BlackRock's Unique Marketing Approach Highlights Bitcoin ETF as 'Progress'
Summary:
BlackRock, the world's largest asset manager, has increased its advertising campaign for its newly launched Bitcoin exchange-traded fund (ETF) spot. The firm's advertising positions Bitcoin not as a commodity or currency, but as "progress." Bloomberg Intelligence ETF analyst Eric Balchunas noted that BlackRock's approach strikes a balance between traditional fund advertising and trendier promotional techniques. Since its launch, the firm's Bitcoin ETF, IBIT fund, has attracted $5.3 billion in inflow. The competition among Bitcoin ETF marketing has intensified, with 21Shares recently promoting Bitcoin as a trillion-dollar asset in terms of market capitalization.
BlackRock, the largest asset manager in the world, has been increasing its marketing effort for its newly introduced Bitcoin exchange-traded fund (ETF) spot. Proclaiming the asset as "progress," instead of a currency. Their recent promotion, which describes the arrival of Bitcoin ETFs using a simple image of an airplane, reads, "Get your share of progress." This seemingly humdrum marketing strategy caught the attention of industry observers such as Bloomberg Intelligence ETF analyst Eric Balchunas, who characterized the approach as striking the perfect balance between monotonous traditional fund advertising and something that tries too hard to be hip. Balchunas also stated that BlackRock might soon emerge as "the category liquidity king." He commented that it's also interesting that BlackRock compares Bitcoin not with a commodity or a currency, but with progress.
According to BlackRock, the ETF effectively assimilates Bitcoin into a portfolio, making it equivalent to stock and bonds. The company's first Bitcoin ETF promotion, which was launched on January 11, similarly followed a more sophisticated approach, attracting wealthier, older investors. As of now, BlackRock's Bitcoin ETF, the IBIT fund, has garnered $5.3 billion inflow following its deput, as per Farside.
Amid all this, the competition for marketing Bitcoin ETFs has been intensifying, beginning with Bitwise first introducing a promotion in mid-December which starred Jonathan Goldsmith, known from his role as "The Most Interesting Man in the World." This competition has only increased since Google started permitting crypto ads recently.
On February 15, 21Shares began advertising how Bitcoin has grown into a trillion-dollar asset considering its market capitalization. Interestingly, on February 19, whistleblower Edward Snowden referred to Bitcoin as the future of money, describing it as "the most significant monetary advance since the creation of coinage." This view attests to the growing acceptance and importance of cryptocurrency in today's financial landscape.
Published At
2/20/2024 6:38:45 AM
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