On June 14, sponsors of Coinbase’s military parade in Washington, DC sparked debate over whether Crypto had lost sight of its original spirit.
The parade, held to celebrate the 250th birthday of the US Army, took place amid the protests of the “king” across the country. Protesters opposed President Donald Trump’s immigration policy and massive deportation, calling for a parade that coincided with Trump’s 79th birthday, the dictator’s actions.
The largest crypto exchange in the United States and the third largest in the world, Coinbase has joined high-tech giants like Amazon, sponsoring military parades. The parade had a total of 22 corporate sponsors, including Palantir, a big data analytics company tasked with compiling data about Americans on federal agencies using AI systems.
Coinbase, which previously donated $1 million to Trump’s inauguration in January, also cried out from the event MC towards the end of the parade. Coinbase’s sponsorship was interpreted as support and support for a heavily criticized event, sparking debate among the crypto community.
How does cryptography hesitate from its original spirit?
When Nakamoto at mined its first Bitcoin (BTC) in January 2009, he left a message in the Genesis block. The message pointed to a Times article on how the UK was planning to bail out banks in the aftermath of the 2008 economic collapse.
Therefore, Nakamoto’s invention of Bitcoin, which essentially created the crypto industry, was a form of protest. Nakamoto uses Bitcoin to provide alternatives to traditional currencies controlled by central banks and governments, continually stating the burden of bailing out businesses to its citizens.
Bitcoin was designed to bypass governments and facilities that control the supply of traditional currency, allowing individuals to trade via a decentralized medium called blockchain. Therefore, we track that the earliest adopters of Bitcoin and Cryptocurrency were tech enthusiasts and libertarians against control and surveillance by central authorities, including banks and governments.
So Coinbase’s sponsorship rightly sparked a debate about whether Crypto has lost his way. Felix Jobim, director and host of the Forward Guidance Podcast, wrote to X:
“Brothers I don’t think cryptography is a counterculture movement anymore.”
Counterculture movements propose values that are different from or opposite to mainstream cultures. Cryptocurrencies were once seen as a counter-measure to the mainstream culture of reliance on centralized financial authorities.
However, Jauvin’s questions about the evolution of Crypto have hit a chord with many as Coinbase sponsors a military parade celebrating the US military, which serves as a major symbol of centralized power and authority.
What the crypto community is saying
Several members of the crypto community agreed to Yaubin, and many declared that cryptography had long ago left its original goal or “not before.” For example, one X user said that Crypto has not been a counterculture movement for three years, adding:
“But there are always parts of the code that are counterculture and people who aren’t.”
It also questioned the need for corporate sponsors if the parade costs around $45 million in public funds. One user authed whether Coinbase would also sponsor a repair to DC’s “Tank Mangle Street.”
Others were not surprised by Coinbase’s move. One X user wrote:
“It makes sense, just as 30% of the crypto community has gone from libertarian type to a bootlicking version of MAGA.”
Several users also opposed Jauvin’s claim. One user notes that systems without bottom-up permissions usually evolve in ways that participants disagree with. User added:
“This is better than determining what a particular group should be and what not to do.
I can’t even eat cake! ”
Many crypto holders saw Coinbase sponsorship as a way to maximize profits while withholding judgment.