Super Bowl 2024 without crypto: When absence creates a buzz!

As the 58th edition of the Super Bowl approaches, excitement builds among millions of Americans. However, for cryptocurrency enthusiasts, a sense of bitterness is setting in: no advertisements related to Bitcoin or ETFs will make a comeback this year. A significant disappointment that underscores the aftermath of the 2023 bear market.

Crypto at the Super Bowl: The Absence that Sparks Debate

A quick reminder: FTX shone during the 2022 Super Bowl, spending $6.5 million on an advertisement alongside Coinbase and Crypto.com. Larry David, paid $10 million, promoted FTX as the next big revolution. But nine months later, FTX collapsed, with Sam Bankman-Fried accused of misappropriating client funds for advertising sprees. The consequences? SBF sentenced for fraud, conspiracy, and money laundering. A shipwreck for the crypto-sphere.

No spot bitcoin ETF ads during Super Bowl…

Not huge surprise given cost (& paltry ETF expense ratios), but would have created *enormous* buzz.

via @EleanorTerrett pic.twitter.com/kPAZ9i3zcW

— Nate Geraci (@NateGeraci) February 10, 2024

This year, Super Bowl LVIII will leave cryptocurrency enthusiasts hungry for more. FOX Business reported that most major companies in the sector prefer to stay on the sidelines during this major marketing event. Even though the digital asset market, valued at $1.7 trillion, is in much better shape than it was a year ago during the bear market, crypto companies believe they have other priorities for their advertising budget.

Kraken, the second-largest crypto exchange in the U.S., has decided not to participate in Super Bowl advertising this year. According to Mayur Gupta, Chief Marketing Officer at Kraken, it is crucial to focus on education and awareness rather than on hype.

Meanwhile, Coinbase, the country’s largest crypto exchange, is redirecting its budget towards lobbying in Congress and campaign contributions in Washington, D.C. for the 2024 elections. Although some companies have already advertised during the Super Bowl, their absence this year underscores a shift in strategy towards more politically oriented and educational initiatives about cryptocurrencies.

The Other Major Absences from the Advertising Screen

Those absent are always wrong at the Super Bowl, and this year, cryptocurrency exchanges and Bitcoin Exchange Traded Funds (ETFs) are no exception. Despite massive advertising spending in other sectors, these players remain on the sidelines during the big Sunday show.

BlackRock, a global asset management giant, and Grayscale, holder of $21 billion in Bitcoin assets, have chosen not to get involved. Although some see this absence as a missed opportunity, it is hardly surprising that Bitcoin ETF advertisements are missing, with the majority of Super Bowl advertising slots sold well before the SEC’s recent approval of these products.

Additionally, the recent turmoil in the crypto market has likely discouraged companies from spending money on such advertisements.