How did you first hear about Bitcoin?
Bitcoin Ads Around the World
On the news? On social media? Most people who have been in the game for a while found it themselves or heard about it from a friend. However, more and more people are learning about it from advertisements.
Late last year, French television viewers were introduced to Bitcoin ads. The advertisements were for a financial service that allows users to exchange fiat (local currency) for cryptocurrency.
The demand for cryptocurrency in France has definitely increased, but it isn’t as strong when compared to other countries. France is in the heart of the eurozone where the same currency is shared across multiple countries. With that said, it is great to see TV ads, as this showcases increased user-adoption for both blockchain and cryptocurrencies in France.
A stronger case exists in the United Kingdom. The UK still uses the pound sterling despite all of its neighbours using the euro. The value of the pound has also been in flux in recent months due to political uncertainty and the UK’s ever-impending exit from the European Union. Fans of Premier League football recently saw cryptocurrency ads during a game.
The case is similar in much of Africa. Many different fiat (local) currencies are used across Africa. South Africa, in particular, has been very welcoming of cryptocurrency and recently, many people (between 90,000 and 110,000) have seen a Bitcoin ad on their morning commute.
Why Coiners Should Care
There are a number of things that we can learn from Bitcoin ads, even if we already use cryptocurrency. What’s important to note is that the use of advertising shows us all that Bitcoin and cryptocurrency is becoming regulated to the point that it is advertised in public spaces to mass audiences. This also indicates potential growth and adoption within these countries.
While most people are aware of crypto, many people who don’t already have it, don’t know much about it. They may still see it as a fad, or something only kids and hackers do. Seeing ads for crypto with access in their communities and retailers helps to change the way that they think of it.
The Case for Adoption
Do we need more adopters? It’s a contentious topic among hodlers left jaded by the crypto winter. Many blame uninformed adopters who flee at the first sign of trouble, causing prices to fall precipitously.
“[Panic] is the biggest contributing factor to the recent Bitcoin crash,” crypto consultant Reza Jafery recently wrote in Hackernoon. “Cryptocurrency is unique in the sense that it is the only financial market that is made up primarily of new investors, or investors that haven’t been trained in finance. Which means, this is the most emotional market in existence.”
No one will argue that new adopters should do their research before buying. However, the crypto community does need new adopters.
New informed adopters lead to short-term rises in value and long-term stability. Further, more coin holders incentivise businesses to support crypto. It’s that kind of adoption that has the power to take crypto from asset to currency.