Bitwise Asset Management is enlisting the services of actor Jonathan Goldsmith, who portrayed “The Most Interesting Man in the World” in an advertising campaign for Dos Equis beer, to promote Bitcoin exchange-traded funds (ETFs). Bitwise published an advertisement spot on X (Twitter) on December 18 that featured Goldsmith presenting “The Most Interesting Man in the World” in an elegant bar, as he frequently did in beer commercials. In contrast to his characteristic “Stay thirsty, my friends” uttered over a bottle of Dos Equis, the actor delivered a message to the audience concerning cryptocurrencies :
“You know what’s interesting these days? Bitcoin. Look for Bitwise, my friends.”
A word to the wise, from a man of few words. #bitcoinisinteresting https://t.co/wantGiAIqJ pic.twitter.com/x5MPbElEev
— Bitwise (@BitwiseInvest) December 18, 2023
In addition to emphasizing the organization’s proficiency, Bitwise’s new advertising campaign reflects the increasing institutional interest and adoption in the cryptocurrency space. The industry is currently awaiting the SEC’s decision on whether or not to approve materially backed Bitcoin ETFs. This prospective approval has the capacity to significantly advance the integration of cryptocurrencies into conventional finance.
The actor, 85 years old, revived the character for a 2019 Super Bowl commercial and a tequila brand, but with the exception of recirculated parodies, the “Most Interesting Man” has largely been out of the public eye for years. The asset manager has an outstanding Bitcoin ETF registration with the United States Securities and Exchange Commission when he endorsed Bitwise.
Spot BTC and Ether exchange-traded products have never been authorized by the SEC for listing and trading on a U.S. exchange. In August, the commission postponed its decision regarding Bitwise’s spot Bitcoin ETF, which prompted the asset manager to modify its application in September.
The SEC’s decision regarding the licensing of tangibly supported Bitcoin ETFs is eagerly anticipated. According to current projections, the U.S. securities regulator will provide a decision by January 10, 2024. Should that decision be approval, it could represent a momentous achievement for the digital asset industry. The increased attention and support from prominent financial institutions such as BlackRock, Invesco, and Fidelity has contributed to the heightened enthusiasm this year. Notwithstanding the fact that, over the past decade, the SEC has rejected each Bitcoin ETF application it has examined, primarily on the grounds of apprehensions regarding market manipulation in cryptocurrencies.
Already witnessing substantial inflows, the ProShares Bitcoin Strategy ETF (BITO), which monitors Bitcoin futures, surpassed $1.5 billion in assets, setting a new fund record. Other ETFs focused on cryptocurrencies have also outperformed their peers, with some such as the VanEck Digital Transformation ETF (DAPP) experiencing annual gains in excess of 200%. Nevertheless, regulatory apprehensions persist, specifically with regard to the redemption of funds in-kind as opposed to currency, both of which are pivotal characteristics of ETFs. Cash redemption are relatively uncomplicated, whereas Bitcoin ETFs have received additional attention with regard to in-kind redemption.
