Posted by A sensational commercial was released by Coinbase in December 2023, and the whole world is now interpreting its tagline: what does “update the system” really mean?
If you are a crypto exchange and you are trying to promote yourself in the middle of the complicated situation cryptocurrencies are living in lately, you need to present a lateral perspective. It’s not about why someone should choose one exchange instead of another: the last Coinbase commercial intends to explain why you should enter the crypto world, and the tagline “update the system” has a precise meaning that many people want to understand.
The Coinbase commercial
The “system” is the capitalistic economy we have lived in for centuries. It’s not a perfect system, especially lately: in Western economies, people are more or less forced to dedicate a considerable number of hours to work just to have an average decent life. As the Coinbase commercial shows in one crucial scene, an ordinary family needs two or three jobs, which usually means more than 60-70 hours of work per week, to maintain a family and a house. As we know, capitalism has been based on work since the beginning. However, what has changed is the amount of work needed to have a basic quality of life (until some decades ago, one job was often enough for a family).
That Coinbase commercial points its finger at this situation, inviting us to “update the system.” As the ad says, “Just because you are born into a system doesn’t mean you have to live with it.” The commercial implies, without saying it explicitly, that the adoption of cryptocurrencies could represent a change in a positive direction. It’s only a theory so far, obviously, as the real impact of cryptos in the future has still to be assessed. Indeed, the simplicity with which Coinbase assumes cryptocurrencies will solve the problems of debt and quality of life triggered some criticism on social networks.
Nevertheless, the message conveyed by the Coinbase commercial surely has a point, and that’s what “update the system” really means. We all deserve a dignified life without being forced to make a number of sacrifices that practically cancel the life we were aiming for. A change is needed in one way or another. Cryptos may or may not be an answer, but the ad has pointed our attention to the fact that a change, an update, is truly needed. Highlighting the struggles we know very well.
What “Update the system” really means
The tagline “update the system” means that we are all called to do something to alter the current economic situation. Of course, changing a financial system is not something an individual can do alone, and that’s probably the simplistic assumption that has been targeted in the Coinbase commercial. Unless the idea is just to get rich investing in crypto, but as you understand, that would count as biased investment advice, and Coinbase explicitly states that this is not the purpose of the commercial. As in the video description on Youtube:
“Nothing discussed in this video is intended to be investment advice. This content, and any information contained therein, does not constitute a recommendation by Coinbase to buy, sell or hold any security, financial product or instrument referenced in the content.”
With this awareness, we can interpret the message in the Coinbase commercial as a general need we all feel based on the current economic conditions we live in. However, how to “update the system” is pure economic theory, and nobody has the final answer yet.
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