Bitcoin ad suggesting pensions should be invested in cryptocurrency banned
An advert for Bitcoin claiming there is “no point keeping money in the bank” has been banned by the advertising watchdog after suggesting pensions should be invested in cryptocurrency.
The Advertising Standards Authority (ASA) ruled that Coinfloor’s advert, which appeared in a regional newspaper, was “misleading” and “irresponsible” for failing to make clear the risks of investing in what it called “digital gold”.
The advert featured an image of a woman with a caption hailing the “savings power” of Bitcoin, a type of digital currency.
The price of Bitcoin has soared in recent months to nearly £40,000 at the time of writing, but is highly volatile and would not normally be considered an appropriate holding for a pension portfolio.
The advert read: “When [name] turned 60, she received part of her pension from a previous job and decided to research the market for the best way of investing it.”
It then quoted the woman: “I come from a generation of savers, not spenders […]
“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.”
Coinfloor said that the views expressed were those of the individual and “did not represent” those of the company. It said the personal testimony was intentionally separated from details of the company’s offering in a different colour box.
It said it included a disclaimer stating that cryptocurrencies involved “significant risk”.
It further added that there was no suggestion in the advert that the actions taken by the customer were a “wise or secure investment”.