OTC crypto trading desk Genesis Block placed a full page advertisement on the front page of the Apple Daily
Readers of the popular Hong Kong newspaper, the Apple Daily, found that the paper featured a full-page advertisement promoting cryptocurrencies on August 24.
While it is unclear how much was spent for the advertisement to take place, the ad took almost 90 percent of the newspaper’s front page. The ad was paid for by Genesis Block, an over the counter crypto trading desk and event space.
The company is not to be confused with Genesis, a separate company offering digital asset lending and brokerage services.
The tagline of the ad was “Bitcoin will not ditch you,” with additional text in both Chinese characters and English that gave a brief explanation of Bitcoin’s 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 full explanation read.
While the ad did not mention this phenomenon, rumours are abound that individuals have been working to expatriate their capital and wealth out of Hong Kong as a safety measure in the midst of political uncertainties.
Many argue that this capital flight is taking place through Bitcoin purchases, since buying and owning Bitcoin does not hold a person liable to any country or fiat system.
While Genesis Block’s ad has certainly left a strong impression, it is not the only crypto business that has pushed through advertising for cryptocurrency in these trying times. Grayscale Investments, a digital asset manager, also aired an advertisement on cryptocurrencies earlier this month on MSNBC, Fox, Fox Business and CNBC.
Barry Silbert, Chief Executive Officer of the Digital Currency Group, said that the ad led to Grayscale’s largest fundraising week ever — with over $217 million invested into the Grayscale funds.
Galaxy Digital also purchased a full page advertisement in the Financial Times shortly after Grayscale’s ad, encouraging readers to invest in Bitcoin and calling the asset a “hedge independent of the hegemony”.
Cryptocurrency advertisements on traditional media outlets appear to be faring better than those on social media sites, such as YouTube. The social media giant, with Google, recently came under fire for allowing malicious advertisements that impersonated high profile crypto industry leaders to proliferate on the platform.
Ripple Labs and its CEO, Brad Garlinghouse, filed a lawsuit against YouTube after the platform promoted an ad for a fake airdrop from an account that impersonated Garlinghouse.