Originally published in Campaign Magazine
One of the UK’s largest content agencies PinPoint Media will start to accept Bitcoin transactions in return for services such as animation, video, content strategy and photography as of March 4th 2021.
Thought to be one of the world’s first content agencies to publicly accept crypto, in particular Bitcoin and Ethereum, why are PinPoint Media and other businesses starting to bolster their balance sheets with this form of digitately currency?
Entrepreneur and founder Oliver Bruce, never one to shy away from disrupting the norm said, “with the increased acceptance of transacting online becoming ever more prevalent, the rise of the Internet of Things (IoT) teamed with the immediacy and speed the internet can provide, I am convinced this need for speed, ability to innovate and possibility to transact large sums in seconds will mean the acceptance of certain cryptos over the next handful of months and years becomes ever more abundant."
In February Tesla invested some $1.5bn into Bitcoin pushing the value of the digital asset up considerably and for some, reaffirming the importance of Bitcoin as a market leader. However, it’s a risky and an incredibly volatile market/currency. With some rises and falls daily ranging from low single figure percentages to double figure digits it’s the volatility and risk that pushes a lot of businesses away from investing or accepting crypto in the short term.
PinPoint Media on the contrary have accepted the volatility and the risks posed and see this strategy as a long-term portfolio diversification plan. Oliver said, “whilst Bitcoin payments for our services in the short term may be few, I am convinced over time people will not only work with us due to the acceptance of Bitcoin, but over time it will ensure a diversified investment portfolio for the business and a hedge against high street banks and ultimately inflation. If there’s one thing I’ve learnt during the pandemic, it’s to ensure the business(es) are futureproofed, and one’s eggs are spread across multiple baskets, this is fundamentally what we’re doing.”
With America’s oldest bank BNY Melon, incidentally one of PinPoint Media’s clients, stating in February that they would ‘start to hold Bitcoin and other crypto assets on their clients’ behalf’ as well a statement in February from payment giant PayPal announcing it will ‘allow it’s users to buy and sell Bitcoin and other virtual currencies using their PayPal accounts’, it does seem that this acceptance of the digital currency world could be here to stay.