Crypto Dominates Super Bowl LVI Advertising

Super Bowl LVI on February 13, 2022, marked cryptocurrency's biggest moment in mainstream advertising, with crypto companies dominating commercial airtime during America's most-watched television event, reaching an estimated 200 million viewers. Coinbase, FTX, Crypto.com, and eToro all aired expensive commercials, collectively making cryptocurrency the sector with the highest Super Bowl advertising spending.

Coinbase's minimalist ad—featuring nothing but a colorful QR code bouncing around the screen for 60 seconds—became the most talked-about commercial of the game and proved so successful that it temporarily crashed Coinbase's website and mobile app as millions of users scanned the code simultaneously to claim the promoted $15 Bitcoin bonus for new customers. FTX's commercial featured comedian Larry David dismissing various historical innovations before being pitched on cryptocurrency with the tagline 'Don't be like Larry' and 'Don't miss out on the next big thing.'

Crypto.com's ad featured celebrities promoting the platform. The aggressive crypto advertising blitz represented peak confidence for the industry, with companies willing to spend millions per 30-second spot to reach mainstream audiences. In retrospect, the Super Bowl commercials would mark a high-water point for cryptocurrency's cultural momentum before the brutal bear market that would unfold throughout 2022.The advertising represented both the industry's ambitions for mass adoption and its willingness to spend lavishly during a bull market—spending that would look increasingly problematic as companies like FTX later collapsed amid revelations of financial mismanagement.