Coinbase Ad Highlights Dollar’s Diminishing Power
A recent ad released by Coinbase draws attention to the diminishing power of the US dollar. The ad features an animated Abraham Lincoln on a penny, emphasizing that the penny used to hold value but is now considered useless. It costs more to produce a penny than its actual value, and it hasn’t been updated in 167 years. The ad suggests that cryptocurrency can move money forward, showcasing a video of someone sending the USDC stablecoin using the Coinbase mobile wallet. This comes after Russia’s President Vladimir Putin accused the Biden administration of killing the US dollar by turning it into a weapon of foreign policy.
Don’t Blame Bitcoin for Dollar’s Troubles
A video from 2019 resurfaced featuring Hillary Clinton stating that Bitcoin has the potential to undermine the dollar as a reserve currency. However, industry executives and experts argue that reckless spending by both political parties is what undermines the dollar, not Bitcoin. Galaxy Digital’s Mike Novogratz points out that massive deficits under both Trump and Biden have led to a fiscal crisis. Novogratz also highlights America’s massive national debt and daily interest repayments amounting to $2 billion. While the dollar faces challenges, Bitcoin has managed to maintain its value above $50,000.
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