Some Crypto Users Angry at Coinbase Reaffirming Belief That Bitcoin Is Inherently Anti-War

U.S. President Donald Trump unleashed the U.S. Army in a military spectacle that drew thousands of attendees on Saturday (14) and cost more than $45 million. As armed troops marched through Washington, D.C., a special shout-out echoed over the sound system, thanking cryptocurrency exchange Coinbase for sponsoring the event.

The moment was viewed millions of times on X alone, with Coinbase facing considerable criticism from cryptocurrency users.

Peter Saddington, who claims to have bought Bitcoin as early as 2011, told Decrypt that he shook his head when he saw the now-viral video. He believes it betrays everything the cryptocurrency was founded on.

“It’s insensitive,” Saddington said. “They are focused on their shareholders and special interests at the expense of the core point of Bitcoin: human flourishing. Supporting war (or mechanisms that support war) is ridiculous. It’s like the cancer society promoting [tobacco giant] Philip Morris.”

Saddington isn’t alone. Coinbase’s sponsorship has been met with uproar across the industry, with Adam Cochran — a prominent crypto personality on X and founder of investment firm Cinneamhain Ventures — saying he will exit all of his Coinbase positions as a result.

“I’ve been a Coinbase customer for over a decade and appreciate the early work they’ve done in the space,” Cochran wrote on X. “But for now, it’s time for me to vote with my wallet and use alternatives that align with my values ​​or can actually maintain their ‘credibly neutral’ stance, rather than only applying it when it’s convenient.”

In a 2020 blog post, Coinbase CEO Brian Armstrong said the exchange would “minimally focus” on political causes and would not “advocate for any cause or candidate” that was “unrelated” to its mission.

Mixed reactions

Whether a U.S. Army parade counts as “political” has received mixed reactions on social media since Saturday, though the loudest voices have been those saying it does.

Given President Trump’s harsh rhetoric against political opponents, his own reported personal pressure for the parade (which coincided with his birthday), the event contrasting with anti-Trump protests across the country on Saturday, and its military use in bloody conflicts around the world, many cryptocurrency supporters see the sponsorship as a breach of Armstrong’s promise.

A Coinbase spokesperson confirmed to Decrypt that the mention of the event was the result of a one-time donation to America250, a year-long, nonpartisan initiative that seeks to celebrate the 250th anniversary of the United States next year.

Other sponsors of America250 include soft drink giant Coca-Cola, investment bank Goldman Sachs, defense contractor and controversial data firm Palantir — which was also prominently featured as a sponsor during the event. Given the stated nonpartisan nature of the initiative, the exchange does not believe it is breaking its previous promise of apoliticality.

Coinbase was also one of Trump's biggest cryptocurrency donors while he was in office, contributing $1 million in the run-up to the Republican's inauguration.

“Coinbase is probably doing this just to get more attention and get on the good side of the US government,” crypto influencer and Trump memecoin dinner attendee Nick Pinto told Decrypt. He added that the sponsorship is “probably part of a bigger plan,” before sharing more conspiracy theories.

Is Bitcoin anti-war?

Coinbase has faced resistance in part because some cryptocurrency supporters believe that Bitcoin — the first and still most valuable cryptocurrency by market cap — is inherently anti-war in nature.

“Bitcoin is anti-war technology. You can’t afford to go to war when you can’t print infinite money,” said Peter Saddington, noting Bitcoin’s limited supply. “If Bitcoin companies support mechanisms, entities and organizations that are part of any war machine, they’ve lost their minds.”

A country can devalue its currency, or decrease its value, by printing more to help finance a war. Notably, this happened in Germany during World War I and resulted in post-war hyperinflation.

Saddington argued that Satoshi Nakamoto's famous Bitcoin white paper was a direct response to this problem, proposing a solution built to benefit humans that cannot be controlled by governments.

“The deeper nuance is that fiat debasement ruins human flourishing. To keep countries functioning, they must expand not just the money supply but also expand the use of money,” he said. “War, as we know it, is the strong arm of monetary policy, and in tandem it supports fiat hegemony. This is antithetical to the entire purpose of Bitcoin.”

“Fiat currency is a tool of war,” pseudonymous on-chain detective OkHotshot added. “Governments sanction countries with it. Satoshi railed against bank bailouts and government-controlled currency — armies are the ultimate backbone of fiat currency.”

Of course, Coinbase isn’t Bitcoin. Instead, it’s a company that supports the trading of hundreds of cryptocurrencies, each designed with its own ethics and featuring a diverse community of supporters. Bitcoin is just one of those currencies. And a lot has changed since Bitcoin was first launched over 16 years ago.

“Companies like Coinbase are part of this industry and sometimes work with large institutions and even support events like military anniversaries, just like other established companies do,” OkHotshot said. “This shift is natural as crypto grows and seeks to reach more people, even if it means the landscape looks a little different than it did in the early days.”

Episode reflects changes in the crypto environment

For some crypto users, the sponsorship is a sign of the times. It’s no longer an edgy counterculture filled with anti-establishment anarchists. Instead, the industry is joining forces with governments, and the US president is deeply intertwined with crypto.

This is further exemplified by the US’s creation of a strategic Bitcoin reserve and digital asset stockpile under President Trump, who has his own memecoin, NFTs, and other cryptocurrency projects—with his family also connected to several cryptocurrency initiatives.

“It’s becoming more than just an anti-government or anti-bank movement. It’s now growing into something real, a new system for money that more people can actually use and trust,” Web3 marketing expert Ishita Pandey told Decrypt. “We’re seeing crypto move from rebellion to relevance. It’s no longer just about fighting the system, but about building something better alongside it.”