Crypto adoption is exploding as businesses go onchain to stay ahead, with the Coinbase CEO calling it a Netflix moment poised to redefine the future of global finance.
Coinbase CEO Compares Crypto Adoption to Netflix’s Disruption of Blockbuster
Coinbase chief executive officer Brian Armstrong stated on social media platform X on Aug. 7 that the crypto industry is undergoing a pivotal transformation that mirrors a major shift in the entertainment sector two decades ago. Drawing a comparison to the rise of Netflix and the fall of Blockbuster, Armstrong underscored a critical juncture in adoption patterns for blockchain technology. He wrote:
Crypto is at its Blockbuster vs Netflix moment. Right now, businesses are going onchain and adopting crypto because they want to. They get it. Soon, the other businesses will be desperately trying to catch up. They’ll go onchain because they need to. My advice: be early.
The Netflix-Blockbuster reference highlights how a legacy company can fail to keep up with innovation. Blockbuster, once a video rental powerhouse, declined to embrace digital streaming and ultimately collapsed. Netflix, which had a radically different delivery model, surged ahead by adopting new technologies and behaviors early. Armstrong’s message suggests a similar turning point is now unfolding with crypto: firms that embrace onchain systems today are poised to lead, while those that delay could be forced into reactive—and costly—adoption later.
Armstrong’s remarks reflect a broader trend of blockchain adoption across various sectors, including supply chain, payments, and digital identity. In line with this shift, U.S. regulators are promoting onchain finance through Project Crypto, a major initiative introduced by U.S. Securities and Exchange Commission (SEC) Chairman Paul S. Atkins to modernize capital markets using blockchain. Gemini co-founder Cameron Winklevoss praised the efforts, stating: “Project Crypto outlines the plan for crypto to power America’s Golden Age. This starts with moving markets onchain.” Supporters argue that a well-regulated onchain system could enhance transparency and strengthen U.S. leadership in global finance.