2023-05-20 19:07:30
In autumn 2021, thousands of advertising posters suddenly appeared on the London Underground. “You missed Dodge? Get Floki!” read the cute dog cartoon posters promoting the “Floki Coin” – a digital “coin” named after Tesla CEO Elon Musk’s dog. At the bottom then the succinct sentence: “The course can go up and down.” Well, he did. In early 2022, it skyrocketed by 5,000 percent. The “Floki” briefly had a market valuation of almost half a billion dollars. Shortly thereafter, the digital dog coin crashed by 99 percent. Weeks later, the Advertising Standards Authority (ASA) also banned the advertising posters. The naivety of consumers was exploited and the image of the dog distracted from the fact that the investment was “volatile and unregulated”.
Even if the heated boom in the global cryptoasset market has cooled noticeably – investments in digital assets such as “coins” and “tokens” continue to grow in the UK. 5 to 10 percent of all adult Britons own them, up 100 percent in the past year or two, according to a YouGov poll cited by the UK Treasury in its paper on proposals for new regulation of financial services centered around cryptoassets. The two-month consultation ended a few days ago.
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