9:43 p.m. ET, February 13, 2022
We've seen a lot of cryptocurrency ads during the Super Bowl tonight. Here's why.
From CNN's Paul R. La Monica
Cryptocurrencies took center stage during the ad breaks of Super Bowl LVI, even as
bitcoin prices have tumbled more than 35% from their
all-time highs just a few months ago.
The priciest Super Bowl commercials
cost a record $7 million this year, according to NBC. To put that into terms many of the big game's advertisers will understand, that's about 160
bitcoin or 2,200 ether.
FTX, a crypto exchange that recently raised funding
valuing it at $32 billion, has had the now retired seven-time Super Bowl champ
Tom Brady appear in its previous spots and will ran an ad during the game. (Brady and his wife, Gisele Bündchen, also
own a stake in FT.)
The company wouldn't disclose if Brady or any other celebrities would be in its ad, but it is promising to
give away bitcoins as part of the promotion.
Toronto-based crypto trading firm Bitbuy has a Super Bowl ad that only ran in Canada that featured Miami Heat player Kyle Lowry. The ad urges investors to not miss out on crypto trading and pokes fun at the number of shots Lowry has missed in his career.
Lowry told CNN Business that many athletes are talking about investing in cryptos, so advertising for it during one of the biggest sports events in the world makes sense.
"There are lot of conversations in the NBA talking about doing more in NFTs and cryptos," Lowry said. "People are trying to figure it out and trying to learn."
Bitbuy added in an email to CNN Business that the goal of the Super Bowl ad is to reach older Gen X and younger baby boomers who still may be on the crypto sidelines.
"Bitbuy has reached the point where growing our customer base means attracting new consumer segments," the company said. "You can't keep speaking to the same early adopters over and over again who have already jumped in crypto."