The financial impact of Bitcoin in the last few years has been substantial in regards to its market growth, use in payment for goods, and the frequency of Bitcoin mining. We have become used to seeing cryptocurrency as a method of payment from online retailers and for online services which has normalized the coin financially as an alternative.
Culturally, Bitcoin has also had a significant impact. In the media, it has helped to propel cryptocurrency reporting sites and has been referenced in pop culture dozens of times.
Online platforms have utilized Bitcoin to make money and have combined entertainment and finances to create Bitcoin-themed games in online casinos because both are popular. Increasingly common in online casinos are variations of Bitcoin games that use the coin exclusively for bets and payouts. Sticking with fast payouts, Bitcoin casino slots have given casino enthusiasts an efficient way to play without the need for physical money or card details.
However, as not everyone will want to use Bitcoin to gamble, it is important to consider the other ways the coin has become mainstream through our society’s modern culture from celebrity endorsements and other means.
Mainstream celebrity endorsements
Celebrity endorsements; we all love them! Think Britney’s iconic Pepsi commercial and how far back the world of endorsement goes.
Because of increased exposure and money, celebrities are happy to say they love a product in a campaign or a sponsorship deal. Research into sales and the increase of capitalist tendencies will tell anyone how successful this method of marketing is.
As consumers are likely to take recommendations from the celebrities they love, companies supplying cryptocurrency have taken advantage of that and used celebrities to promote Bitcoin. Public celebrity admiration and endorsements with Bitcoin-related sponsorships have brought awareness to the coin and have been proven to create alterations to the existing Bitcoin market.
One example of a celebrity who was able to impact the Bitcoin market with his words is Elon Musk. The Tesla founder was one of the celebrities who invested in Bitcoin in 2021. He added the phrase “Bitcoin” to his Twitter biography, now known as X, and caused the coin’s price to increase by 25 percent!
Other official endorsements made by celebrities have seen an influence on the prominence of BitCoin. Professional boxer Mike Tyson has openly endorsed Bitcoin since 2015 and he then went on to partner up with the Bitcoin ATM service known as Bitcoin Direct.
Athletes have openly praised and advertised the coin. Although we would argue it is the social media presence of celebrities and their positive stances on Bitcoin that have increased engagement in the coin and raised awareness for cryptocurrency and its versatile uses.
Financial literacy conversations
Bitcoin’s cultural impacts are always going to be closely linked with finances, and one that is not often talked about is the teaching of financial literacy.
As Bitcoin has become mainstream its position in society has encouraged conversations among the younger generations about financial literacy. In one report, 88% of respondents said high school didn’t prepare them to handle money in the real world. In the USA in particular, it has been theorized that there is a financial literacy crisis because of a lack of classes and resources available at an accessible level to learn about financial matters, and Bitcoin has been able to help with this.
News and increasing social media awareness of Bitcoin are teaching regular people about the financial alternatives that have been propelled by new technology. In this realm, people are being taught about not only BitCoin but how it works using blockchain technology, and ways it can be used. It has influenced ideologies on finances and how people can have alternative currencies and incomes through Bitcoin which has helped to increase the financial literacy of people in online spaces.
Bitcoin in the media
We of course couldn’t talk about the cultural impacts of Bitcoin without talking about the media! The innovation of Bitcoin alone has created Bitcoin-specific platforms to report on Bitcoin market changes, news, and guides, proving that Bitcoin isn’t going away any time soon!
In television and movies, Bitcoin has become the subject of whole episodes and comical moments. One of the earliest references to Bitcoin was in a 2012 episode of The Good Wife, where one of the characters Zach explains the process of how Bitcoin works and Bitcoin mining after an advert comes online.
In a more comical segment, the men of The Big Bang theory discuss their 2010 Bitcoin mining times, and how they cannot find their cryptocurrency 7 years later. It is established that Bitcoin would make them a lot of money in the 2017 market, sending the characters on a mission to find their lost Bitcoins!
Documentaries and reports concerning Bitcoin have been produced which have explored the avenues of Bitcoin. With forms of media, cultural awareness has shifted towards cryptocurrency and created an understanding of how complex it can be.
Advocating for Decentralization
Bitcoin and cryptocurrency together have created a movement. This is known as decentralization and has had an increasing level of advocacy recently. Decentralization separates finances from banks and doesn’t require third-party intervention.
Conversations around transferring to decentralized technology have become popular online. As a multi-purpose form of technology, decentralization will eventually be used for more than financial purposes, thanks to new decentralized applications and blockchain technology.
Because of Bitcoin’s operation on its decentralized blockchain, this has made many people curious about how it works and the technology involved in its functioning. Consequently, more people have become advocates for a technology that they believe gives them autonomy financially.
For those who have turned to the blockchain for financial matters, an added layer of trust has been instilled in new technology because decentralization promotes anonymity and safety whilst using it. About Bitcoin, more and more people have begun to use it and cryptocurrency with confidence thanks to decentralization.
