Co-conspirators may remember the humorous Coinbase cryptocurrency advert that was banned for its satirical take on the ‘everything is falling apart’ narrative. The Advertising Standards Authority has produced its ruling on the advert and upheld complaints. The advert was “irresponsible.” Their decision:
“We acknowledged that ad (a) was satirical, and consumers were likely to understand that some of the financial hardships depicted in the ad had been exaggerated for humorous effect. Nevertheless, they were based on real financial concerns which many consumers would have lived experience of. We considered that using humour to reference serious financial concerns, alongside a cue to “change”, risked presenting complex, high-risk financial products as an easy or obvious response to those concerns. We further considered that the mediums in which the ads were seen were likely to have a broad reach – the VOD ad was seen on multiple platforms, and the poster ads were seen in high-traffic areas such as London underground and rail stations. It was therefore likely that many consumers experiencing the financial issues referenced in the ads would see them, and be vulnerable to the implication that Coinbase and cryptocurrency could address their financial concerns.
Because the ads implied that cryptocurrency could be an alternative to the prevalent financial concerns associated with the cost of living, we considered that they trivialised the risks associated with cryptocurrency investment. We therefore concluded the ads were irresponsible.”
Reinforcing the point of the advert there…
Overheard by a co-conspirator in Parliament, minister Chris Bryant speaking to Tory MP Paul Holmes:
“You must be happy now that all the bastards are leaving.”