Mike Novogratz’s Galaxy Digital is following in Grayscale Investments’ footsteps by releasing an ad for cryptocurrency to the general public, this time using print media.
A full-page ad for the cryptocurrency investment bank appeared in the U.K.-based international business newspaper Financial Times (FT) today.
“Now is the time to invest in Bitcoin,” the ad stated. “In uncertain times, Bitcoin is a hedge independent of the hegemony.”
Big ad for bitcoin in the FT today from Galaxy Digital. Love it pic.twitter.com/ro05QdvDFf
— Barry Silbert (@barrysilbert) August 13, 2020
The Financial Times had more than one million subscribers as of 2019, with roughly 18% of them millionaires.
Major crypto campaigns this week
The news of Galaxy’s ad appearing in print media comes a few days after a new campaign from Grayscale, which released a 30-second spot on business and finance cable TV channels starting on Aug. 10. Richard Heart’s controversial HEX token also has ads plastered across the U.K. on London public transportation, in newspapers, and during soccer games.
Many viewers responded negatively to Grayscale’s ad, as there were hopes before it was unveiled that it could ‘bring crypto investing to millions.’ Instead, it simply takes viewers through the history of currency, from seashells to paper.
Despite the wide reach of the FT and it’s high net wealth demographic, some Crypto Twitter users were quick to criticise the seemingly outdated choice for a delivery system.
“When I think future, I definitely think print media,” said Crypto Twitter user Ryan Leonard.
“Little ironic this ad is in the newspaper,” said Brett Dawidowski.
But the nature of print allows it to go into detail, labeling Bitcoin (BTC) as “an investable store of value asset that operates independent of the traditional financial system.”
“Investors who worry about fiscal profligacy and helicopter money should recognize the value in Bitcoin’s inherent scarcity — its hard-coded fixed supply makes it a compelling hedge against inflation,” the ad states.
“Bitcoin has outperformed all major asset classes over 3-, 5-, and 10-year periods, and it still has room to run.”
Twitter user uldtotten described Galaxy’s attempt to educate the public on crypto as “so much cleaner” than Grayscale’s ad.
“This paper ad is more powerful than the Grayscale TV ad,” said cryptotothemoon.
The FT also released a fairly down beat report on XRP today, stating the token has a “controversial reputation in many parts of the cryptocurrency world” and had yet to achieve widespread adoption among banks.