Coinbase sponsors Trump's military parade, sparking debate

Coinbase's sponsorship of the military parade in Washington, D.C. on June 14 – marking the 250th anniversary of the United States Army – has sparked a wave of debate in the cryptocurrency community about whether the industry is drifting away from its original ideals.

The event took place against the backdrop of the "No Kings" protest wave spreading across the United States, opposing the hardline immigration policies and mass deportations under President Donald Trump. Coinciding with Trump's 79th birthday, the parade was seen by many as a manifestation of authoritarian thought.

Coinbase – the largest cryptocurrency exchange in the U.S. and the third largest globally – along with Amazon and 20 other corporations, is sponsoring this event. Notably, Palantir – a data analytics company that uses AI systems to collect citizen information for federal agencies – is also on the list of sponsors. With significant funding and a "thank you" from the host, Coinbase once again became the center of attention, after having donated 1 million USD to Trump's inauguration in 2017.

The community quickly raised the question: Cryptocurrency – which was born from the spirit of resistance to the traditional financial system – now accompanies a symbol of centralized power, can it still retain its identity?

From Satoshi to the "shift" of cryptocurrency

When Satoshi Nakamoto mined the first Bitcoin block in January 2009, he left a message referring to an article in The Times, reflecting the UK government's preparation to bail out banks after the financial crisis. Bitcoin was born as a strong critique of the monetary system controlled by governments and central banks – which often places the burden of crises on the shoulders of the people.

With a decentralized mechanism, blockchain provides the ability to transact without intermediaries – an alternative solution to the traditional financial system. The early supporters of Bitcoin were technologists, individual libertarians, who opposed government oversight and control.

Therefore, the fact that Coinbase – a symbol of the cryptocurrency market's power – is sponsoring an event honoring the military, which is a typical representative of centralized power, has raised questions for many about the current direction of the industry.

Felix Jauvin, the host of the podcast Forward Guidance, wrote on the X platform: "Hey guys, I don’t think cryptocurrency is a countercultural movement anymore."

Community response

Many community members agree that cryptocurrency has long strayed from its original mission – or perhaps it was never truly a countercultural movement. A user on X commented:

"Cryptocurrency is no longer a counterculture from three years ago. However, there will always be opposing pieces in the world of cryptocurrency."

Some others criticize the spending of tens of millions of USD from the public budget for the event and then needing additional corporate sponsorship. One person sarcastically remarked, "Will Coinbase also sponsor the road repairs caused by the tanks?"

Another opinion remarked: "It's only reasonable. About 30% of the cryptocurrency community has shifted from a libertarian mindset to supporting a MAGA-style submission to power."

However, not everyone agrees with the criticism. Some argue that free development, without top-down control, will inevitably lead to different directions – sometimes causing dissatisfaction among some: "Better than letting a group of people decide what is right or wrong. We cannot eat the cake and keep the cake at the same time."

For many investors, Coinbase's move is simply a business strategy – aimed at financial benefits and should not be hastily concluded as a betrayal of its original ideals. However, the question of whether cryptocurrency is still a movement against the old system or has become a part of it – remains a hot topic.

Mr. Teacher