Black Thursday no longer refers only to the Wall Street Crash of 1929, but to Thursday, March 12, 2020, when the market crashed due to the COVID-19 pandemic. The entire stock market plunged alongside Bitcoin and other cryptocurrencies, serving as the first major test to the novel form of money. Through its deflationary model, Bitcoin was supposed to be immune to such market fluctuations, as supporters have long argued the crypto market moves independently of the stock market. So why is it that crypto plunged alongside stocks? No one, including the best crypto PR firms, knows the answer. But we do know that crypto has since bounced back, big time. PR agencies have to be prepared for its revival.
The Stage is Set for Crypto PR
The story goes as such: In a world of devaluing fiat currencies, in which central banks print money to avoid economic catastrophe during the pandemic, people will turn to cryptocurrencies for both their deflationary principles and decentralized nature. We’ll see whether it happens, but Bitcoin’s price has been up as of late, riding near $12,000 as of August 17. Ethereum’s price has been up as well, both indications of a booming crypto sphere. Crypto PR firms must capitalize on this growth and work to expand on publicity within the crypto market.
Crypto PR agencies need to be ready for the possibility of an influx of cryptocurrency investments and, therefore, a potential boom in the blockchain and crypto industry as the economic crisis continues. That’s not to say PR firms should capitalize on other people’s misery—it’s the opposite. PR has a role in promoting crypto solutions that can actually benefit consumers during these difficult times.
Transparency in Crypto PR is Key in Building Trust
As more people begin to invest in cryptocurrency, cryptocurrency PR firms must do as blockchain technology itself does and build trust in consumers by being transparent. Blockchain PR firms must develop a transparent reputation for their crypto clients in order to establish credibility and show consumers that they can trust the blockchain community and help their skepticism subside.
PR for crypto helps show consumers and potential investors the value of that specific cryptocurrency before they inquire about investment. PR agencies must also establish their clients as leaders in a fast growing industry. PR agencies can help establish their clients as leaders in the crypto industry by mapping industry specific conferences for clients to speak at, taking the stage and sharing their knowledge with other key industry players as well as making their presence known.
Establishing leadership is an important aspect of PR in the cryptocurrency world due to the fact that many still lack trust in the industry, even after the bounceback from Black Thursday, and leaders help instill trust in those still hesitant of crypto. Not only do leaders build confidence and trust in consumers, but so too in potential investors, crucial for growing the space. And make no mistake, PR is crucial in the push to make cryptocurrency mainstream.