There will be no crypto commercials played during this year's SuperBowl, and that's a good thing, says CoinDesk opinion columnist gckaloudis.
I know. No digitized, high-school aged LeBron James talking about a crunk future, no low-budget QR codes bouncing around the screen, no cute shiba inus.But after the year crypto has had, full of spectacular failures of trust, ethics and corporate responsibility , here are some reasons I think it’s really not so sad and is, in fact, a good thing.With bitcoin’s price less than half what it was a year ago, any crypto company even substantially in the green is still preoccupied with surviving.
Sportswashing describes groups, corporations or nation-states using the global popularity of sports to improve their reputations by proxy. Think of how Qatar hosted the 2022 FIFA World Cup, the biggest sporting event in the world; how Qatar’s emir owns Paris Saint-Germain which rosters three of the world’s most liked athletes ; how Russia hosted the 2018 FIFA World Cup and 2014 Winter Olympics; and how China hosted the 2008 Summer Olympics and 2022 Winter Olympics.
To be sure, I’m not implying that the crypto companies who had Super Bowl commercials last year are hiding human rights atrocities or something like that. But as we’ve learned since the last Super Bowl, many of them were hiding something not great. And in the year ahead, perhaps the crypto companies that are able to gain ground without the benefit of these high-profile commercial spots will be more fairly evaluated. At the very least, this time around their reputations won’t have been boosted by borrowed glory.won’t use sports to garner favor? Unlikely. But for this year at least, we’re off the hook.
Where that desire becomes hubris is when we consider if they even belong. Sure, the companies were flush with money last year, they were expanding and hiring at a breakneck pace, and they were being invited to the tables of the rich and powerful – in government, industry, investment, media – so maybe they did.
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