Coinbase’s ‘Broken Britain’ ad typifies crypto’s anti-establishment creative

Coinbase’s two-minute ad, featuring flying rats, exploding bin bags, and sewage fountains, came under fire by some quarters for over-egging Britain’s demise but did it capture cryptocurrencies' bold anti-establishment messaging?

Without spending too long on the Austrian economics that underpins crypto’s decentralised appeal: basically, the tokens hold a fixed supply, in contrast to fiat (government) tender, which is typically ‘printed’, causing inflation. The private ‘self custody’ aspect, meanwhile, means it's less prone to confiscation.

Obviously, the merits are debated, but crypto companies’ rise and rise has brought about some bold messaging choices in support of their anti-establishment bent.

Enter Coinbase

Coinbase, a crypto exchange, unleashed its first major UK ad campaign in the form of a biting musical that paints modern Britain as a dystopian farce where "everything is fine" amid crumbling homes, soaring food bills, and wage stagnation.

Created by London-based agency Mother and directed by Steve Rogers of Biscuit Filmworks, the ad opens on a montage of everyday absurdities: a family cheerfully ignoring their leaking roof, commuters shrugging off redundancies, and tenants dancing around unaffordable rents.

Set to an upbeat score akin to a West End musical, the cast belts out world-weary choruses like "The trains are always late, but that's just part of the charm" and "Our savings are worth less, but hey, at least we're all in this together!"

The tagline: "If everything's fine, don't change anything" ends the ad, before cutting to Coinbase's pitch: Crypto as the rebellious alternative to a "financial system that's not working for many."

Crypto controversy

The campaign, which ran across UK TV, YouTube, social media, and cinemas, is Mother's inaugural work for Coinbase since winning the account earlier this year. It's a bold pivot for the US-based exchange, which has long courted controversy with its irreverent ads. While the US market is liberalising to crypto, the UK is only just adjusting. This meant the ads were taken a little more seriously.

"We wanted to connect with Brits on a cultural level and show up with a high level of craft and clarity," said Jean Morrow, Coinbase's group creative director. The ad, she added, isn't about slamming the nation but highlighting "the collective resignation we all hold about how things work, or don’t work – the inertia of accepting the status quo."

Our take

We saw this one coming after covering Bitwise Asset Management’s Bitcoin ad last year. The campaign was quite at odds with the usual offerings from financial management companies, playing on a popular meme pointing to crypto’s more anarchic leanings.

Coinbase’s recent effort is all the bolder given that in 2021, the Advertising Standards Authority banned a spot for downplaying crypto risks, fining the firm £1.3m for misleading claims.

The brand has also gone to town somewhat with the campaign. The push includes interactive social quizzes (‘What's your 'fine' financial blind spot?’), out-of-home billboards mimicking the ad's exploding bins in high streets from Manchester to Edinburgh, and partnerships with UK podcasts like "The Rest Is Money" to unpack crypto's role in everyday finance.

With food prices up 25% since 2022 and house prices outpacing wages by 10% annually, it’s hard not to get why the ad has gotten the reaction it has.

In the genre of Edgy Advertising, crypto is becoming a prized asset.