Facebook’s Crypto-Ban Lift Buoys Sentiment
Mark Zuckerberg just made a statement about crypto.
Well, of sorts.
Facebook’s lifting of its own Bitcoin ban will boost cryptocurrency markets, according to Nigel Green, head of DeVere Group. According to Greene, the lifting by the behemoth social network’s Bitcoin ban will prove to be another catalyst for the nascent cryptocurrency mania that has gripped the financial markets.
Facebook lifted its ban on Bitcoin advertising on Wednesday. The ban was introduced in January amid concerns that adverts were being used for criminal or nefarious purposes.
Green told Traders Magazine in an email exchange that the reversal of the ban could be a harbinger of the social media giant’s intent to get involved in crypto.
“The lifting of this controversial ban must be welcomed,” he said. “Whilst we respect Facebook’s good intentions behind prohibiting the advertising, an outright ban on new concepts and innovation is seldom positive or helpful stance. With the social media giant taking this proactive step, which is fueling global speculation that it could now also have its own crypto ambitions, I believe history will show that this decision to lift the ban will prove to be another catalyst for the unstoppable cryptocurrency revolution.”
While Green acknowledges the crypto marts and tokens have underperformed of late, this move, he added, could help push Bitcoin and other cryptocurrencies higher.
“Whilst there is likely to be bearish sentiment for a while, savvy investors are looking at the bigger picture. For instance, Bitcoin, the flagship cryptocurrency, is still 140 per cent higher than this time last year,” Green said. “Facebook’s latest step, and indeed its next moves, are likely to have a positive impact on the crypto space.”
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