Advertising Bitcoin in the open has proven to be challenging. The costs associated with doing so are quite steep, and the impact of such ads remains unclear. Zebpay, an Indian crypto exchange, is now showing Bitcoin ads during local cricket games.
Are Bitcoin and Cricket a Good Mix?
Different sports are popular in different parts of the world. In the Western world, cricket isn’t a sport that excites too many people outside of the United Kingdom. In India, however, cricket is one of the primary sports to keep an eye on. This creates a lot of opportunities for Bitcoin companies looking to run a few advertisements in front of a large audience.
Indian crypto exchange Zebpay acknowledges this is an opportunity worth looking into. More specifically, the company has begun running Bitcoin ads during Indian Premier league cricket games. So far, one ad for Zebpay has been identified on streaming platform Disney+ Hotstar. It is an enticing offer to get more people interested in cryptocurrency.
Nice one @zebpay Nice One!!
Ad on Hotstar during IPL pic.twitter.com/b3e2Pz8xHf
— Naimish Sanghvi (@ThatNaimish) September 21, 2020
Given all of the trouble cryptocurrency has seen in India, these ads are a major milestone. For years, the trading of crypto assets has either been banned or treated as borderline illegal activity. That situation has finally come to change not that long ago, allowing for an entirely different approach. Running ads for Bitcoin during domestic Premier League cricket matches further illustrates that point.
Last season, over 300 million watched Indian Premier League cricket games through Hotstar. If even 1% of these people begin using Bitcoin, it will add over 3 million newcomers in the coming year. A healthy growth rate, although the success of this ad campaign has yet to be determined.
Zebpay Pushes the Envelope
After facing multiple issues due to local regulation, Zebpay successfully returned to the market earlier this year. Shortly after, the COVID-19 pandemic broke out. It is safe to say the return to action hasn’t necessarily gone according to plan. That said, things are looking up as of right now, thus the situation can only improve moving forward.
As these advertisements show up on Hotstar, one has to wonder what the impact will be. It is not unlikely for policy makers to see this as another reason to ban cryptocurrencies in India. No decision has been made on that front, but it will be something to keep an eye on in the future.