Bitcoin price ‘pumps’ ahead of Super Bowl crypto ad blitz

Cryptocurrency exchange FTX plans million-dollar BTC giveaway during Sunday’s game

Cryptocurrency companies have sponsored sports teams and even entire stadiums, like the Crypto.com arena in Los Angeles (Crypto.com)

Cryptocurrency companies are preparing for a massive advertising campaign during the Super Bowl this weekend, with some analysts predicting it could boost the price of bitcoin in the build up to the event.

Crypto exchange FTX announced this week that it would give up to $1.5 million worth of bitcoin away during the game between the Los Angeles Rams and Cincinnati Bengals on Sunday, depending on what time the company’s ad airs during the lucrative advertising slots.

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With an estimated TV audience of 92 million viewers, FTX CEO Sam Bankman-Fried described the Super Bowl as “the biggest, most mainstream event”, allowing his company to reach both customers and US regulators through the giveaway stunt.

“We want to make sure that we’re painting, hopefully, a healthy image of ourselves and the industry,” he told Forbes. “We’re optimistic that we’re going to be able to grow our US business – a lot of that is working with US regulators on bringing new products to market.”

The price of bitcoin has risen by more than $10,000 over the last week to more than $44,000, with some market commentators claiming it could be part of a coordinated campaign to pump the price ahead of the Super Bowl ad campaign.

Prominent stock broker and bitcoin skeptic Peter Schiff suggested the latest BTC price rally as an “orchestrated pump-and-dump” carried out by large holders of the cryptocurrency.

“The latest bitcoin rally may well be another orchestrated pump-and-dump, this time related to the Super Bowl crypto advertising blitz,” he tweeted.

“The question is will the pump last all the way to the Super Bowl, or will some of the pumpers jump ship and dump early to front run the crowd?”

FTX is one of several crypto companies seeking a wider audience through high-profile sporting events and athletes, with Crypto.com and Bitbuy also reportedly planning to run ads during the Super Bowl.

Sponsorship consulting firm IEG estimated that crypto industry spending on sports sponsorships could amount to over $160 million for North American companies in 2022.

FTX is already an official sponsor of Major League Baseball, owns the naming rights to the Miami Heat’s home stadium until 2040, and last year partnered with seven-time Super Bowl champion Tom Brady.

Speaking at CoinDesk’s Consensus conference last year, Brady described himself as “a big believer” in bitcoin and the crypto space.

“In our quarterback room, one of my coaches has been on it for eight, nine months,” he said. “So we talk about it basically every day, the prices of different tokens, how [the] space is doing.”