(Chris Campbell’s note: If you are reading this, it’s safe to assume everything is going according to plan. (Yes, my plan to befriend an astronaut, but also our plan to make you rich .) But I can’t leave anything to chance. If you don’t hear from me by April 11 -- Thursday of THIS week -- call the press. I’ve been trapped by the aliens.)

I like Brian Armstrong, the 41-year-old billionaire founder and CEO of Coinbase.

He’s not a very public guy, but…

Whenever I hear him talk about crypto, he comes across as sincere in his mission to help upgrade the global financial system -- and get it ready for our more dynamic future.

Since starting Coinbase in 2012, Armstrong’s been driven by the belief that cryptocurrencies can revolutionize the global financial system and bring economic freedom to billions.

Opponents like Charlie Munger see crypto as a threat to central bank control.

(Armstrong sees that as a feature, not a bug. We agree.) 

I recently watched an interview with Armstrong on Uncommon Knowledge.

A few things stuck out:

One, Armstrong fell down the Bitcoin rabbit hole back in 2010 while working as a software engineer at IBM. He founded Coinbase only two years later, in 2012, at the age of 29.

Armstrong became obsessed with its potential to provide sound money and property rights to anyone with a smartphone.

He chose to build Coinbase in the U.S. and work within the existing regulatory framework, even though that meant slower growth. Long-term integrity was more important than short-term profits.

Two, Armstrong thinks crypto is as transformative an invention as the birth of the internet.

But like the internet in the early days, it needs to become more user-friendly and scalable to reach mass adoption.

He sees this happening over the next few years as crypto has its "Netscape moment" that makes it accessible to all.

Three, Armstrong believes having an alternative to government-controlled fiat currency is essential for America's future.

He argues Bitcoin's fixed supply provides a needed check against currency debasement and loss of financial discipline that has led to the downfall of empires throughout history.

The Path to 1 Billion Users

While Armstrong acknowledged crypto adoption for everyday payments has been slower than he expected, he's encouraged that 52 million Americans and 400 million globally have now used crypto in some form.

He thinks the 18-40 demographic will drive mass adoption as they are most dissatisfied with the current financial system.

To reach the next level, Armstrong says cryptocurrencies that function more as commodities (like Bitcoin) need to be clearly distinguished from those that are securities.

He's frustrated the SEC hasn't provided regulatory clarity and is pursuing regulation through enforcement. But he expects this to get resolved in the courts and Congress over the next few years.

Because of his convictions, Armstrong is a paradox:

He welcomes regulation, but is battling the SEC to prevent innovation-stifling overreach.

He runs a centralized exchange, but promotes the very decentralized technology that will put him out of business.

He is a strong advocate for individual privacy and self-custody of digital assets that give users full control of their private keys, and yet Coinbase offers non-custodial wallet services (that give users ZERO control of keys) which must comply with strict know-your-customer (KYC) laws that require a great amount of private information.

The common thread, if I’m reading it correct:

Armstrong is idealistic in his long-term vision but pragmatic in his short-term execution.

He's willing to make certain compromises and work within existing constraints in order to make incremental progress toward a more decentralized and privacy-preserving financial system.

This ability to navigate between two seemingly opposing forces - centralization vs. decentralization, privacy vs. transparency, innovation vs. regulation - is likely a key reason he's been able to build Coinbase into the crypto industry leader it is today.

Like the Netscape founders in the 90s, Armstrong is a technology pioneer on a mission to bring a powerful new tool to the masses.

It will be interesting to watch his strategy play out as both Coinbase and the broader crypto ecosystem continue to evolve.

As usual, we’ll be on the frontlines, keeping our ears to the ground for opportunities. (In the meantime, check out this bombshell announcement that could change how you think about A.I. forever.)

More on that soon.