Bitcoin 'time to buy' ads banned in UK for being misleading
A bitcoin ad campaign urging the UK public to buy the crypto was banned by the Advertising Standards Authority which branded it as irresponsible and misleading.
According to the British watchdog, the campaign failed to say investment in cryptocurrencies is complex, volatile and can expose investors to losses.
The campaign has been featured in London’s public transport since December with the slogan: “If you’re seeing bitcoin on the underground, it’s time to buy”.
The ASA said the simplicity of the “it’s time to buy” statement “gave the impression that bitcoin investment was straightforward and accessible.
“We understood that bitcoin investment was complex, volatile and could expose investors to losses,” said the ASA. “That stood in contrast to the ad. The audience it addressed, the general public, were likely to be inexperienced in their understanding of cryptocurrencies.”
The Advertising Standards Authority’s move to ban the ads came the after the price of the world’s largest digital currency had plunged by as much as 30% in single day.
In March, the ASA banned a similar-style full page ad in a local newspaper that told readers "there is no point in keeping your money in the bank," including a description of bitcoin as "digital gold".
Bitcoin climbed back above $40,000 on Wednesday for the first time during the week, although recent volatility in the cryptocurrency market showed few signs of dampening down.
Bitcoin jumped as much as 6.5% to $40,904; still, bitcoin remained down 30% for May and had erased over 37% of its value since it hit a record high of almost $65,000 in April.
Year-to-date on the other hand it had gained over 40%.