August 11, 2022

UK advertising watchdog cuts ‘irresponsible and misleading’ Bitcoin ad

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The United Kingdom Advertising Standards Authority has upheld a complaint lodged against cryptocurrency exchange Coinfloor for its publication of a Bitcoin (BTC) advertisement in a regional news outlet.

The ad, published in the Northamptonshire Telegraph on Dec. 3, 2020, was deemed to have targeted retirees, according to the complainant, who claimed the ad was misleading and socially irresponsible.

The ad led with the title “There is no point keeping your money in the bank…” and featured an image of a woman, aged 63, describing her decision to convert part of her pension into Bitcoin. The retiree depicted in the advert was quoted as saying:

“More and more people are waking up to the savings power of Bitcoin… Today there is no point keeping it in the bank — the interest rates are insulting. […] That is why when I received my pension, I put a third of it into gold, a third of it into silver and the remainder into Bitcoin.”

The supposed Coinfloor customer depicted in the advert even referenced Bitcoin’s oft-quoted reputation as digital gold. 

It continued, “To me, Bitcoin is digital gold and it has allowed me to take the steps to secure the cash I already have… Title: UK advertising watchdog cuts ‘irresponsible and misleading’ Bitcoin ad
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Published Date: Wed, 17 Mar 2021 14:14:02 +0000