- On the 7th of August, the parent of Grayscale Investments announced the launch of Grayscale’s national advertisements campaign.
- The asset management firm bought almost three times more Bitcoin and Ethereum that have been mined at a premium of 350%.
Bitcoin’s price managed to cross the $12000 mark today just when analysts thought that its value would close to the support zone of $11500 this week. To some extent, we owe the BTC’s gain to the advertisement campaigns by Grayscale Investments, which is supposed to air today.
The Grayscale Advertisement Campaign to Air on All Major News Channels
On the 7th of August, the parent of Grayscale Investments announced the launch of Grayscale’s national advertisements campaign that would kick off on the major television channels like CNBC, MSNBC, FOX, and FOX business next week. He mentioned that the campaign would be crypto-centric and aims at spreading crypto knowledge to the masses.
Are you ready? @Grayscale's national ad campaign kicks off next week with a TV ad on CNBC, MSNBC, FOX, and FOX Business. We're going to brrring crypto to the masses
Media: if you want a sneak peek, get in touch with @nitWitty
— Barry Silbert (@barrysilbert) August 7, 2020
Wide Range Of Viewers, Greater Adoption
Grayscale’s advertisement campaign is expected to widen the spread adoption of cryptocurrency afterall. The largest asset managers aim to reach mainstream adoption and create a bigger user base. The campaign will be on major cryptocurrencies like Bitcoin (BTC), Ethereum (ETH), and Ripple (XRP). The main aim of such a campaign is not only to drive the widespread adoption of the cryptocurrency but also to strengthen the trust and confidence of the investors on digital assets.
— Barry Silbert (@barrysilbert) August 10, 2020
The first commercial that aired on the channels mentioned above was for 30 seconds. Initially, the video started with a glimpse of how trading from stone age evolved to the present day paper currency. The video ends on a note that ‘it is the time for digital currency.’ However, throughout the video, there is no mention of Bitcoin specifically. A representative from Grayscale Investments said that the advertisement was more focused on the adoption of digital currencies and the promotion of its brand. Some people commented that the commercial was not up to the mark. In contrast, some people thought that the 30-second commercial did an amazing job of explaining that cryptocurrencies are the new evolution.
Increase In Institutional Investors
Moreover, the interest of institutional investors in Bitcoin and Ethereum has been increasing rapidly. Consequently, the asset management firm bought almost three times more Bitcoin and Ethereum that have been mined at a premium of 350%.
Grayscale added 19,879 BTC to their Bitcoin Trust since last week (53,588 BTC since the halving).
Bitcoin miners only produced 7,081 BTC since last week (39,544 BTC since halving).
— Kevin Rooke (@kerooke) June 25, 2020
Kevin Rooke informed them via a tweet that Grayscale Investments had added a total of 19879 BTC tokens to their Bitcoin Trust, whereas only 7081BTC were added to the chain by the miners. The new addition brought together a total of 400,000 approximately under Grayscale Bitcoin Trust’s management.