Mainstream media Bloomberg has been doing some spendings in online advertisements to promote Bitcoin and cryptocurrency-related content.
Spending Money To Promote Bitcoin
Bloomberg is boosting its Bitcoin articles for more visibility on Facebook through paid promotion, according to an ad seen on the social media platform today.
Although how long the media giant has been doing this remains unknown, the recent ad was promoting an article that was published on May 17, just a few days after Bitcoin’s third halving.
The article was about the halving event and how Billionaire hedge fund manager, Paul Tudor Jones, and other crypto proponents are buying more Bitcoin to hedge against potential inflation as central banks continue to pump money into the economy.
The caption of the sponsored post argued that Bitcoin was “supposed” to “shine” in times of crisis, but has failed to accomplish that purpose in the pandemic-induced economic meltdown.
“A crisis was supposed to be Bitcoin’s time to shine when the need for an international currency outside the reach of central banks would prove invaluable. That hasn’t been the case,” Bloomberg wrote.
No Such Thing As Bad Publicity
The statement in the ad might not be positive, but at least, a part of the ad stirs up the curiosity of readers about Bitcoin investments and crypto strategies.
“Should I invest in Bitcoin? Latest On Crypto Strategies,” the image caption reads.
Bloomberg investing in Facebook sponsored posts to give Bitcoin a wider reach, though weird, is good for the crypto industry as there is no such thing as bad publicity.
Bitcoin To Reach $20,000 In 2020
While Bloomberg’s editor, Joe Weisenthal, wrote that it’s been a disappointing year for Bitcoin citing six reasons why he thinks so, a June report released by the media revealed that BTC has matured as an asset in last few months.
Bloomberg noted that the price drop caused by the COVID-19 pandemic in mid-March helped increased Bitcoin’s similarities with gold and its performance. This, according to the report, puts Bitcoin on course to reach as high as $20,000 by the end of 2020.