Twitter moves fast – faster than anyone likely predicted. After saying it could follow in the footsteps of Google and Facebook in banning cryptocurrency-related ads, Twitter took no chances and announced it will start the ban tomorrow, March 27th.
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Twitter Crypto Ads Ban – Too Soon?
The news comes as a huge shock, especially considering Twitter mentioned it wouldn’t take any action for at least two weeks to contemplate available routes. Twitter now becomes the third-largest Internet giant to ban ICO and cryptocurrency advertisements.
In an official statement, the social media enterprise said:
“We are committed to ensuring the safety of the Twitter community. As such, we have added a new policy for Twitter Ads related to cryptocurrency. Under this new policy, the advertisement of Initial Coin Offerings (ICOs) and token sales will be prohibited globally. We know that this type of content is often associated with deception and fraud, both organic and paid, and we are proactively implementing several signals to prevent these types of accounts from engaging with others in a deceptive manner. We will continue and improve upon this policy as the industry evolves.”
Executives also say they are cutting out ads for digital wallet services and cryptocurrency exchanges respectively.
What’s the Deal, Twitter? Make Up Your Mind!
Twitter’s attitude towards digital currency has been something of a mixed bag. A few weeks ago, the company began removing accounts that specifically involved impersonating the portfolios or identities of figures involved in the cryptocurrency arena, including one of Ethereum founder Vitalik Buterin.
At the same time, Twitter CEO Jack Dorsey made history by offering the biggest praise for bitcoin yet. The billionaire entrepreneur stated that bitcoin was likely to dominate the financial market within the next ten years, and stand as the world’s “single” currency.
Following the announcement of Twitter’s latest move, bitcoin’s price fell drastically, and is currently trading for about $7,900 USD – a $1,000 drop from where it stood just 48 hours ago.
It’s Not All Gloom and Doom
Despite the news, some continue to predict positive things for bitcoin. Founder and CEO of BKCM Brian Kelly described the move as a “non-event” for cryptocurrency markets. He says that while the price is down for the count, this shouldn’t last too long, and bitcoin is expected to recover soon. He mentioned that Twitter’s initial announcement just over a week ago brought the digital asset’s price down close to the $7,000 mark, but that it quickly recovered.
He says there are bigger things happening in the cryptocurrency market right now that bear stronger influences, and thus require our full attention:
“There is not a discernible catalyst on either side of the market, so we are just drifting lower. The biggest potential short-term catalyst is increasing trading in South Korea as the government re-embraces crypto.”
Do you think Twitter’s latest maneuver will bring bitcoin down for long? Post your comments below.
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