OTC crypto trading desk Genesis Block ran a full-page advertisement on the front page of the Apple Daily
Readers of the Hong Kong newspaper Apple Daily discovered a full-page advertisement promoting cryptocurrencies on August 24. The ad, which covered nearly 90 percent of the paper’s front page, was paid for by Genesis Block, an over-the-counter (OTC) crypto trading desk and event space.
Genesis Block is a distinct entity and should not be confused with Genesis, a separate company that provides digital-asset lending and brokerage services.
The ad’s headline read, “Bitcoin will not ditch you.” It included bilingual copy in both Chinese and English that briefly outlined Bitcoin’s main features and advantages.
“Bitcoin is digital money. It is not issued or controlled by any government or corporation. Nobody can stop you from transacting on the network and it cannot be shut down. Bitcoin is available to anyone regardless of their nationality, gender, or beliefs,” the advertisement explained.
Although the ad did not explicitly reference current events, observers have speculated that some residents are seeking ways to expatriate capital and protect wealth amid political uncertainty in Hong Kong. Many believe that Bitcoin is being used for this purpose, since owning and transacting in Bitcoin can be less dependent on any single country or fiat currency system.
Genesis Block’s prominent advertisement is one of several recent efforts by crypto firms to advertise in mainstream media during turbulent times. Earlier this month, Grayscale Investments, a digital asset manager, ran cryptocurrency advertisements on national cable outlets including MSNBC, Fox, Fox Business and CNBC.
Barry Silbert, CEO of the Digital Currency Group, said Grayscale’s campaign contributed to the company’s largest fundraising week ever, with more than $217 million invested into Grayscale funds.
Shortly after Grayscale’s ads, Galaxy Digital purchased a full-page advertisement in the Financial Times encouraging readers to consider Bitcoin as an investment and describing the asset as a “hedge independent of the hegemony.”
In general, cryptocurrency advertisements appear to be gaining traction in traditional media more effectively than on some social platforms. YouTube and its parent company Google have recently faced criticism after malicious ads impersonating prominent crypto figures circulated on the platform.
Ripple Labs and its CEO Brad Garlinghouse filed a lawsuit against YouTube following an incident in which the platform promoted an ad for a fraudulent airdrop originating from an account that impersonated Garlinghouse.