PEOPLE | Jul 18, 2021 | WOZINGA NEWS
Spike Lee Helps Cryptocurrency Seeks the Spotlight
The filmmaker’s commercial for a cryptocurrency company is one of many recent marketing efforts to make digital currency more appealing to newcomers.
By Elah Mae Ariate Wozinga Journalist
Before Spike Lee accepted cryptocurrency, he turned down Crocs, according to New York Times report.
Years ago, the filmmaker turned down an offer to invest in the Colorado company that manufactures perforated foam clogs. This cost him money when the company’s stock skyrocketed on the strength of the strength of the footwear craze.
“I wish I would have given some money back then,” Mr. Lee said recently. “Whenever something new is introduced, there will be those who are skeptical. People thought the inventors were insane when they came up with some of the best ideas.”
Lee accepted cryptocurrency
Now, he jumped into yet another cultural craze, agreeing to direct and star in a television commercial for Coin Cloud, a company that creates kiosks for buying and selling Bitcoin and other virtual currencies. Even though cryptocurrency is not widely used for transactions, an increasing number of merchants are now accepting it as payment.
The advertisement, which he shot last month, is one of several recent marketing attempts aimed at expanding the audience for a sort of money that can be scary to those used to cash and credit cards.
Mr. Lee led a diverse cast that included his daughter Satchel, “Pose” actress Mj Rodriguez, and drag queen Shangela while filming a portion of the commercial on Wall Street in a straw hat and gold-tipped cane.
Accessible crypto currency system
Other filming locations included Fort Greene Part and the Chillin’ Bar and Grill in Washington Heights, where breakfast patrons craned their necks to see the director filming a Coin Cloud machine on the sidewalk.
“Old money is not going to pick us up; it pushes us down,” Mr. Lee says in the commercial, which portrays the cryptocurrency system as a more accessible and equitable alternative to traditional, discriminatory financial institutions.
“The digital rebellion is here,” he says.
With its extreme volatility and overwhelming number of virtual alternatives known as coins. Cryptocurrency has also been known to intimidate investors. So far, the marketing of this relatively new money has primarily consisted of ads on trade websites and targeted pushes on social media, where enthusiasts exchange meme-fueled in jokes about coin values rocketing to the moon.