Coinbase Faces Backlash Over 'Tone-Deaf' Sponsorship of US Army Parade
President Trump hosted a military parade in Washington, D.C., costing over $45 million, with Coinbase sponsoring the event. The sponsorship drew significant backlash from the crypto community, with critics arguing it contradicts Bitcoin's foundational principles of human flourishing and anti-war sentiment. Prominent figures like Peter Saddington and Adam Cochran expressed their discontent, with Cochran announcing he would divest from Coinbase. Coinbase defended its involvement, stating it was a one-time donation to the non-partisan America250 initiative celebrating the U.S. anniversary. Critics noted the event's political implications, especially given Trump's rhetoric and the military's role in global conflicts. Some crypto advocates argue that Bitcoin's limited supply makes it inherently anti-war, contrasting with fiat currency's use in funding wars. The sponsorship highlights a shift in the crypto industry towards mainstream acceptance and collaboration with government entities, moving away from its original anti-establishment ethos.
