Major crypto players opted for the bench as no crypto firm pitched during the glam and glitter of the Super Bowl LVIII on Sunday.
What Happened: There were no flashy crypto ads this year, just Twitter co-founder and Block Inc SQ CEO Jack Dorsey, spotted in the stands in a ‘Satoshi’ sweatshirt, in the company of music royalty, Jay Z and Beyoncé.
‘Satoshi’ sweatshirt signifies an ode to Satoshi Nakamoto, the pseudonymous creator of Bitcoin BTC/USD. It should be noted that Dorsey is a staunch BTC supporter.
Crypto exchanges, despite being more financially stable compared to the “crypto winter” of last year, have decided to diversify their marketing playbook away from the high-stakes Super Bowl.
This comes as Kraken, regarded as the second-largest U.S. exchange, deliberately sidesteps this year’s American football championship. Chief Marketing Officer Mayur Gupta told FOX Business the rationale behind their withdrawal. “The next wave of crypto users will come from all around the world, not just the United States.”
Another cryptocurrency exchange Coinbase, the largest in the United States, is steering its efforts and funds this year toward lobbying for substantial cryptocurrency laws and supporting politicians in Washington, D.C. who favor crypto, all in preparation for the elections slated for 2024.
Why It Matters: Moreover, companies such as BlackRock and Grayscale, have also remained on the sidelines, opting to forgo the splashy ad space this season despite recently getting the green light for Bitcoin Spot ETFs.
CBS reported that by early November, they had already filled almost all the advertising spots for the Super Bowl. The official green light for Bitcoin ETFs from the SEC came only two months after these slots were booked.
In the 2022 Super Bowl, FTX stood out as a major advertiser, shelling out $6.5 million for its spot next to other crypto heavyweights like Coinbase and Crypto.com. The ad starred Larry David and attracted attention when David revealed that he received a $10 million payment from Bankman-Fried to endorse FTX as “the next big thing” in the brief, half-minute commercial.
Photo by Frederic Legrand – COMEO on Shutterstock
Price Action: Bitcoin was trading at $48,123, up 0.58% in the last 24 hours, according to Benzinga Pro.