The cryptocurrency market has done something no other market has done before. It has developed from being something that only a small selection of dedicated users cared about to a massive global phenomenon in less than 10 years. What is even more impressive is that the industry has grown on its own without the help of traditional marketing strategies and mainstream news outlets.
But how did that happen? And can the crypto boom continue without the involvement of traditional marketing? We asked the cryptocurrency experts at BullMaretz.com to provide us with some answers.
Mainstream Rebels
The main reason cryptocurrencies are booming without the help of traditional marketing strategies is that people that are interested in cryptocurrencies tend to be opposed to traditional marketing. In fact, these people are opposed to conventional systems in general.
It’s an industry that has been driven by people that don’t want a part in mainstream society. Instead, cryptocurrency enthusiasts get their inspiration and influence from nontraditional news and marketing media outlets such as social media, forums, and chat groups.
Let’s not forget that Bitcoin was created to offer an option for people that had lost faith in the banking system. It was a solution for people that wanted nothing more than to disconnect from society and take monetary and political systems into their own hands. In particular, we are referring to the internet generation and mainstream rebels.
In the last two or three years, the cryptocurrency user group has grown, and today it also includes people that are more accepting of the mainstream. However, since the cryptocurrency movement has already established certain nontraditional marketing strategies, new users have had to accept that. In some ways, the cryptocurrency industry has enabled certain websites and forums to grow on its back creating a win-win situation for both sides of the development.
Social Media At the Core of the Cryptocurrency Boom
As you probably already know, social media and forums have been one of the largest marketing strategies for cryptocurrency developers and users. This is where updates are shared, where investors discuss investment strategies, and where developers look for inspiration and acknowledgment.
Instead of running regular marketing ads, cryptocurrency enthusiasts have relied on social media for information and growth, and the following channels have been some of the most important.
- Facebook has served as the link between the most hardcore cryptocurrency users and the more typical everyday people looking for information. Today, you won’t find many cryptocurrencies with official Facebook pages since Facebook is considered to be a part of the mainstream system that they worked hard to avoid. However, Facebook has and still serves as an important platform for many. There are several cryptocurrency Facebook groups with hundreds of thousands of users where information, news, and tips are shared on a daily basis.
- Telegram might have been one of the most important channels pushing the cryptocurrency boom. Unlike Facebook, many cryptocurrencies and developers have their own group chats and pages where they share information directly with their users. It has worked as an unfiltered and direct non-traditional marketing tool. Its influence has been so important that the Telegram founders even developed their own cryptocurrency.
- Reddit has played a similar and equally as important role in the latest cryptocurrency boom as Telegram has. The only difference is that Reddit is monitored and less unfiltered, although the information contained on its pages are mostly true and useful.
- Twitter is probably the conventional mainstream channel that has had the biggest influence on the market lately with many of the biggest cryptocurrency enthusiasts being very active on the platform. Some of the most prominent users have been Litecoin founder Lee Charlie, Tron founder Justin Sun, and cryptocurrency giant John McAfee.
The Second Boom: Institutional Investors
In mid-2017, mainstream media started showing an interest in the cryptocurrency movement which eventually led to a rapid rise in interest and an influx of new users. In turn, this led to the all-time highs of late 2017. And lately, it has helped open the eyes of financial institutions which has resulted in more traditional marketing channels being used to promote cryptocurrencies.
However, as a dedicated cryptocurrency enthusiast, I know that most users still rely on non-traditional sources for their information. Instead of listening to what JP Morgan Chase or CNBC has to say, people still rely on Telegram and Reddit for information because they know that’s where the truth can be found. In the world of cryptocurrencies, it’s frowned upon to listen to what is said in the news because oftentimes their coverage is not only wrong but the opposite of what is actually happening.
This also leads me to believe that the crypt boom is bigger than traditional media and I’m convinced that the industry will outlive and outsmart all attempts of taming it.