The days of Facebook users getting overwhelmed by Cryptocurrency, ICO and Bitcoin advertisements are a thing of the past. The such ads have been completely banned by Facebook. The company stated it had everything to do with, “financial products and services frequently associated with misleading or deceptive promotional practices.”
The announcement of the ban caused quite a reaction of social media, as people from all over the globe questioned why Facebook would suddenly make this move after encouraging users to learn more about cryptocurrency. Armin Van Bitcoin, a Twitter user said it best when he tweeted, “Three weeks ago: ‘I’m interested in learning more about decentralization and how to put the power back into people’s hands.’ Today: ‘Facebook bans ads promoting bitcoin.’”
Armin’s tweet pointed a finger right at Facebook’s sudden hypocrisy. It was only at the start of January that Zuckerberg stated, “interested in going deeper and studying the positive and negative aspects of these technologies, and how best to use them in our services.”
Omar Bham remarked how the move impacts everyone in the industry. He also wondered if Google would be following in Facebook’s footsteps. “The good, the bad, and the ugly. Wonder if Google will follow suit, or simply enjoy the higher ad-revenue… this surely impacts everyone in the industry.”
Brian Haggerty posted a tweet that was the complete opposite of Omar Bham’s. He states that Facebook’s ban has little to do with Bitcoin, yet the news will push worries even higher. “So, more FUD. Everyone panics, as usual. What do any of today’s headlines have to do with Bitcoin? Nothing. BITFINEX, Tether and Facebook’s banning of Crypto ads have ZERO to do with Bitcoin. It’s why Education is vital in this new arena.”
These ads might have lured investors who knew no better, but ultimately this can be can result in big setbacks for honest businesses breaking new grounds with blockchain technologies.