Coinbase, the largest cryptocurrency exchange in America, has recently mocked fiat currencies in its latest advertisement, which coincides with accusations made by Russia’s President Vladimir Putin against US President Joe Biden, claiming that Biden is responsible for undermining the US dollar.
In the advertisement released on February 12, Coinbase featured an animated depiction of Abraham Lincoln on a penny, lamenting the diminished value of the coin, which is now considered worthless and tossed away like common garbage despite still being technically recognized as money.
The ad highlighted the exorbitant cost of producing pennies, which is nearly three times their actual value, and pointed out that the design of the penny has remained unchanged for 167 years.
Accompanying the advertisement was a video demonstrating the use of the USDC stablecoin through Coinbase’s mobile wallet, suggesting that cryptocurrency represents a forward movement of money compared to traditional fiat currencies.
The decline in the purchasing power of the US dollar has been a long-standing issue, with the money supply (M2) in the US experiencing a significant increase over the past two decades due to extensive central bank money printing. Despite peaking at around $21.7 trillion in mid-2022, the M2 money supply has slightly decreased since then.
Putin’s recent interview with former Fox News host Tucker Carlson on February 9 drew attention to the weakening position of the US dollar, with Putin accusing the Biden administration of using the dollar as a geopolitical weapon and thereby contributing to its decline. Elon Musk also chimed in, criticizing the US for overplaying its hand in weaponizing the dollar.
Furthermore, a resurfaced 2019 video featuring Hillary Clinton discussing Bitcoin’s potential to undermine the dollar sparked commentary from various industry figures, including Mike Novogratz of Galaxy Digital, who attributed the fiscal crisis to reckless spending by both political parties rather than Bitcoin.
As these discussions unfold, Bitcoin has managed to maintain its position above the $50,000 threshold, reaching this milestone in late trading on February 12.