Big Bitcoin Ad Spotted in Front of Hong Kong HSBC—Industry Execs Optimistic

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Fri, 09/11/2020 - 11:50
Joseph Young
The Bitcoin Association of Hong Kong started a big Bitcoin advertising campaign in the heart of Hong Kong
Big Bitcoin Ad Spotted in Front of Hong Kong HSBC—Industry Execs Optimistic
Cover image via U.Today
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The Bitcoin Association of Hong Kong has started a major Bitcoin advertising in the heart of Hong Kong. 

With donations from its 5,000 members, the association has placed advertisements on trams and tram spots. Some of the advertisements were spotted right in front of the Asian banking giant HSBC.

Trams with Bitcoin logo in Hong Kong. Source: Bitcoin Association of Hong Kong

Trams with Bitcoin logo in Hong Kong. Source: Bitcoin Association of Hong Kong

Industry executives reacted positively to the advertisements, praising the efforts of raising Bitcoin awareness.

Industry Executives Positive About the Advertisements

Trams in Hong Kong carry a long history and are often seen as symbolic tourist attractions in the region. 

Many trams are used as a means of day-to-day transportations and at popular tourist destinations, like the Victoria Peak.

One of the Bitcoin Association of Hong Kong’s initiatives is to paint over an entire tram with the Bitcoin logo. It brings awareness and exposure to BTC in one of the financial hubs in Asia.

Meltem Demirors, the chief strategy officer at CoinShares, described the initiative as a “brilliant marketing campaign. She said:

“This is brilliant! a community funded marketing campaign for Bitcoin! nicely done at the Bitcoin Association of Hong Kong.”

Jay Hao, the CEO of the top cryptocurrency exchange OKEx, suggested it could be a step forward for financial inclusiveness. 

Bitcoin advertisement right in front of HSBC’s Hong Kong headquarters. Source: Jay Hao

Bitcoin advertisement right in front of HSBC’s Hong Kong headquarters. Source: Jay Hao

Hao also emphasized that one of the ads, which is placed on a tram stop, is visible in front of HSBC’s headquarters in Hong Kong. He noted:

“Bitcoin ads are right in front of HSBC headquarters in #HongKong - is this a challenge or another step forward for finanical inclusiveness?”

Brendan Blumer, the CEO of Block.one, the company that helps develop EOS, said the trams bring a sense of nostalgia. 

Many people that lived in Hong Kong in the past could share a similar sentiment. Blumer wrote:

“Used to ride these at night when I was 18 just to take in such an amazing new city. Love a little double decker #BTC tram!”

The highly-praised Bitcoin advertisements in Hong Kong come merely a few weeks after Grayscale’s national TV advertisement initiative in the U.S.

Skeptics Take Notice

Bitcoin skeptics, like SchiffGold CEO Peter Schiff, previously said that the Grayscale advertisement helped buoy BTC’s short-term momentum.

As U.Today reported last week, Schiff said:

“I was right on #gold, but wrong on #Bitcoin. The latter did managed to get through resistance and rally up to $12K, thanks in large part to a ride on gold's coattails and a massive TV advertising buy by Grayscale. By falling back to $10K Bitcoin quickly returned to a bear market.”

High profile advertisement campaigns could have a positive long-lasting effect on Bitcoin as it strengthens awareness of BTC among the mainstream.

About the author

Joseph Young is an analyst based in South Korea that has been covering finance, fintech, and cryptocurrency since 2013. He has worked with various recognized publications in both the finance and cryptocurrency industries.