The ad was launched less than a week after US President Joe Biden was accused of killing the US dollar by Russia’s President Vladimir Putin in a recent interview.
In its latest ad released on Feb.12, Coinbase used an animated Abraham Lincoln on a penny (or 1-cent coin), saying that it used to mean something.
“Now it is useless fodder for petty wishes tossed out like common garbage 120 million times a year, even though it is still technically money,”
Dollar Power Diminishing
The firm added that it costs nearly three times the value of one just to make one, and it’s been 167 years since its last update.
A video of someone sending the USDC stablecoin using the Coinbase mobile wallet followed with the caption, “Crypto moves money forward.”
$1.2 million worth of them go missing every year.
It costs nearly 3x the value of one just to make one.
And it’s been 167 years since its last update.
Thankfully, crypto can move the penny forward.
Right, Abe? pic.twitter.com/FN8jtnPzj3
— Coinbase 🛡️ (@coinbase) February 12, 2024
Dollar purchasing power has been diminishing for decades, this is not new news. Moreover, the money supply (M2) in the US has skyrocketed over the last two decades due to rampant central bank printing.
Since the end of 2003, it has surged almost 250% and is now over $20 trillion, according to the St. Louis Fed. The M2 money supply peaked at roughly $21.7 trillion in mid-2022 but has fallen slightly since then.
The greenback was in the spotlight in an interview with Russian President Vladimir Putin by former Fox News host Tucker Carlson on Feb. 9.
Putin warned the Biden administration is “killing [the dollar] with its own hands” by turning the currency into a weapon of foreign policy.
“Even the U.S. allies are downsizing the dollar in their reserves,” he said (translated).
Elon Musk commented on the interview, stating, “We have overplayed our hand in weaponizing the dollar. It was a dumb move.”
“To use the dollar as a tool of foreign policy struggle is one of the biggest strategic mistakes made by the U.S political leadership”
“It is a stupid mistake”
“Does anyone in the United States realize this?
“What are you doing?”
“You are cutting yourself off”
— Wall Street Silver (@WallStreetSilv) February 9, 2024
Don’t Blame Bitcoin
A 2019 video of Hillary Clinton claiming Bitcoin “has the potential to undermine the dollar as the reserve currency” has resurfaced on crypto X over the weekend.
It drew a number of comments from prominent industry executives and experts, including Galaxy Digital’s Mike Novogratz, who said:
“The only thing that can undermine the dollar as a reserve currency is reckless spending by BOTH parties. Trump and Biden have normalized huge deficits and have put us into the worst fiscal crisis of my lifetime. Don’t blame BTC.”
On Feb. 13, he took a swipe at America’s epic national debt and $2 billion daily interest repayments.
— Mike Novogratz (@novogratz) February 12, 2024
Meanwhile, Bitcoin has managed to hold on to the $50,000 level after reaching it in late trading on Feb. 12.