Leading cryptocurrency exchanges have announced their association with the upcoming Super Bowl LVI, broadcasting cryptocurrency ads during the major football event.
The crypto advertisements broadcasted during the Super Bowl are aimed towards bolstering interest and growing crypto user bases.
However, the news of crypto advertisements running during the Superbowl event has divided the internet with mixed reactions. Holders began to speculate and worry about how these ads may impact the prices of cryptocurrency in near future. Here's why.
Crypto Super Bowl Ads vs Elon Musk SNL
Users on the r/CryptoCurrency subreddit are among those most in disagreement about how the Super Bowl adverts could impact crypto.
One Redditor posted a detailed thread outlining the issue of how the news of the crypto ads running during the Super Bowl event can negatively impact the prices of cryptocurrency if the whales decided to sell the news and take advantage of the current crypto situation. The 'Buy the rumour, sell the news' phenomena.
The Redditor drew comparisons to Elon Musk's ill-fated SNL appearance, which saw the prices of Doge crash after the broadcast. Despite the SNL broadcast which was supposed to make the prices of Dogecoin soar, the episode aired was termed as "disadvantageous" by many investors who dumped their purchased DOGE.
In simpler terms, the Redditor pointed out that speculation around the Super Bowl could suffer a similar fate, with investors purchasing ahead of an expected price rise during the event.
While several others expressed support for the post and ideas, many others were quick to defend the upcoming crypto-sports merger, believing it could enhance future crypto adoption.
One user posted:
This is different. No one is buying up tons of BTC because they think the price is going to skyrocket when these Super Bowl ads hit. It will have little to no short-term effect but the long term could serve to get more people (and more importantly capital) into the industry which is a good thing.
Crypto-Sports Associations - A Path To Prosperity?
This is not the first time when the leading crypto exchanges have announced their association with major sports mediums and agencies to attract more users.
Last year, Crypto.com signed a $700 million deal for the naming rights to the Los Angeles Arena. Binance is now also the sponsor of Italian football club Lazio, and sponsored the African Cup of Nations event.