Coinbase Faces Backlash Over ‘Tone-Deaf’ Sponsorship of US Army Parade
The post Coinbase Faces Backlash Over ‘Tone-Deaf’ Sponsorship of US Army Parade appeared on BitcoinEthereumNews.com. In brief Centralized exchange Coinbase was announced as a sponsor for Saturday’s U.S. Army parade. Some crypto users are upset over the connection, believing it goes against what crypto stands for. Bitcoin, the first and still most valuable cryptocurrency, is considered by some advocates to be an “anti-war” currency. President Trump rolled out the U.S. Army in a military spectacle that drew thousands of attendees on Saturday and cost upwards of $45 million. As armed troops marched through Washington, D.C., a special acknowledgement echoed through the sound system, thanking crypto exchange Coinbase for sponsoring the event. The moment has been viewed millions of times on X alone, with Coinbase facing considerable criticism from crypto users. Peter Saddington, who claims to have bought Bitcoin as early as 2011, told Decrypt that he shook his head when he saw the now-viral video. He believes it betrays everything that crypto was founded on. “It’s tone-deaf,” Saddington said. “They are focused on their shareholders and special interests over the core point of Bitcoin: human flourishing. To support war (or supporting mechanisms for war) is ridiculous. It’s like the cancer society promoting [tobacco giant] Philip Morris.” Saddington isn’t alone. The Coinbase sponsorship was met with uproar across the industry, with Adam Cochran—a prominent crypto X personality and founder of investment firm Cinneamhain Ventures—claiming that he will exit all of his Coinbase positions as a result. “I’ve been a Coinbase customer for over a decade now, and appreciate the early work they did in the space,” Cochran wrote on X. “But for now, it’s time for me to vote with my wallet and use alternatives that either align with my values or that can actually keep their ‘credibly neutral’ stance, instead of only applying it conveniently.” In a 2020 blog penned by Coinbase CEO Brian Armstrong,…
The post Coinbase Faces Backlash Over ‘Tone-Deaf’ Sponsorship of US Army Parade appeared on BitcoinEthereumNews.com.
In brief Centralized exchange Coinbase was announced as a sponsor for Saturday’s U.S. Army parade. Some crypto users are upset over the connection, believing it goes against what crypto stands for. Bitcoin, the first and still most valuable cryptocurrency, is considered by some advocates to be an “anti-war” currency. President Trump rolled out the U.S. Army in a military spectacle that drew thousands of attendees on Saturday and cost upwards of $45 million. As armed troops marched through Washington, D.C., a special acknowledgement echoed through the sound system, thanking crypto exchange Coinbase for sponsoring the event. The moment has been viewed millions of times on X alone, with Coinbase facing considerable criticism from crypto users. Peter Saddington, who claims to have bought Bitcoin as early as 2011, told Decrypt that he shook his head when he saw the now-viral video. He believes it betrays everything that crypto was founded on. “It’s tone-deaf,” Saddington said. “They are focused on their shareholders and special interests over the core point of Bitcoin: human flourishing. To support war (or supporting mechanisms for war) is ridiculous. It’s like the cancer society promoting [tobacco giant] Philip Morris.” Saddington isn’t alone. The Coinbase sponsorship was met with uproar across the industry, with Adam Cochran—a prominent crypto X personality and founder of investment firm Cinneamhain Ventures—claiming that he will exit all of his Coinbase positions as a result. “I’ve been a Coinbase customer for over a decade now, and appreciate the early work they did in the space,” Cochran wrote on X. “But for now, it’s time for me to vote with my wallet and use alternatives that either align with my values or that can actually keep their ‘credibly neutral’ stance, instead of only applying it conveniently.” In a 2020 blog penned by Coinbase CEO Brian Armstrong,…
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