This Sunday, Super Bowl LVII will take place, but cryptocurrency exchanges will not be among the companies advertising their products and services. This is a stark contrast to the previous year, when companies like FTX, Coinbase, Crypto.com, and eToro had a strong presence. This change of heart is likely due to the bear market of 2022, which wiped out close to $2 trillion and caused multiple bankruptcies, including FTX in November. Instead, beverage giants like Heineken and fast food brands like Doritos and M&Ms will be the main advertisers.
The bear market of 2022 caused numerous companies to downsize or even file for bankruptcy, such as Coinbase, Crypto.com, eToro, and FTX. FTX’s demise was particularly spectacular, as the company had been valued at $32 billion just months prior. The market collapse also caused a decrease in interest in digital currencies.
In addition to the lack of cryptocurrency companies advertising during the Super Bowl, there may also be a lack of bitcoin bets. Last year, Canadian rapper Drake made a $1.26 million bet worth of bitcoin on the game between the Los Angeles Rams and the Cincinnati Bengals. Though Drake has previously bet on other events, including Formula 1 Grand Prix races and UFC fights, it remains to be seen if he will make a similar bet this year.