• 2 hours Will Gold Hit $2,000?
  • 6 hours Trump’s Proposed Regulation Could Slow The ESG Boom
  • 24 hours India To Auction 41 Coal Assets
  • 1 day Eldorado Sees Gold Production Soar In Second Quarte
  • 2 days Do Gold Stocks Still Have Upside Potential?
  • 3 days The S&P 500’s Top Companies Hold $2.5 Trillion In Debt
  • 3 days Electric Vehicle Rebound Bolsters Battery Metal Growth
  • 4 days BlackRock Makes A Run On Asian Stocks
  • 4 days Gold Prices Surge Above $1,800
  • 5 days Chinese Stocks Soar On Bullish Economic Data
  • 5 days Apple’s “Holy Grail Of Data” Leaves Energy Traders Disappointed
  • 5 days Gold Rally Adds $250 Billion To Top 50 Miners' Market Cap
  • 6 days TikTok Is Becoming A New Battleground For Tech Politics
  • 6 days Peru's Mining Industry Pummeled As Coronavirus Cases Surge
  • 6 days Why The World Is So Divided In Its COVID-19 Response
  • 7 days Equities Cheer Stellar Jobs Report, But It May Be Fleeting
  • 8 days Is Tech Billionaire Peter Thiel Done With Trump?
  • 8 days Musk Takes To Twitter To Troll The SEC
  • 9 days Lunar Mining May Commence As Early As 2025
  • 10 days Immigration Will Go Bust Without $1.2B Bailout
$15,000 For Your Crypto’s Ticket To Visibility

$15,000 For Your Crypto’s Ticket To Visibility

Market manipulation might be the…

Iran Looks To Launch Its Own Cryptocurrency

Iran Looks To Launch Its Own Cryptocurrency

Iran has proposed the creation…

Jan Bauer

Jan Bauer

Staff Writer, Safehaven.com

Jan is a writer for Safehaven.com She has 15+ years experience in FX trading and focuses on crypto currencies, FX, gold and silver investments

Contact Author

  1. Home
  2. Cryptocurrencies
  3. Other

Cryptos Resist Social Media Crackdown

BTC

Within two weeks, Twitter will reportedly ban cryptocurrency ads, taking cue from Facebook and Google, but Bitcoin prices aren’t budging, and the general consensus is that social media doesn’t dictate the rules of this game.

On Sunday, media cited unnamed sources as saying that Twitter was planning to launch a new policy that would block all ads associated with cryptocurrency exchanges, wallets and initial coin offerings (ICOs).

While Twitter has neither confirmed nor denied reports, such a move would follow Facebook’s in January and Google’s just earlier this month.

And it comes as no surprise in the wake of Twitter CEO Jack Dorsey’s hints that he was planning on taking on scammers to protect users.

Meanwhile, Google and Facebook have both recently implemented policy changes to remove cryptocurrency-related ad content.

Facebook said in a blog post in late January that it would block "ads that promote financial products and services that are frequently associated with misleading or deceptive promotional practices, such as binary options, initial coin offerings and cryptocurrency."

Internet giant Google announced just last week that it would include cryptocurrency in its restricted list starting in June, effectively banning ads for crypto exchanges and token sales.

Google recently announced that it would ban all bitcoin and ICO ads by June, along with a host of other financial products.

Here’s why cryptocurrencies aren’t sweating the social media crackdown: Because the bans do nothing to hit out at comments on digital currencies. So the ‘social media’ part of social media remains intact.

While the bans on Google and Facebook remove what some say represented 60 percent of digital ad spending last year, online advertising does not appear to have played a major role in the rise of cryptocurrency.   Related: Economic Pressures Weigh On Banks And Borrowers

On Twitter, it’s not about ads; it’s about who everyone’s following, and that includes some major crypto VIPs, founder and talking heads, such as …

Vitalik Buterin, the co-founder of ethereum:

(Click to enlarge)

Or Charlie Lee, the creator of Litecoin:

(Click to enlarge)

Or, perhaps the more controversial Roger Ver:

(Click to enlarge)

The point is, cryptocurrency doesn’t really need online advertising, especially on Twitter where it has as many followers as you can count. This is where the real story is told—and sold.

And some think the ad ban itself could backfire, as scammers adapt to a new playing field—as they always do.

Angus Brown, co-founder of Centbee, told media: "I think a ban is unfortunate and reactionary. There is massive interest in Bitcoin, not just as a speculative investment, but as a means of payment.

Related: Trump's Trade War Nears Boiling Point

"People need to be protected against scams; however, education is the best mechanism. This ban may well drive scammers to use different mechanisms."

Still others feel that social media outlets are opting for a ban rather than educating their users simply because they don’t understand the nuances of cryptocurrencies and the blockchain.

So far, none of the ad bans has managed to plunge bitcoin into any territory from which it hasn’t been able to recover.

By Jan Bauer for Safehaven.com

More Top Reads From Safehaven.com:

Back to homepage

Leave a comment

Leave a comment