As the 58th edition of the Super Bowl approaches, excitement is building among millions of Americans. But for crypto enthusiasts, a feeling of bitterness is setting in: no advertising related to bitcoin or ETFs will make a return this year. A major disappointment, highlighting the after-effects left by the 2023 bear market.
Crypto at the Super Bowl: The Debatable Absence
Little reminder : FTX shined during the 2022 Super Bowl, spending $6.5 million on an ad alongside Coinbase and Crypto.com. Larry David, paid 10 million, touted FTX as the next big revolution. But nine months later, FTX founders, Sam Bankman-Fried accused of embezzling customer funds for advertising madness. The results ? SBF convicted of fraud, criminal conspiracy and money laundering. A shipwreck for the crypto-sphere.
There’s no big surprise given the cost (and paltry expense ratios of ETFs), but it would have created ‘huge’ buzz. »
This year, Super Bowl LVIII will leave cryptocurrency enthusiasts hungry for more. FOX Business revealed that most large companies in the sector will prefer to stay behind during this major marketing event. If the digital asset market, valued at 1.7 trillion dollarsis in a much better position than a year ago, during the bear marketcrypto companies believe they have other priorities for their advertising budget.
Kraken, the second largest crypto exchange in the United States, has decided not to participate in Super Bowl advertising this year. According to Mayur Gupta, Marketing Director at Kraken, it is crucial to focus on education and awareness rather than hype.
Meanwhile, Coinbase, the country’s largest crypto exchange, is shifting its budget toward lobbying in Congress and campaign contributions in Washington, D.C., leading up to the 2024 elections. Although some companies have previously advertised during the Super Bowl, their absence this year highlights a shift in strategy toward initiatives more focused on politics and education about cryptocurrencies.
The other major absentees from the advertising screen
Missing is always wrong at the Super Bowl, and this year, cryptocurrency exchanges and Bitcoin exchange-traded fund (ETF) issuers are no exception. Despite massive advertising spending in other sectors, these players remain in the background during the big Sunday show.
BlackRock, a global asset management giant, and Grayscale, holder of $21 billion in Bitcoin assets, chose not to get involved. Although some see this absence as a missed opportunity, it is hardly surprising that advertisements for Bitcoin ETFs are lacking, the majority of Super Bowl advertising slots having been sold well before the recent SEC approval of these products.
Additionally, recent turmoil in the crypto market has likely discouraged companies from spending money on such advertisements.
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