Coinbase mocks Fiat, Putin accuses Biden of ‘killing’ US dollar, BTC tops $50k
The announcement comes less than a week after US President Joe Biden accused Russian President Vladimir Putin of killing the US dollar in a recent interview.
In its latest ad released on February 12, Coinbase used an animated Abraham Lincoln on a dime (or 1-cent coin), saying it meant something.
“Now, even though it's technically money, 120 million times a year it's worthless for the petty ambitions that are thrown away as ordinary garbage.”
The dollar's power is waning.
The firm added that it would cost nearly three times as much to build one, and it had been 167 years since the last update.
A video of a man sending USDC stablecoin using a Coinbase mobile wallet reads: “Crypto money moves forward.
Coins… costing them $1.2 million are missing every year. It costs about 3x to make one. And it's been 167 years since it was last updated.
Fortunately, cryptocurrency can move forward. Right, Abe? pic.twitter.com/FN8jtnPzj3
— Coinbase 🛡️ (@coinbase) February 12, 2024
The dollar's purchasing power has been declining for decades, which is not new news. Moreover, the money supply (M2) in the US has increased significantly over the past two decades due to massive central bank printing.
Since the end of 2003, it has grown nearly 250% and is now more than $20 trillion, according to the St. Louis Fed. The M2 money supply peaked at $21.7 trillion in mid-2022 but has fallen slightly since then.
On February 9, former Fox News host Tucker Carlson's interview with Russian President Vladimir Putin brought the greenback into the spotlight.
Putin warned that the Biden administration is “killer”. [the dollar] With his own hands” by turning the currency into a foreign policy tool.
“Even America's partners are reducing the dollar in reserves,” he said (translated).
Elon Musk commented in an interview, “We overplayed our hand in arming the dollar. It was a stupid move.”
put in:
“Using the dollar as a foreign policy weapon is one of the biggest strategic mistakes made by the American political leadership.”
“It's a stupid mistake.”
“Does anyone in the United States know this?
“what are you doing?”
“You'll cut yourself.”
Even… pic.twitter.com/LNE6E6kfZv
— Wall Street Silver (@WallStreetSilv) February 9, 2024
Don't blame Bitcoin
2019 Hillary Clinton appeared on crypto X over the weekend saying Bitcoin “has the potential to undercut the dollar as a reserve currency.”
Galaxy Digital attracted a number of comments from prominent industry executives and experts, including Mike Novogratz:
“What could weaken the dollar as a reserve currency is reckless spending on both sides. Trump and Biden have fixed huge deficits and plunged us into the worst fiscal crisis of my lifetime. Don't blame BTC.”
In the year
I can think of 34 trillion reasons to believe in $BTC… America spends over $2 billion in interest payments every day. That's over $83 million every hour!! pic.twitter.com/SH7DeYEc0D
— Mike Novogratz (@novogratz) February 12, 2024
Meanwhile, Bitcoin managed to hold the $50,000 level after reaching the late trading on February 12.
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