Bitcoin-accumulating companies hire well-known professionals for active promotion

Companies accumulating Bitcoin (BTC) are actively promoting themselves through a strategy of bringing well-known experts to the forefront.

According to Bloomberg on the 2nd (local time), recently, Bitcoin-accumulating companies have been relying on recruitment of renowned professionals from the industry or financial markets to enhance their promotional efforts. This approach is different from how Michael Saylor previously promoted MicroStrategy himself, as companies are now directly hiring prominent figures.

The outlet reported, “Bitcoin mining firm Bitmain Technologies announced a $250 million private funding round and, simultaneously, appointed financial analyst Thomas Lee, well-known as a frequent CNBC guest, as chairman of the board,” adding, “Immediately after the announcement, its share price soared 700% in one day, drawing major attention from the market.”

Additionally, “SharpLink Gaming, in May, announced an Ethereum financial strategy and appointed Joe Lubin, Ethereum’s co-founder, as chairman of the board,” it noted.

Meanwhile, some remain skeptical of this strategy. Omid Malekan, a professor at Columbia University, criticized, “Most of these Bitcoin-accumulating companies are difficult to tell apart,” adding, “The recent trend is reminiscent of the SPAC announcements by celebrities during the COVID-19 era.”