Last updated on November 19th, 2018 at 12:52 am
Facebook banned cryptocurrency advertisement on its platform, the big G (Google) will not allow such ads run on its Adwords in a few weeks from now, while twitter is heading towards that soon, will the ban really affect price of bitcoin, ethereum, litecoin and other major cryptocurrencies?
Definitely NO, and I will tell you why?
In a row, cryptocurrency is experiencing series of challenges, making some bitcoin, ethereum, and litecoin investors to sell off their investment. That’s simply panic sell.
First is the fall in the price of bitcoin from close to $20,000 December, 2017 to below $15,000 by January, 2018. It had fallen below $7k briefly this year. At the time of putting this together(20:57) one bitcoin worth $8,950.84.
Other cryptocurrencies’ value is tied around bitcoin, expectedly BTC price crash affected other digital currencies. At the time of publishing this post 1ETH=$564.57; LTC=$170.06; one Bitcoin Cash (BCH) was $1036.12, that runs across board.
It has been predicted that anti-cryptocurrency laws, and ban of cryptocurrency advertisements would make bitcoin to fall heavily. But we haven’t seen that happen since then. Rather, bitcoin has continued with its usual sluggish rise and fall. There hasn’t been a significant difference between btc value and the ads ban.
Since the biggest social media platform Facebook announced its decision to ban crypto Ads as a result of deceptive ads on its platform, “I expected bitcoin price to fall below $1K,” a btc newbie said last month.
Bitcoin, ethereum, litecoin and other major cryptocurrencies have made their names beyond being threatened by any ad ban. That’s just the fact most of the panic investors haven’t realised.
To bitcoin antagonists , the hen has come home to roost. The bitcoin bubble is bursting gradually. Bitcoin bubble had always bursted and rise again, even higher, in the past.
Panos Mourdoukoutas is one of those that believed that banning cryptocurrency advertisement might have any significant effect on the value of major digital coins.
“Major cryptocurrencies like Bitcoin, Ripple, Ethereum and Litecoin do not need advertisement, because they are well-known in the investment community. Yet investors seem to think otherwise.
“So when they learned that Google had announced that it is planning to ban cryptocurrency advertisements on its websites, they turned bearish.”
When we heard Facebook’s announcement we were a little worried, but reading further we realised that the action of the largest social media on the planet is to protect investors and reduce the rate at which deceptive ICOs cajoled investors on FB.
From all indications it means the FB ban wasn’t really meant to hit at bitcoin, ethereum, bitcoin cash, ripple and other major cryptocurrencies. It was aimed at regulating the industry, sort of.
It would be recalled that Facebook founder Mark Zukerberg announced early this year that he’d be queuing into blockchain technology in the years ahead as it holds a great potentials, according to him.
A recent report by Sky News said twitter’s “new advertising policy will be implemented in two weeks and currently stands to prohibit advertisements for initial coin offerings (ICOs), token sales, and cryptocurrency wallets globally.”
The ban is due to illicit activities that have been going on the internet since bitcoin boom in 2017, thousands of investors have lost millions of dollars in the process.
We reported here early this year about an ICOs investor who made public outcry on Facebook of how he lost thousands of dollars in Jengcoin, one of the fraudulent ICOs, which advertised on Facebook.
ICOs is a controversial method of raising capital by creating coins or tokens using the blockchain technology which underpins bitcoin.
“Regulate elements of the crypto-asset ecosystem to combat illicit activities,” Sky News had quoted Mark Carney, the governor of the Bank of England as saying.
He speaks further: “There are a number of problems with cryptocurrencies. They are small now but they are getting bigger.
“We will talk about them at the G20 meeting and we are talking about them now in the Bank of England. The Financial Policy Committee is looking at the risks to financial stability.
“There are issues for authorities who deal with money laundering, terrorist financing and price fixing. There have been a number of incidents of theft – not just big crimes but also steady thefts from people’s wallets. The operational standards of these currencies are nowhere near where they need to be.”
Advertisement ban isn’t going to affect major cryptocurrencies like bitcoin, ethereum, litecoin, monero, bitcoin cash, ripple etc. Only the new ones or those that just launched into the market will be affected in terms of reach or popularity.
But we suspect that some of the ICOs that can no longer get prospects through Google Ads, Facebook and twitter may resort to promoted contents on major media firms across the world.
Unless Google, and Facebook take further steps at pooling down the ranking of such cryptocurrency promoted contents.
We understand ,and you should too, that investing in cryptocoins or tokens is highly speculative and the market is largely unregulated. Please invest wisely.