There was a time when everywhere you’d look there was a Cryptocurrency Ad but it now seems things are changing. Fast.
According to TV-ad measurement company ISpot.tv, crypto companies – including Crypto.com, Coinbase, and FTX – have dramatically decreased their expenditure on television marketing in the past months, Bloomberg reported. This has happened mostly in the US market.
In February 2022, the month of the Super Bowl, for instance, industry players spent USD 84.5m on such activities. A month later, the number fell from this high, going down to only about USD 18m.
From then, it has been a nose dive.
The report now shows that only $36,000 on Ads was spent in June making it the lowest monthly total since January 2021.
“Ad sellers shouldn’t expect growth in this vertical for the remainder of the year due to the crash in crypto valuations and emerging allegations of fraud among companies in the crypto market.
“Crypto has been a boom and bust industry since its inception, and advertising budgets will follow the same trajectory,” said Eric Haggstrom, director of business intelligence at Advertiser Perceptions.
In Kenya, the ads have also disappeared and it’s now becoming even harder to spot billboards or radio ads pushing crypto investments.
According to Cryptocurrency Adoption Index, Kenya ranks 12th for cryptocurrency ownership out of 27 countries surveyed globally. Cryptocurrency ownership in Kenya is however behind countries like Nigeria (21%) and Ghana (17%).
The country’s crypto community has been vibrant on social media since the plunge started, sharing stories about altcoins that they bought at their lowest prices this year, only to see them plummet even further.