A creative advertising banner sponsored by Luno, a UK-based bitcoin exchange, has been banned by the UK’s Advertising Standards Authority (ASA), according to a recent report from CNBC.
Posters across the London Underground network and on London buses prominently displayed slogans such as, “If you see Bitcoin on the Underground, it’s time to buy” ASA quickly Student He removed the ads, declaring that the campaign failed to highlight the risks associated with investing in bitcoin.
The ASA declared that Luno must ensure that their future marketing communications “demonstrate sufficiently that the value of investments in Bitcoin is variable and can go down or up as well,” according to CNBC.
Besides, the ASA said Luno needs to highlight that he and the bitcoin market in general are unregulated.
ASA bans ads due to concerns about bitcoin’s price volatility while noting that the asset is not a safe store of value in line with the beliefs of many central bankers around the world. However, these statements are inherently hypocritical, as all central bank fiat currencies have depreciated at a rapid pace throughout history, as clearly evidenced by the massive conversion of the British pound over time, for example.
The ASA’s declaration that advertising is “irresponsible” is a ridiculous idea. Most entities prefer to promote fiat currencies rather than Bitcoin. However, bitcoin is the only tool that protects one’s time from being stolen. In fact, not promoting bitcoin is an irresponsible choice.