BlackRock has increased its media promotion efforts for its newly launched spot Bitcoin ETF “IBT Fund”.
For its recently launched spot Bitcoin exchange-traded fund, BlackRock appears to have increased the media promotion effort characterizing the asset as “progress” rather than a currency.
The biggest asset management firm in the world continued to promote its IBIT fund in a comparatively “boring” manner in its most recent advertisement at least when compared to those of its rivals.
The yellow advertisement merely shows the silhouette of a runway and an airplane with the words “Bitcoin ETFs have landed.” BlackRock did, however, add the message, “Get your share of progress.
Industry watchers like Eric Balchunas, an analyst with Bloomberg Intelligence ETF noted that the fairly unremarkable marketing strategy landed in the “sweet spot between staid legacy fund and “‘hello fellow kids’ kind stuff.” Seize the opportunity to dominate through increased advertising efforts he urged as the company was on the brink of establishing itself as the leading force in the category.
He said that the company also discusses how the ETF standardizes Bitcoin, making it comparable to stocks and bonds in a portfolio. Released on January 11, BlackRock’s first ETF advertisement also adopted a measured strategy, focusing on the wealthy “boomer” market.
“Interesting they equate Bitcoin not with a commodity or a currency but with progress.”
According to Farside, BlackRock’s IBIT fund has had an inflow of $5.3 billion since the product’s introduction. Moreover, the Bitcoin ETF marketing war has been heating up since Bitwise published the first ad in mid-December employing actor Jonathan Goldsmith, who appeared as “The Most Interesting Man in the World.
Since Google started to accept cryptocurrency advertisements earlier this month, the marketing campaign has intensified. On February 15, 21Shares began advertising that, according to market capitalization, Bitcoin had reached the status of a trillion-dollar asset. Coincidentally, on February 19, leaker Edward Snowden also mentioned Bitcoin as the currency of the future.
“Unpopular but true: Bitcoin is the most significant monetary advance since the creation of coinage.”