KEY POINTS
- Bitcoin puts the power back into the hands of the people, Kraken's ad said
- Coinbase's ad noted that historically, halvings gave Bitcoiners "more, not less"
- Bitcoin slumped below $62,000 on Saturday is trading at around $63,000 as of Tuesday
Two of the world's leading cryptocurrency exchanges have released new Bitcoin ads ahead of the much-anticipated halving event as the world's largest digital asset by trading volume dropped sharply in recent days.
Seemingly rallying behind the declining digital coin, Kraken released an ad late Monday that sought to educate crypto users and newbies in the digital asset world about Bitcoin and its features that make it unique from the world's most expensive asset: gold.
Unlike gold, Bitcoin "can never be counterfeited," the Kraken ad pointed out, adding that the world's first decentralized cryptocurrency has a known supply limit – not like gold, which the world technically doesn't know when the supply will run out.
Bitcoin puts the power back in all our hands ✊ #seewhatcryptocanbe™ pic.twitter.com/eOSkctyYl1
— Kraken Exchange (@krakenfx) April 15, 2024
The ad went on to note that Bitcoin is "divisible" into smaller units and can be sent in whatever amount the user wants to, "and no one can stop you because no central authority controls it." Finally, the ad noted that Bitcoin "puts the power back in all our hands."
Coinbase also released an ad, but with a different approach as it asked consumers an interesting question: "Over time, your money gets you less. Does Bitcoin?" Using a pizza in the video as a central visual, Coinbase explained what happens during the halving, wherein Bitcoin mining rewards are cut.
Food for thought:
— Coinbase 🛡️ (@coinbase) April 15, 2024
What if money was designed to get you more over time, not less?#Bitcoin pic.twitter.com/z8eHF8JltQ
"Roughly every four years, future supply of Bitcoin is reduced, so historically, you get more, not less," the voice over in the ad stated. It ended with the words: "Bitcoin moves money forward." It is worth noting that MicroStrategy founder and executive chairman Michael Saylor re-shared Coinbase's Bitcoin ad.
Kraken and Coinbase's ads were released during a critical time. There are four days left before this year's expected halving on April 20, but Bitcoin has retreated to around $63,000 – a stark contrast to when it lodged a new all-time high last month at over $73,000.
BTC stumbled amid rising interest rates and geopolitical risks largely associated with the raging war in Gaza and escalated tensions between Iran and Israel. Notably, the digital coin dropped sharply below $62,000 on Saturday, when Iran launched hundreds of drones and missiles toward Israel in retaliation for the suspected Israeli bombing that flattened the Iranian consulate's annex building in Syria's capital.
Meanwhile, Bitcoiners like Saylor remain positive that Bitcoin will overcome the downturn. The crypto titan even said Sunday that "chaos is good for Bitcoin" even with X users calling him out for making an "insensitive" remark amid the Middle East conflict.
