The year 2020 has been a big one for crypto: Bitcoin’s price is rising, investors are entering crypto, exchanges are developing products for better transactions in the crypto industry. With these, it is safe to say that crypto has gained appearance in new places, especially in the mainstream media. One major record is the Grayscale and Galaxy Digital partnership, and their media ad campaign launch for cryptocurrency investment products.
The crypto-based firms respectively ran a television and print ad campaign this week. At the same time, Barstool Sports founder and Bitcoin influencer Dave Portnoy, also known as “Davey Day Trader,” unveiled his Twitter video for Bitcoin. This begs the question, which is more effective for crypto adoption, influencers, or TV ads?
Grayscale’s and Galaxy Digital’s contribution to Crypto Adoption
Investment firm Grayscale recently dropped $250 million into Bitcoin. And has been displaying ads on TV and social media for its cryptocurrency investment funds. The ad runs on CNBC, Fox, Fox Business, MSNBC, and other channels. Galaxy Digital also pulled up an emotional chord via their full-page ad on Financial Times. The UK-based newspaper has over a million subscribers, and roughly 20% of those subscribers are millionaires. The Galaxy’s ad explained Bitcoin as an investable store of value that functions independently of the traditional financial system.
Effect of these advertisements on Crypto Adoption
While we are yet to fully grasp the importance of these ads, the introduction of these advertisements shows a significant shift in the relationship between the cryptocurrency industry and the media sector. Before now, individuals and companies were skeptical about ads for cryptocurrency investment products because of the fraud attached to it. In 2018, Facebook, Twitter, Google, Snapchat, and others banned all advertisements related to cryptocurrency. But the bans were lifted that same year too.
Also, the representation of cryptocurrencies in a print advertisement is a shift from the rigid cryptocurrency ad campaigns in the past. In November, the bank also launched the Galaxy Bitcoin Fund and the Galaxy Institutional Bitcoin Fund, targeted towards creating wealth for individuals between 50 and 80 years of age.
Meanwhile, influencers in the cryptocurrency industry are also having a significant impact on the industry. New investors are coming into crypto because of how well these influencers do their jobs. Famous crypto influencer, Dave Portnoy recently posted a video of himself buying $200,000 worth BTC with the help of Winklevoss twins. The video led to an increased price in Bitcoin and a 2.6% rise.
In all, both print/ TV ads and Influencers attract more clients to the crypto industry. There is no worthy comparison, as both mediums are playing significant roles in crypto adoption.