UK cost of living crunch ‘just begun’; crypto advert crackdown; oil hits seven-year high


“From a consumer perspective, we’ve been crying out for greater measures to prevent the scourge of misleading and downright harmful advertising of cryptocurrency.

“Many cryptocurrency adverts I’ve seen tap into the FOMO (fear of missing out) culture and effectively gaslights would-be investors into thinking cryptos are a sure bet, without flagging the high-risk and highly volatile nature of the asset.

“The infamous poster plastered over London’s public transport claiming ‘If you’re seeing Bitcoin on the underground, it’s time to buy’ is a case in point. Cryptocurrency is highly complex, volatile and, combined with the inherent difficulties of valuing cryptoassets reliably, places consumers at a high risk of losses.

“Our research found that 45% of young adults aged between 18 and 29 are getting their first taste of investing through high-risk cryptocurrency – and an alarming number are funding this through a cocktail of credit cards, student loans, and other loans. The influence of cryptocurrency advertising cannot be understated here. They have become increasingly difficult to miss, often cropping up on social media platforms and even on public transport.

“The concern is first-time investors who experienced a baptism of fire by losing money on crypto bets could be put off investing for life – which could scupper their financial goals.

Read More: UK cost of living crunch ‘just begun’; crypto advert crackdown; oil hits seven-year high

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