Bitcoin Ads Banned For Being Irresponsible
The Advertising Standards Authority (ASA) has banned a series of bitcoin adverts shouting about how “it’s time to buy”, saying that the high-profile campaign was both misleading and irresponsible.
According to the Guardian, the ads were featured across the London underground and bus network in the city, bearing the strapline, “if you’re seeing bitcoin on the underground, it’s time to buy”.
But the ASA received incoming complaints that the ads didn’t demonstrate the risks involved with investing and trading in bitcoin, which is currently unregulated in the UK.
The organisation noted that the simplicity of the strapline “gave the impression that bitcoin investment was straightforward and accessible”, saying: “We understood that bitcoin investment was complex, volatile and could expose investors to losses. That stood in contrast to the ad. The audience it addressed, the general public, were likely to be inexperienced in their understanding of cryptocurrencies.”
A similar advert that appeared as a full page in a local newspaper back in March was also banned, because it told people that “there is no point in keeping your money in the bank”, as well as featuring a testimonial describing the cryptocurrency as digital gold.
Cryptocurrencies such as bitcoin are digital assets that can be bought, sold, spent and traded on exchanges. There are between 5,000 and 7,000 different cryptocurrencies, with bitcoin the largest and perhaps most well-known. Other popular ones that you may have heard of include Tether, Litecoin and XRP.
Deciding which cryptocurrency to buy is your first step for investing and it can be useful to evaluate the user community, how good the technology and the team behind your choice is, and what its price performance to date is.
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