When Crypto Meets the Super Bowl
Ah, the Super Bowl. Known for heart-stopping plays, jaw-dropping halftime shows, and not to forget, the most wacky, extravagant advertisements. In 2022, cryptocurrency exchange Coinbase decided to throw their hat—err, ad—into the ring with a bold gamble, investing a staggering $15 million for just a minute-long spot. The idea? Lure in new users with a tantalizing $15 giveaway.
Crash Landing
What could go wrong, right? Well, as it turned out, everything! As soon as that ad hit the screen, true to modern internet fashion, their website decided it wanted a nap. Who wouldn’t want to take a break right after an ad that promised free cash? Coinbase’s app and website both crashed under the unexpected surge in traffic.
According to Surojit, a Coinbase team member, “We are now back and ready for you,” displaying a blend of humility and determination—after all, it’s not every day you crash your own service on the biggest stage in sports.
Internet Humor and Social Media Roasts
As expected, Twitter lit up with jokes, memes, and some pretty savage remarks. Edward Snowden cheekily quipped, “Coinbase spending $16,000,000 on a Superbowl ad to direct people to their website and $0 to make sure that website doesn’t crash 10 seconds after the ad starts is so very internet.” If only Coinbase had invested a bit in their tech infrastructure instead of millions on flashy ads!
Timing is Everything
This fiasco wasn’t an isolated incident for Coinbase. The platform has had its fair share of outages, particularly during moments of market volatility. Just picture this: Bitcoin prices roller-coastering while users are desperately trying to make trades, only for the system to respond with its favorite phrase, “Oops! We’re having technical difficulties.”
Market Impact
Meanwhile, as Coinbase jousted with its website woes, Bitcoin (BTC) wasn’t feeling too great either. Losing nearly 1% in value over a 24-hour period is like adding salt to an open wound when Coinbase stocks dove 5% pre-trading as well. And while hopes for a Bitcoin rebound lingered around the $40,000 mark, investor confidence seemed to waver.
The Bright Side? Perhaps in Institutions
In a surprising twist, Coinbase also announced they were teaming up with One River Digital Assessment Management to create a new platform aimed at institutional traders. Because if there’s one thing that makes sense after a chaotic marketing blunder, it’s targeting the big players in the game. Maybe they’ll fare better with a quieter approach!
