Facebook announced January 30, 2018, that they would no longer display advertisements for cryptocurrencies. This includes ICO and “Bitcoin Experts” shilling their wares with hype marketing. These ads served to drag unassuming, ignorant buyers into the crypto markets. This has contributed, somewhat, to the massive boom in the price of Bitcoin and altcoins. More importantly, Facebook has profited from the rise in demand for digital assets. However, due to the size of the audience, this decision could have an impact on global market size, as fewer people get exposure to Bitcoin and altcoins.
Generally speaking, cryptocurrency enthusiasts don't care what Facebook does or says. This move by Facebook, which is quickly becoming meme-able, hasn't altered the opinion of most Bitcoin holders. The only real effect, it seems, is to hype the appeal of cryptocurrencies to those who aren't favorable to the status quo. Sentiments surrounding Facebook and censorship efforts, targeting conservative viewpoints, has lead to a growing distrust with the worlds largest social media site. Mark Zuckerberg, CEO of Facebook, has publicly supported the globalist agenda. This mindset is antithetical to the philosophy of Bitcoin and cryptocurrency.
There are strong arguments to be made, that Facebook is clearing out nervous investors. In the long run, this will strengthen the markets and reduce “pump and dump” players. The reduction in volatility should be comforting to larger investors and government regulators. Wild fluctuations in prices also keeps retailers at bay. With the Facebook decision, and the subsequent reduction in tourist speculators, store-owners could be more receptive to accepting crypto payments, opening up the use-cases for the blockchain and smart contracts.
Some rumors were floating around about Facebook launching their own ICO. This has not been documented or confirmed. These theories might suggest the move by Facebook to block ICO ads, is an attempt to pitch their own without competing advertisements. This is an entirely unsubstantiated claim, but “conspiracy theorists” have made compelling arguments. All without denial or rebuttal from Facebook.
However, one could argue that the blocking of crypto ads is their response.
What do you think?
