In turbulent times for the entire world, the space for cryptocurrencies seems to pass on its own in 2020. The Coronavirus pandemic has put severe pressure on economies around the world, and countries like the United States have used their central banks to use advanced amounts to facilitate stimulus of financial ecosystems.
Some analysts believe that this ongoing financial stimulus is part of the reason the cryptocurrency market is relatively successful compared to its traditional financial counterparts.
Anthony Pompigliano, co-founder of Morgan Creek Digital, and Matti Greenspan, founder of Quantum Economics, have pointed this out in a number of recent investor newsletters. Their visions are directly reflected by some of the major moves by traditional companies that have made large investments in Bitcoin (BTC) and other cryptocurrencies.
MicroStrategy, the world’s largest business intelligence company, made headlines last week when it invested $ 250 million directly in Bitcoin. The company reiterated its belief that Bitcoin is an excellent store of value compared to other financial assets and will outperform fiat currencies in the long term.
Another clear sign that positive sentiment in this area is rising sharply is the growth of assets under the control of cryptocurrency fund manager Grayscale Investments.These numbers may rise in the next few months, bearing in mind that Grayscale is now actively promoting its services on state television. United.
Although it is not the first time that cryptocurrency exchanges and fund managers have been announced in traditional media, the sheer concern for space indicates a shift in sentiment among the general public.
As Cointelegraph investigated on August 10, the launch of Grayscale TV commercials could be a major catalyst for increased investment in cryptography, compared to Merrill Lynch’s 1948 announcement that introduced investors to the stock and bond markets. Grayscale posted a teaser for the show on Twitter. The full version now works on CNBC, MSNBC, Fox and Fox Business, among other channels.
While playing Grayscale’s advertisement on TV and social media channels, traditional typography wasn’t neglected either. Galaxy Digital, made famous by millionaire Mike Novogratz, placed a big advertisement on August 13 in the well-known British business newspaper, the Financial Times. The post had more than 1 million subscribers in 2019, with an estimated 18% of its readership being millionaires. The ad itself contains passionate language that encourages people to invest in Bitcoin by highlighting the difficult social, political and economic landscape this year.
Will mainstream advertising lead to adoption?
Even before these ad campaigns began, the cryptocurrency space enjoyed a period of increased interest and the resulting investment. It remains to be seen whether these initiatives to attract new users to the ecosystem will bear fruit.
Cointelegraph has reached out to Joshua Frank, co-founder and CEO of the encrypted data aggregation platform The Tie, to assess the potential effectiveness of these marketing efforts. Frank was not entirely surprised to see these promotions as running campaigns seem to be the mood of the hour, according to the campaign for the controversial HEX code recently seen in the UK. However, he acknowledged that it was a tactical change of the cryptocurrency industry:
“A few years ago I never expected a cryptocurrency print ad. I think the move to Bitcoin as the digital story of gold is the reason I tracked print advertising. Trying to get an older generation investing in gold to offer Bitcoin as a digital alternative.”
Frank believes Grayscale’s TV ads are likely to be more influential than Galaxy Digital’s digital print campaign, though he indicated that the response to Grayscale’s video may not have been as positive as the company requested.