Facebook lifts ad ban as they launch a cryptocurrency project
Upon the great rise and fall of cryptocurrency in 2017/2018, a lot of mainstream media leaders came forward to make their thoughts on cryptocurrency known. Some people, like Elon Musk and the Amazon founder, spoke about the benefits of accepting innovation while others called it a scam. Among these many opinions causing FUD and reassurance, we found people who either tried to promote or get rid of the Blockchain system altogether. The transparency of Blockchain means that token holders can see exactly what is going on within the markets or if there are any attempts to manipulate it, this can impose an issue on dishonest companies looking to make their projects a success without true intent. Many of the belittlers were financial firm owners or fund managers. Jamie Dimon was one of the many people to call Bitcoin a scam, he used the decrease in price to buy his daughter and himself more Bitcoins. They are only interested in opportunities that solely benefit them at your loss. Not every person who questioned bitcoin is a bad person, there was very little known about cryptocurrency and its possibilities three years ago. This is where Facebook comes in.
In January 2018, Facebook made the decision, along with other social media platforms, to ban crypto ads. The crypto ban had nothing to do with disbelief from founders or in the system, more so around people who may use facebook’s light advertising rules for bad. The crypto ban had less to do with cryptocurrency being bad but rather that anybody could advertise their cryptocurrency even if it was not a real project. Even upon Twitter announcing a crypto ban, we see Billionaire Jack Dorsey told The Times that everyone will be using cryptocurrency in ten years. These bans are protecting them from any liabilities that may come from advertising a fake cryptocurrency project, they are simply protecting their projects and selves. Facebook even went on to adapt their crypto ban to a pre-approval process, allowing legitimate cryptocurrency businesses to submit their information for advertising approval. This shows the concern for customers but also, blatant interest in innovation from founders. This is backed by rumors of a new cryptocurrency project being launched as facebook lifts the pre-approval ad ban. The cryptocurrency is reportedly being lead by Facebook and PayPal alumni.
The Facebook fiasco and future
The great rise and fall of cryptocurrency were depthened by the FUD that followed. As the price started to decline from $20 K, we saw Facebook call for a crypto ban as well as Google. None of the companies truly stated the reasoning behind the ban, but it was implemented and a whole community of businesses were left on the back burner. With the announcement of the Facebook cryptocurrency, many wonder if this is another Dimon diversion or an honest attempt to accept innovation. The token is rumored to be called Facecoin, although very little is publicly known, Facebook had previously launched another project known as Whatsapp Pay in India this prior December. Either way, Facebook accepting and creating a cryptocurrency will surely see more mainstream users interested in technological and financial benefits. We have no idea what intent Mark Zuckerberg has in store for the world but we do know that his project is gaining traction from the fiat community, driving up the interest and adoption of cryptocurrency. If innovation leaders like Mark and Jack see the power in cryptocurrency and are making moves to implement it into their businesses, maybe it is time for the crypto rise. We have never seen as much information, adaption, and interest from the fiat leaders of the world before. The cryptocurrency revolution started 10 years ago, it’s time the world finally started to see and adapt it.