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Coinbase Celebrates its IPO with an Encoded Message on Bitcoin Blockchain
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Coinbase Celebrates its IPO with an Encoded Message on Bitcoin Blockchain

Coinbase Celebrates its IPO with an Encoded Message on Bitcoin Blockchain

U.S.-based Coinbase has commemorated its public Nasdaq listing by posting a message to the Bitcoin blockchain. Coinbase inserted a message that pointed to a New York Times news headline from March 10, 2021, that examined the U.S. government’s trillion-dollar COVID-19 stimulus plan. The headline states: “NYTimes 10/Mar/2021 House Gives Final Approval to Biden’s $1.9T Pandemic Relief Bill.” 

Coinbase asked F2Pool, a mining pool, to encode the message on block 679,187 of the Bitcoin blockchain. The message in block 679,187 implies to the U.S. Congress passing the American Rescue Plan Act of 2021 on March 10. The bill sets aside $1.9 trillion for curbing the economic impact of the Covid-19 pandemic. Via posting the message on the day its “COIN” stock launched on the Nasdaq. Moreover, Coinbase advocated that it was paying homage to the title of a news article Bitcoin creator Satoshi Nakamoto embedded in the bitcoin genesis block mined on January 3, 2009.

Various Crypto Miners Celebrate Notable Events via Hidden Messages

The story, “Chancellor on Brink of Second Bailout for Banks,” was from the publication “The London Times,” describing the financial pressure beginning in 2008. Notwithstanding, Satoshi started the trend. Other crypto miners have earlier utilized hidden messages to mark Bitcoin history’s significant events. Moreover, prior to the third bitcoin halving in May 2020, F2Poll involved a message in the Bitcoin blockchain, including the headline of a New York Times article connecting the financial crisis provoked Covid-19 to 2008. Moreover, an unknown miner also inserted a Bible verse in a transaction in block number 666,666 of the blockchain; 666 is famous for its religious connotation.

Coinbase admitted that the message it issued was a “nod to Satoshi,” the pseudonymous creator of Bitcoin who encoded an equivalent message on Bitcoin’s first-ever block. Moreover, both messages refer to big government spending. Many cryptocurrency investors think this will drive fiat money devaluation (like U.S. dollars or British pounds) and be confident for Bitcoin in the long run. Coinbase’s message may be a criticism of government spending and the promotion of cryptocurrency as a choice to mainstream money.

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