Bitcoin in Las Vegas: The Evolution of Crypto Advertising
The display of the Bitcoin logo in Las Vegas has sparked excitement within the crypto community. However, BTC was not the first cryptocurrency to seek a spotlight on the Sphere.
On July 23, Las Vegas residents and visitors saw perhaps the most expansive cryptocurrency promotional campaign yet: the iconic Las Vegas Sphere, a massive globe-shaped screen, displayed the Bitcoin logo. This advertisement was launched by the centralized exchange Crypto.com to celebrate its 8th anniversary.
The impressive Bitcoin presentation began at 11:00 PM local time. Initially, a bright fiery orb (resembling the sun more than a coin) with the Bitcoin logo appeared on the screen. This orb then transformed, covering itself with numerous BTC coins before returning to its original formāa blue sphere with CEX branding.
In the first 24 hours after its release, the official tweet from the crypto exchange about the Las Vegas Sphere ad was viewed by 797,000 users on X.The performance also elicited reactions from prominent industry personalities. For example, MicroStrategy founder Michael Saylor remarked on X: āGet used to seeing Bitcoin everywhere,ā and well-known cryptocurrency trader Ansem (with over 450,000 followers) succinctly expressed his view with a simple ā:)ā.
Impact of this Event on the Industry
The Las Vegas Sphere, also known as the MSG Sphere at The Venetian, is a monumental spherical structure rising 111 meters in height and spanning 157 meters in width. It is outfitted with 1.2 million programmable LED lights designed for displaying artistic illustrations, events, and advertising.
Situated near the Las Vegas Stripāa city section famed for its profusion of lights from streetlamps, hotels, and casinos. Most of the iconic Las Vegas scenes depicted in movies occur on the Strip.
The Las Vegas Sphere illuminates the Sin City skyline. Source: cnn.com
According to data from the Las Vegas Convention and Visitors Authority (LVCVA), May 2024 saw 3.6 million visitors to Las Vegas, averaging 120,000 per day. Many of these visitors likely stay at hotels on the Las Vegas Strip, frequent casinos, and enjoy evening strolls, potentially catching a glimpse of the Las Vegas Sphere.
Therefore, it is estimated that around 100,000 people witnessed the Bitcoin performance live. For perspective, even Times Square, the most iconic street in New York City, can accommodate only 51,000 people at a density of three people per square meter to ensure everyone can view an advertising banner.
Las Vegas Sphere and Dogwifhat (WIF)
While Bitcoin is a veteran of the cryptocurrency industry and leads in market cap, it was not the first to seek exposure on the Las Vegas Sphere. In March 2024, the meme coin WIF community raised over $700,000 to feature their tokenās symbol (a dog with a hat) on the Sphere.
How the Las Vegas Sphere might look according to the WIF community. Source: dogwifcoin.org
However, WIF never soared above Las Vegas: the team failed to finalize a deal with the Sphere's management within four months. As a result, rumors circulated within the community suggesting the fundraising was fraudulent.
Just before the Bitcoin performance, on July 4, 2024, Mihir, one of the campaign organizers for "sphere wif hat," reported being 90% confident that WIF would eventually appear on the Sphere. He stated that the WIF team had negotiated new terms of cooperation with the Sphereās management.
The success of the Bitcoin performance has inspired hope within the WIF community. They now believe that if Bitcoin and Crypto.com could make it happen, they too have a chance.
Final Thoughts
Since the end of 2023, the presence of cryptocurrencies in the media has significantly increased. In December of last year, issuers of Bitcoin ETFs launched extensive advertising campaigns: VanEck promoted the idea of "Born to Bitcoin," Ark Invest capitalized on FOMO, and Bitwise even featured well-known actor Jonathan Goldsmith in their promotions.
Since January 2024, Google has permitted advertising for specific crypto products on its search platforms. Following this, Facebook and Instagram also began revising their advertising policies.
Crypto projects strategically use significant dates within the industry for promotions. For example, Coinbase released an advertisement in honor of Lost Penny Day and the forthcoming Bitcoin halving.
The crypto industry is evolving, as evidenced by the Bitcoin showcase in Las Vegas. This indicates that users are becoming better informed, governments more accommodating, and, hopefully, cryptocurrency enthusiasts wealthier.
Crypto projects strategically use significant dates within the industry for promotions. For example, Coinbase released an advertisement in honor of Lost Penny Day and the forthcoming Bitcoin halving.
The crypto industry is evolving, as evidenced by the Bitcoin showcase in Las Vegas. This indicates that users are becoming better informed, governments more accommodating, and, hopefully, cryptocurrency enthusiasts wealthier.
