- “How I Met Your Mother” star Neil Patrick Harris has partnered with CoinFlip.
- CoinFlip owns over 2,200 ATMs in the US across 27 states.
- Neil Patrick Harris’ intention is to make cryptocurrency investments more accessible through simple cash to crypto conversion.
- Influencers are a new way of leveraging social media to provide the ideal form of a product to consumers.
Cryptocurrency adoption is once again on the agenda of firms as they look to access new financial investments. DeFi, HODLing, and interest-based yielding are some of the typical ways users enter the cryptocurrency market. Exiting market solutions represent another method of accessing the crypto market, although they require the user to be versed in the use of such platforms. CoinFlip, a leading US BTC operator, has started a PR marketing campaign to expand its reach in the market.
Neil Patrick Harris, an Avid Crypto Investor
CoinFlip has announced a partnership with Neil Patrick Harris, which sees him become a spokesperson, in an effort to promote the US-based ATM crypto operator. The actor is already an avid crypto investor, who claimed that he was already aware of Bitcoin when people, including himself, “didn’t fully understand it.” Even so, he invested in cryptocurrencies when “the price of Bitcoin was so low,” which ultimately proved to be a wise financial decision.
The collaboration between Neil Patrick Harris and CoinFlip aims to empower anyone to access cryptocurrencies by using their cash, without the need to be tech-savvy. Through the “So Flipping Easy” campaign, CoinFlip seeks to lead the way in enabling anyone to access new financial investment opportunities and to join the new wave of crypto purchases. Coinflip’s CEO, Ben Weiss, highlighted that crypto could be “intimidating,” and the company wants to showcase its usefulness and simplicity to access.
The PR campaign describes the effort of businesses to create positive associations between their brands and cryptocurrencies. They leverage celebrities such as Neil Patrick Harris to increase the likelihood of ingratiating CoinFlip to the everyday person as a leading BTC provider in the growing crypto investment space.
On the Flipside
- An MIT study suggests that cryptocurrency ATMs have not proven useful, as users are more inclined to store crypto than spend it.
- Influencer marketing could misguide investors into investing in potential ‘pump and dumps.’
- Cybersecurity genius John McAfee has been accused of promoting ‘pump and dumps.’
- Coinflip’s business model could be seen as taking advantage of those who lack knowledge about crypto to generate more revenue.
The New Crypto Demographic
The crypto bull run of 2021 increased the consumption of crypto due to the rising demographic of new users. Gen Z and millennials, according to STILT, represent 94% of all cryptocurrency buyers, yet only 16.9% of Gen Z buyers fully understand the implications of blockchain. With that in mind, FinTok and social media represent potentially dangerous mediums for the promotion and education of crypto. As the SEC cautioned in 2017, “it is never a good idea to make an investment decision just because someone famous” says it is a good investment.
Facebook and Google banned crypto-related ads, restricting the firm’s ability to reach its intended target audience, meaning that influencer marketing and endorsement are the de facto gateways to anchor crypto to major social media platforms. 2021 is no different than 2017 was, except that the platforms used by crypto traders have changed.
As reported by CNBC, only one-third of crypto investors “know what they are doing,” a dangerous premise considering that the crypto market is not as “forgiving” as in 2017. Crypto has garnered mainstream attention, with notable examples such as EthereumMax being promoted as a payment method during a high profile boxing match. Additionally, influencers such as Kim Kardashian and Jake Paul have used their social media accounts as marketing billboards for new crypto projects such as EthereumMax and Yummy.
Regardless of professional and regulatory opinion, FinTok and social media are being used as a platform for crypto investment advice and are likely to remain that way. While Safemoon proved that social media can be a boon when generating awareness, investors have warned that information gleaned in this way could be misleading, as not everyone is well versed in crypto tokenomics and its underlying fabrications. To that end, James Ledbetter argues that influencers are an “effective” marketing channel, however investing in the unknown could likely “harm investors.”