If You Invested $1,000 In Bitcoin After Super Bowl LVI (AKA Crypto Bowl), Here’s How Much You’d Have Now – Coinbase Global (NASDAQ:COIN)
Super Bowl LVII featured dozens of commercials showcasing the latest products, movie trailers and celebrity endorsements.
One thing notably missing was a large number of cryptocurrency companies using the Super Bowl to advertise their product.
Here’s a look at Super Bowl LVI, which was nicknamed the Crypto Bowl, and how much an investment in Bitcoin would be worth now.
What happened: Super Bowl LVI aired on NBC on February 13, 2022. The big game was nicknamed “The Crypto Bowl” by many in the industry thanks to the higher number of cryptocurrency-related companies advertising during the game for the first time.
With 30-second commercials carrying a price tag of around $6.5 million, cryptocurrency companies paid out big bucks to get their product in front of over 100 million people watching the Los Angeles Rams defeat the Cincinnati Bengals.
Among the companies that advertised during the Super Bowl were FTX, Crypto.com, Coinbase Global Inc COIN and eToro.
Coinbase saw its Super Bowl ad, which featured a floating QR code, go viral and drive more user signups during the big game.
Months after the Super Bowl, problems would continue for the cryptocurrency sector. Among the biggest problems was the bankruptcy of FTX, which was a big spender during the Super Bowl.
Many have wondered about the cryptocurrency commercials that aired during the Super Bowl, which are similar to the large number of dot-com companies that aired commercials during the Super Bowl in 2000. A total of 14 companies with .com in their name advertised during the game. Less than half of the companies are active today, several are bought out and others disappear.
Super Bowl 2022, which took place on February 12, 2023, did not feature any advertisements from cryptocurrency companies. Cryptocurrency advertisements were not banned during the game, but four companies that were close to deals or had signed commercial agreements eventually pulled out before the big game.
Super Bowl LVII featured a commercial for Limit Break, a Web3 game company that has released several NFT collections. The ad featured a QR code that took users to a free claim for an NFT if they were among the lucky first people to scan or to the Twitter profile of Gabriel LeydonCEO of Limit Break.
Related Link: How to Buy Bitcoin
Investment $1000 in Bitcoin: With the many cryptocurrency company commercials that aired during Super Bowl LVI, viewers may have been willing to invest in the sector, including the leading cryptocurrency Bitcoin BTC/USD.
Bitcoin traded between $41,950.94 and $42,693.05 on Super Bowl Sunday in 2022. The cryptocurrency closed at $42,197.52, which is the starting price point for this hypothetical investment exercise.
An investor could have bought 0.0237 Bitcoin with an investment of $1000 after Super Bowl LVI aired.
The $1,000 investment would be worth $513.22 today, based on a price of $21,654.73 for Bitcoin at the time of writing.
This represents a loss of 48.7% on the hypothetical investment.
In comparison SPDR S&P 500 ETF Trust SPY is down 6.6% from the morning after the Super Bowl (February 14, 2022) to now.
Bitcoin has traded between $15,559.05 and $48,086.84 over the past 52 weeks.
The hypothetical investment shows that even though companies shell out millions of dollars to advertise their products during the Super Bowl, that doesn’t mean they’re always worthy investments that will increase in value.
Read next: Will Bitcoin go up again? Bitcoin price prediction
Photo: Andrew Angelov via Shutterstock
