Mark Zuckerberg’s decision to repeal the controversial ban of Bitcoin and other leading cryptocurrencies is another sign of the impending blockchain revolution just on the horizon.
The advert ban reversal - first introduced back in January due to concerns of illicit activity – fuels both speculation about its intentions and the wider markets in general.
While the social media giant acknowledged that banning all crypto advertising was a drastic move, the company said that its new policy would “improve the integrity and security of our ads, and to make it harder for scammers to profit from a presence on Facebook.”
However, it had also indicated that the policy would be revisited at a later date in tandem with its ability to protect users from deceptive ads.
In a way, it’s understandable that Facebook would try to mitigate consumer risk while regulation is still being codified, but a blanket ban on all-things-crypto was a step too far for many, especially legitimate businesses. Needless to say, the detrimental effects of such a policy - which stifled new and innovative concepts from developing their outreach into the broader publics – have finally come to a long-awaited end.
The news come as regulatory clarity on the exciting industry is increasingly showcased by governing bodies, indicating that the space is also maturing. To add to that, these advances will also have the positive side-effect of such controversial decisions becoming the exception rather than the norm.
Indeed, this development is one of many proactive steps yet to come that will fuel global speculation about tech and social media giant’s ambitions in the space, which will inadvertently be another catalyst for the unstoppable cryptocurrency revolution.
From a yearly perspective, the market has been in a downtrend for the last two months, but momentum behind negative sentiment is quickly ebbing away, as bulls slowly take back control, ceasing on blockchain’s great fundamentals and good news in the space.
In fact, Facebook’s U-turn decision can only help to strengthen the market’s eventual upswing, which will inevitably happen. After all, every bear market has a bottom. This is what technically savvy investors mostly consider when looking at crypto - which is to say that if the fundamentals are as close to solid as they’ll ever get, then they’re in it for the long run.
In addition, comparing prices from this time last year, Bitcoin is still up about 140 percent, which is in keeping with the market’s price history. Even though it’s already safe to say that the long-term trajectory for cryptocurrencies is upward, here are four major reasons for that.
Firstly, the world is clearly showing an insatiable appetite for digital currencies.
Secondly, cryptocurrencies are now being adopted by well-established financial institutions who have now realized that this ship will sail with or without them.
Thirdly, household name retail and institutional investors and renowned venture capitalists like Peter Thiel have long jumped on the crypto bandwagon.
And finally, regulatory clarity is finally becoming a reality, which is an unbelievably bullish sign, as it means that governmental and regulatory bodies have legitimized the space for general use.
Which everything considered, Facebook’s welcomed reconsideration of cryptocurrency speaks to how this budding industry isn’t going anywhere but forward.
Nigel Green is founder and CEO of deVere Group. One of the world’s largest independent financial advisory organizations, de Vere does business in 100 countries and has more than $12 billion under advisement.
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