at machine speed."
Armstrong's comments reflect a broader concern within the crypto community about the implications of abandoning blockchain technology for fleeting trends. He believes that the future of finance will be intertwined with crypto, and that startups should focus on building within this ecosystem rather than chasing after AI fads.
“Armstrong highlighted that autonomous AI programs will eventually need to borrow funds without traditional banking, coining the term 'Agentic Finance' (AiFi) to describe this ecosystem. He criticized the notion that crypto and AI are mutually exclusive, stating, "It's an 'and,' not an 'or.'"”
