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Are Online Influencers the Key to Crypto Adoption?

October 8, 2018


How to achieve widespread adoption of Crypto to the point where it is normal in our lives, is the top issue in the Blockchain industry today.


Gunnar Lovelace thinks he has found the solution with his new startup.


First, if you do not know Gunnar Lovelace, take a quick look at Thrive Market, which is probably the company that he is most well-known for building. At its core, Thrive Market is a blog of sorts that claims to give its members the best health foods as well as health advice for a lower cost than anywhere else.


Because this venture has reportedly been very successful, it is reasonable to assume that Lovelace and his team are doing well with marketing.


Such an assumption is easily backed up by articles like Reforge’s: “Thrive Market’s Multi-Channel Content Machine: A Study of Content-Based Growth.” Here, the main conclusion seems to be that given the fact they were rejected by venture capitalists and embraced by around 200 influencers, their business depended on celebrity based growth. In other words, they got most of their invested capital from individual celebrities, instead of VC firms.


Now, it appears that Lovelace is applying that same idea to a Crypto firm that he has been developing in stealth mode called “Good Money.” In another sense, what this means is according to a Coindesk piece, Lovelace and his team have been trying to get celebrities to advocate for Cryptocurrencies.


What is not very clear is if this plan is working, at all. As Coindesk also mentions, the firm’s case is not helped by the fact that its website is nothing more than a button to sign up for a waitlist and one sentence.


Coindesk did gain access to a pitch deck that, ostensibly, Good Money has been using with whatever celebrities it has been targeting. In short, what the excerpt from this deck seems to say is that Good Money aims to be a mobile banking platform that uses Crypto and fiat currencies and specifically targets millennial.


On top of this, it plans to spread the word about its product, not only through celebrities and their platforms, but also through throwing its own music festivals. Its ability to successfully do so is definitely helped by the fact that one of its founders has worked for Burning Man, over the long term.


All in all, the project will heavily depend on social media marketing to a wide scale.


Furthermore, given that the project has not gone through its planned ICO yet, we can only use this limited information at hand, in determining whether or not it will be a viable Crypto solution.


 In any case, there is not enough evidence as of yet to suggest that it will be the magic answer to widespread adoption. Also, there is the simple, yet important question: is all of this what Crypto needs, in the end?




By: BGN Editorial Staff


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