Cardano Can Set An Example For Bitcoin Cash Marketing

The crypto market demands a massive influx of fiat but lately also contains a mechanism to support BTC price with the use of Tether and USDC, usually at the expense of most other cryptocurrencies.

The gap increase between BTC and other cryptocurrencies can be countered by developing and building state-of-the-art blockchains networks with the ability to attract millions of users.

A strong marketing strategy is also necessary. It can improve the Bitcoin Cash and smartBCH userbase and help volumes rise exponentially, by expanding brand awareness. SmartBCH is performing exceptionally and growing by achieving a high network effect.

It is, however, not mentioned in the media, not discussed by high-profile crypto advocates, and completely ignored.

Various smart contract blockchains received undeserved praise and promotion for the past two years. Cardano, Solana, Polkadot, even Avalanche and Terra Luna found ground and reached a sizeable market cap.

Cardano is a network that still is not used in any way, since it is not ready, there are many doubts about its smart contracts capabilities, and price-wise has been dropping after skyrocketing in the previous years. Cardano didn't organically reach a top-5 position in crypto indexes, though. 

How McCann created the "new" Cardano Brand

Cardano maintains a powerful marketing strategy that was enhanced significantly right after hiring McCann (Dec 2019) as a brand agency focused on raising awareness and increasing Cardano's branding.

It found a new mission and new vision with this collaboration.

It was also the perfect moment for Cardano, to begin with, an extensive marketing campaign.

Cardano was already advertised heavily, yet, the 2018-2019 bear market took a toll on all cryptocurrencies and prices dropped significantly from the January 2018 heights.

Cardano dived from its 2018 ATH (~$1) and followed a long, bearish consolidation trend throughout 2018 and 2019 when it found a bottom at $0.03.

Yet, this global advertising agency was about to boost Cardano significantly and created "hype waves" that eventually added tens of thousands of new investors in a network that wasn't even ready. With this move at the right time, Cardano achieved what in realistic terms is impossible. Being just a test network, it reached a valuation of $100 billion.

Timing

As explained already, it was in December 2019, McCann advisors and marketing strategy team started cooperating with Cardano Foundation and IOHK. It didn’t replace or supervise the existing team, but engaged with Cardano’s marketing, offering vast experience from the corporal world. McCann is also a brand consultant of Microsoft and Coca-Cola, among others.

McCann improved the marketing plan by cooperating with the existing team of Cardano Foundation and IOHK. This agency was an addition and acted towards better commercialization of the Cardano product.

Cardano Foundation has as purpose to increase adoption and exposure of the network and takes part in development. It expanded its marketing team by hiring community leaders and artists after the marketing “merge” with McCann.

This event coincided with the beginning of the recent bull run, though, so the results during times of negative price action may not be clear.

Such attempts boost significantly an asset price, but mostly when the situations are favorable. The Bitcoin-BTC halving was once again a catalyst for increasing speculation. Judging prices today, we are perhaps in a bear market and the interest has certainly thinned.

An institutional frenzy replaced retail adoption almost right after the May 2020 BTC halving. This also resulted in various cryptocurrencies achieving better than expected prices. Technology didn’t really matter, though, and the lack of fundamentals was just covered by narratives.

Downside: Investors bought the headlines and never used the blockchains

Besides Bitcoin Cash, quite a few cryptocurrencies that work towards adoption as currencies were not promoted as they should have and didn't perform as expected. Low visibility and placement of Monero, ZCash, XLM, and even XRP that mainly had issues with the SEC, and increased competition from new smart contract networks made them all lose a significant market piece.

It seems this rally was regulatory-driven by banks and Wall Street investors. Robinhood, Revolut, Paypal, eToro, even Interactive Brokers opened trading of cryptocurrencies in these popular stock and commodities trading platforms.

Square with CashApp did the same, yet, only for BTC. Grayscale was buying BTC, ETH, and to a lesser extend BCH and LTC. It kept buying until about January 2021, when BTC started trading at a discount on the OTCQX exchange. While Cardano was not as popular for institutions as BTC and Ethereum, still, it managed to attract a large part of the new investors.

Cardano was simply everywhere. It was supported by content creators, with daily video updates and articles, by writers in mainstream media (i.e. Medium was full of Cardano "shills"), and all those popular crypto-channels on YouTube and Twitter. It focused on the newcomers and became an attractive opportunity.

Eventually, it became a trending topic and SEO compatible for content creators to keep mentioning. It was a positive experience for websites, YouTubers, writers, to bring up the topic of Cardano. Even the content creators that are known for receiving payments to mention certain projects, overused the term "Cardano", perhaps invested in it, and "shilled" it without any affiliation to Cardano's marketing team.

Each line of code written by the Cardano devs was met with extreme enthusiasm and announced as unmatched innovation. All this exposure was giving the impression Cardano was a massive leap forward for the whole blockchain industry.

PR when issues appeared

Issues with the smart contract capability of the network surfaced in September 2021, and insiders suggest some critical funds moved out of Cardano lately. Perhaps the reason that caused a sharp decline in price since the recent ATH of $3,5.

Cardano was prepared for any such issue, though. Of course not on a technical scale, but with PR. It simply released hundreds of statements accusing everyone else of FUD and publishing various articles on mainstream crypto media. (example).

All this without a main net active.

Meanwhile, Bitcoin Cash has been outperforming all fundamental metrics offering instant transactions at extremely low fees, and now also has smartBCH.

Of course, time will be the judge and the utility of the network will either help Cardano expand its network effect and attract more users, or become another failure, another one of the blockchains that were just about narratives.

In case Cardano actually manages to release a working network including everything the marketing campaigns suggested, then it will remain relevant. Currently, it still holds such a high valuation, mostly because of the previous marketing and hype and not due to any kind of practical innovation.

In Conclusion: Change the Negative Sentiment - Increase Exposure

SmartBCH is an outstanding development for Bitcoin Cash and should be marketed heavily.

Perhaps, though, this is not the right time for a costly brand awareness campaign. Public interest in cryptocurrencies has waned greatly recently. Retail didn't follow into levels the industry would have expected, and the funds entering were institutional to the greater extend.

Boosting the presence of Bitcoin Cash is still essential, and the example of Cardano should be considered as part of a marketing strategy.

What McCann did was to organize, support Cardano's marketing and develop the new website for Cardano.

For many Cardano fans, McCann wasn't the best choice either, and many were frustrated as better choices were available. The partnership details are not available, so the outlook of this specific partnership can only be analyzed within the overall marketing strategy. This (the marketing strategy) was highly impressive though in 2020 and 2021, without a question.

It made Cardano known immediately to every newcomer in crypto and retained its previous investors with reassurances on the development part.

Bitcoin Cash increased its loyal supporters and found new opportunities. However, there is a constant war of misinformation against anything that relates to Bitcoin Cash.

Quite often we observe similar aggression such as the response above by a Twitter user with 150k followers, to AMC's announcement of adopting Bitcoin Cash as a payment option.

Noise.cash is an example that proved a point and gave the impression to hundreds of thousands of users, that BCH works and is not just narratives. It is another example that wasn't fully utilized.

Bitcoin Cash is excluded today from various cryptocurrency circles, mostly those affiliated with BTC maximalists.

Simply because Bitcoin Cash is the real Bitcoin, and it becomes a burden to maximalists to respond without aggression to the Bitcoin Cash arguments.

Exposure is key and Cardano is a clear example of how to attract new users. Bitcoin Cash found such exposure with noise.cash and smartBCH but both brands are not even mentioned anywhere. SmartBCH tweets may be on the rise recently, yet, crypto advocates, have either been misled by maximalists so far or perhaps have certain interests to keep Bitcoin Cash suppressed.

Read more:

• Coinnounce: Cardano Foundation hires McCann as its brand strategy agency

• Newslogical: Cardano, Mccann Set to Launch New Marketing and Branding Idea for Wider Audience

Images:

• Lead Image Source: Unsplash

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