Bitcoin Rocketing to an All-Time High. What Are Two Bitcoin-related Companies Now Doing With Their Facebook Ads?
Bitcoin just blasted through its previous all-time high price of $19,655 on December 16th, 2020. It went as high as $23,533 on December 17th, 2020.
You may not know what a Bitcoin is; I'm still not sure myself, even after reading the excellent book "The Bitcoin Standard" by Saifedean Ammous. But if Bitcoin keeps rising as it has since March of 2020 (up 370%), many will learn just enough that they'll feel good investing in it.
Are Bitcoin-related companies taking advantage of this big news with their Facebook ads? As of this moment, I don't see it in the two companies I found.
Perhaps they are furiously working to craft some new ads as I write this.
The first company is Coinbase, a cryptocurrency exchange. They deal with many other cryptocurrencies besides Bitcoin. They claim to be "the easiest place to buy, sell, and manage your cryptocurrency portfolio."
They have 180 active Facebook ads. Many launching in the last three days. An ad mentions that "Bitcoin is up this month," which is quite an understatement. Perhaps they have to be careful not to violate some Facebook rules about investment advertising.
Another ad does mention you would have more than doubled your money if you bought "Bitcoin this time last year." Many of the ads emphasize starting small, with as little as $25.
So they are targeting folks that have heard of Bitcoin but don't own any of it. They aren't pushing it as a significant part of your diversified portfolio.
Many other ads have a video of twenty-somethings saying you can earn money just by learning about crypto. Coinbase uses this enticement to get people excited about crypto by making some money at the same time.
I don't see what I expected with dramatic comparisons of storing your money in Bitcoin versus getting very little interest from a savings account. There is no dramatic imagery or memes of Bitcoin rocketing to the moon and beyond.
The other company is Bitpay. They offer the following, "Manage and spend your Bitcoin with the BitPay App, and turn bitcoin into dollars with BitPay's Prepaid Mastercard®."
They make it as easy to spend your Bitcoin as it is to use a credit card or debit card tied to dollars in a bank account.
They make no mention of how Bitcoin has been shooting up in value. They are only concerned with targeting people who already own Bitcoin and giving them an easy way to spend that Bitcoin.
Ads emphasize Bitpay as easy and secure. They have a total of 24 active Facebook ads that all follow a similar theme. Perhaps there is a way to highlight the benefits of holding Bitcoin in a Bitpay card that ties into the rise of Bitcoin's price?
I would compare a Bitpay card with a typical debit card and mention how Bitpay does a way better job of retaining the value of your hard-earned money than that debit card's bank account.
It will be interesting to see how Bitcoin-related companies advertise across Facebook and elsewhere in the coming days, weeks, and months.
Bitcoin did see a similar rise up in late 2017 but with a crash in early 2018. So both consumers and companies are wary of Bitcoin's volatility. That crash can affect advertising.