Young people are much more interested in Bitcoin and cryptocurrencies than any other group of people. But where do they get the information? We assume that many are interested in personal searches on the Internet. However, something surprising is that many have had their first contact with cryptocurrencies through TikTok.
TikTok is a very popular video sharing application. In it, Square launched an influence marketing campaign, during December 2019. Something interesting about its marketing strategy is that they paid some of the biggest stars of TikTok to promote their Cash App.
Square is going viral and introducing millions to Bitcoin and the crypto world. In addition, this app earned about 150 million dollars in revenue from Bitcoin in its last quarter. This was reported by Business Insider.
Given this we must remember that Square is directed by the CEO of Twitter and Bitcoin supporter, Jack Dorsey.
Dorsey worked with musician Shiggy, who had previously created a song called Cash App, and with it they accumulated 136.5 million views in the video. For this they used the hashtag #cashappthatmoney.
Cash App, which saw its first Bitcoin buyers double after a redesign of the application in September, is one of the most popular mobile payment applications in the United States. Additionally, it must be recognized that it is currently the second most popular financial application of the Apple App Store.
Other companies besides Square are developing products and services that will facilitate the path towards the purchase of Bitcoin. Some examples are Facebook and Samsung.
But how do these ideas help the popularity of Bitcoin?
The slow adoption of Bitcoin, which has not met expectations after the epic BTC closure in 2017, is often attributed to technologically complex exchanges and applications. It is precisely that complexity of the platform that delays the arrival of new potential users.
Given this, Square explained that in order for Bitcoin to become a global currency for general use, which cannot be stopped or manipulated in favor of anyone, “improvements in Bitcoin’s security, security, and scaling are required”.
However, research has suggested that many people who have not yet bought Bitcoin would be interested in doing so. An indication of this is found in projects such as Grayscale Bitcoin Trust. This is a BTC investment asset that is publicly traded, and is among the top five Millennials share holdings. Together with this company, we find technology giants such as Amazon, Apple, Tesla and Facebook.
Degree in Liberal Studies from the Metropolitan University. Lover of innovation and believer of technology for the future.