Golden Finance reported that the crypto trading platform Coinbase has recently been widely criticized for sponsoring the US military parade hosted by Trump last Saturday, causing a huge stir in the crypto community.
The military parade held on June 14th was aimed at commemorating the 250th anniversary of the founding of the United States Army, and it was also Trump’s 79th birthday on that day. The event was on a huge scale and was estimated to cost more than 45 million US dollars. Coinbase, as a sponsor, had its name publicly acknowledged at the military parade, which has aroused dissatisfaction among many crypto users. Many cryptocurrency enthusiasts believe that Coinbase’s move runs counter to the “decentralization” spirit advocated by Bitcoin. Since its inception, Bitcoin has adhered to the concepts of rebellion and questioning authority as well as advocating decentralization in the punk movement. This time, Coinbase’s sponsorship of the official military parade with a strong official nature is accused of moving closer to centralized power.
It is worth mentioning that Coinbase holds an important position in the cryptocurrency industry. Previously, the CEO of Coinbase was in London discussing Bitcoin and cryptocurrencies with British policymakers, and every move he makes within the industry has been closely watched. This sponsorship may have a negative impact on Coinbase’s image among the crypto user community. Some users have indicated that they will re-examine their supportive attitude towards Coinbase and even consider shifting to other trading platforms. In the current cryptocurrency market, which is already highly volatile and where regulatory policies remain unclear, Coinbase needs to properly handle this turmoil to regain users’ trust and consolidate its position in the market. How Coinbase will respond to the criticism from crypto users in the future and what impact this incident will have on its business development are worth continuous attention.
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