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Irony or Crushing The Competition? Facebook Continues To Block Crypto Ads, Despite Libra Effort

Tony Spilotro by Tony Spilotro
11 months ago
in Bitcoin
0

At the height of the crypto hype bubble, Facebook, Google, and other tech giants made an effort to block cryptocurrency-related advertisements and promotions from their platforms.

While Facebook claims to have loosened their policy against crypto the firm continues to limit cryptocurrency ads from reaching customers on its social media platform – even despite attempting to launch a cryptocurrency of its own. Is this pure irony, or is this the Goliath crushing its competitors?

Isn’t It Ironic? Facebook Blocks Crypto Ads While Promoting A Digital Asset Of Its Own

During Bitcoin’s run-up toward $20,000 and superstardom, it wasn’t uncommon to log into any social media platform and be bombarded with ads promoting “the next Bitcoin,” or incredible profits by getting in early to some new initial coin offering.

In January 2018, Facebook updated its advertising policies to reflect changes that directly impacted cryptocurrency projects, ICOs, and more. Google and many others followed suit, taking the wind out of the sails of altcoins.

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Moves like this from the world’s largest tech firms coinciding with toughening regulations and a shift in sentiment from exuberance to fear, caused the crypto bubble to burst.

A year later, as crypto interest dwindled, Facebook claimed to be loosening its grip over strict crypto advertising-related policies, but to this day most crypto products are regularly blocked from launching campaigns.

An author recently shared his frustration over the social media giant’s continued refusal to run ads to promote his new book about buying Bitcoin. The author’s comments shed light on what at the surface is an incredibly ironic situation.

Facebook is preventing visibility around crypto products, yet expects its users, government regulators, and the rest of the world to welcome its Libra digital asset with open arms.

I've never been allowed to promote my book for crypto newbies "How to Explain #Bitcoin to your mum" on Facebook as it 'violates advertising policies by promoting cryptocurrency'. Thought I'd try again today with my new £10 free Bitcoin deal, but no! That's SOOO 2017 Facebook! pic.twitter.com/6ffVFq3nIP

— Jason Deane (@JasonADeane) June 10, 2020

Social Media Company Fails To Garner Libra Support

Facebook’s Libra digital asset continues to fail in garnering any meaningful support and has been left in a state of uncertainty.

The hype leading up to the reveal of Libra benefitted the crypto market in 2019, helping Bitcoin to rise to $14,000. After the news finally broke, the bear market resumed.

RELATED READING | HOW THE 2020 US PRESIDENTIAL ELECTION MAY BE KEEPING BITCOIN AT BAY

And although cryptocurrencies suffered for another year thereafter, Libra has been mostly dead on arrival. Throughout 2020, there’s barely been a murmur about the project. When news does break, its typically a partner dropping its support.

Facebook’s negative stance on crypto early on may be coming back to bite Zuckerberg in his rear end.

Could the continued crackdown on crypto ads be due to the social media company being salty, aiming to keep competitors down, or something else? Whatever the reason is, it is contributing to their own project’s undoing by keeping crypto in the shadows of the internet.

Featured image from Shutterstock.
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Tony Spilotro

Tony Spilotro

I'm Tony Spilotro. Behind the pseudonym, I'm a digital media executive and global remote work leader with a decade of content experience and excellent. Here, I explore my newfound passions pertaining to privacy, finance, economics, politics, cryptography, property rights, and other libertarian-esque views. I am a Bitcoin evangelist, maximalist, and educator whenever I can be, helping to spread its message of freedom from government control, monetary policy mismanagement, and passing the buck - literally – to future generations. My journey from a curious retail crypto investor to a serious Bitcoin advocate, trader, and technical analyst is an unusual one, but life-changing nonetheless and has become less about money and more about a long-overdue revolution. While a firm believer in the laws governing math and science, I am profoundly fascinated by the impact of astrology and astronomy including moon and solar cycles and planetary alignment and their ability to influence and potentially predict markets. It hasn't yet clicked for me as to how to put anything to use, but I consider it my current rabbit hole I can't yet dig out of. My perspective of growing up alongside the internet, the dot com era, the Great Recession, and roots in video games collecting coins and rare items caused Bitcoin to immediately make sense to me. Through all of these lenses, I seek to produce content that is educational and entertaining, and I thank you sincerely for taking the time to read what I have to say. Please follow me on Twitter and feel free to drop me a line if you would like to work together.

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