At the World Economic Forum in Davos, Switzerland, Coinbase CEO Brian Armstrong engaged in a public debate with Banque de France Governor François Villeroy de Galhau regarding the fundamental nature of Bitcoin. The exchange occurred during a panel titled "Is Tokenization the Future?" on January 21, 2026.
The confrontation began when Governor Villeroy de Galhau expressed skepticism toward Bitcoin, stating, "I trust more independent central banks with a democratic mandate than private issuers of Bitcoin." Armstrong immediately countered this characterization, clarifying that "Bitcoin is a decentralized protocol. There's actually no issuer of it." He elaborated that Bitcoin operates without control from any single country, company, or individual, making it, in his view, even more independent than traditional central banks.
Armstrong framed the relationship between Bitcoin and government-issued currencies as healthy competition, serving as a critical check on government monetary policy. He argued that Bitcoin's fixed supply and lack of a "money printer" provide an alternative store of value during times of economic uncertainty, drawing a parallel to the historical role of gold.
Ripple CEO Brad Garlinghouse, who was also on the panel, described the session as a "spirited dialogue" but noted a key area of consensus: that innovation and regulation are not mutually exclusive. The broader panel discussion focused on how blockchain tokenization could revolutionize traditional finance by enabling faster settlements and wider access to assets like stocks, bonds, and real estate.
Beyond the panel, Armstrong's agenda at Davos included advancing the U.S. crypto market structure bill through meetings with bank leaders and policymakers. He indicated that the White House had been cooperative and suggested a revised version of the legislation could emerge within weeks.
