The Bullet. No. 6. Always Listen to Your Nan
TL;DR Crypto Marketing = (Twitter + Memes)*Other Channels
“You like the adverts on TV more than you like the programmes” – My Nan, circa 1985
My Nan was right, I did. I also liked seeing other people’s reactions to them and observing the ways they impacted their behaviour, from acting out the ads in the playground to only ever choosing to drink Coke over Pepsi. That’s what really led me into marketing, at its heart, it’s about people and how they behave, which is fascinating. Marketing in a crypto world is far too big a topic for one newsletter but there are some unique aspects that I’ll highlight this week:
1. Crypto Twitter
Twitter is the social channel of choice in crypto and it’s where people put forward ideas, discuss, laugh and argue in public. There’s a growing amount of content in Tik Tok but Twitter still wins hands down if you want to find out the latest developments first and follow the key players in the space. To give an example, in June 2021, Nic Carter (co-founder at Coin Metrics, among other things) decided to host a Twitter Spaces while El Salvador’s Legislative Assembly was voting on the bill to make Bitcoin legal tender in the country. A bunch of bitcoiners jumped on, as they documented it live, and before long they were joined by the President of El Salvador himself, and they all celebrated together when the bill passed. It’s a wild listen, and symptomatic of how communication is changing as well as where connection is happening in crypto. It was also here that the idea of mining Bitcoin with volcano power was first mooted.
The crypto community is full of influencers and everything good and bad that comes with them. Many are truly authentic and there to develop the industry, help others, and educate, but there are some who are out to make a quick buck, and others just a waste of time. It’s taken me a long time to navigate who are the good people to follow and who best to avoid, while also being aware of creating a filter bubble. Here’s a tiny selection of 5 key Twitter follows to get you started:
- @APompliano – an investor in the crypto economy, runs a brilliant daily podcast, YouTube channel, and leads initiatives to educate and develop the industry. His many brothers are also worth a follow.
- @michael_saylor – Put his entire company cash reserves into Bitcoin. Only $400M worth.
- @jackmallers – Doing amazing things with his company Strike and a chess champion.
- @woonomic – Analyst of bitcoin blockchain transactions.
- @CathieDWood – Founder and CEO of ARK Invest.
2. Podcasts
4 years ago, you couldn’t find too many podcasts about Bitcoin or crypto but now they are everywhere. They’re great for learning and many hosts have become key leaders/celebrities for the industry. I took to listening to crypto podcasts while running and on my commute and what’s obvious is that if you have a crypto business to promote to a crypto audience, then you should sponsor one of the shows or try to get a guest slot. These are my regular listens and the hosts are also very active on Twitter:
The Pomp Podcast @APompliano
What Bitcoin Did @PeterMcCormack
The Investors Podcast @PrestonPysh
Unchained @laurashin
3. Memes
The lifeblood of crypto. We love a meme, especially when times are good. It’s an important way that people spread the message about crypto, from poking fun at legacy systems and the people in them, to celebrating milestones and sharing in jokes. One well known meme is HODL, which a lot of media report as meaning Hold On For Dear Life. The truth is that when the $ price of Bitcoin was dropping once, someone posted a rant telling everyone to “Hodl” their coins, which was a simple typo of hold. It’s now part of the crypto vocabulary but means the same thing and if you’re in the know about its origins, well, then you’re really part of the community. You can thank me later for clearing that up, read to the end to see how.
4. YouTube
Many prominent people on Twitter/Podcasts also upload content to YouTube, often simply what you get on the podcast but with video. Alongside this, there are lots of YouTube channels dedicated to predicting the future $ price of Bitcoin and promotion of other crypto currencies. I’ve not delved too far into these personally, as I’ve found it’s a very crowded market and often they’re just trying to hype things up for attention so that they can get you to pay for overpriced trading courses. As with Twitter and Podcasts, it’s a strong place to reach a crypto audience with channels having thousands of subscribers and videos with millions of views.
5. Price
The $ price of crypto assets is what usually gets headlines and grabs attention. It’s a compelling marketing asset and something rather unique to crypto. The price is debated endlessly across mainstream media and in social channels. Is it worth what it is now? Will price go down? Will price go up? When will it happen? What will be the price by the end of the year? These questions are asked on repeat and people don’t seem to tire of talking about it. I’ve obviously got views on this too and some might sound quite fanciful if I said them out loud, but instead I try to focus on the value these assets are trying to deliver to people’s lives. For example, El Salvador’s adoption of Bitcoin is estimated to save the population there $400M a year versus the traditional financial system. That’s a massive economic benefit for their citizens.
While there are some specific aspects to marketing in crypto, it is also growing up very fast and going more mainstream. Next time you watch Formula 1, you won’t help but notice sponsorship signs for crypto.com. You may also spot the Bitcoin logo on the shirts of Southampton FC and Wolves in the Premier League. There are lots of companies at the stage of mass customer acquisition, and I expect to see this trend continue.
Oh, I almost forgot to mention how you can thank me. Last week Twitter made a tipping feature in their app global for all users, where you can send money instantly and for free directly through Twitter over Bitcoin and its Lightening Payment Network. No need for a bank account just a bitcoin wallet. If you want to check it out, go to @robertgellison on Twitter and feel free to send some tips my way.
Peace, love and Bitcoin.
Rob