Facebook has announced that it has decided to lift the ban on crypto companies from running ads on the platform. Over the past few years, the platform has been getting a bit more relaxed with what it has allowed in terms of cryptocurrency content. Now, cryptocurrency companies and brands will be able to advertise on the platform for the first time since 2018. This is huge news for the crypto industry for a number of reasons.
Reach on Social Media
If you don’t already know, Facebook is one of the biggest social media platforms on the web. Being able to advertise on Facebook is a big deal. It gives companies and brands the ability to reach billions of consumers. For cryptocurrency companies, this can make a significant impact on the ability to educate people about their products and services.
At the same time, it will give more people a chance to learn about cryptocurrencies. One of the 2.89 billion people scrolling Facebook may see a crypto ad and decide to embark on their first investing journey. Better yet, they might decide to educate themselves about the crypto market, engage with the company, and make crypto purchases based on what they learn.
More People Looking at Cryptocurrency
At the end of the day, Facebook’s ad ban lift will have more people looking at cryptocurrency. This means there will be new investors entering the market. For current crypto holders, this is great news. Prices will start to climb and their digital wallets will start looking pretty fat. Not to mention, it will give more retailers access to cryptocurrencies than ever before.
What’s more, is that Facebook’s lift may lead to other organizations lifting bans on crypto content. Many companies, and even countries, have taken a strong stance against digital tokens. China banned the trading of cryptocurrencies altogether. Facebook is a huge influence on the world these days, so their move may have an impact on how others feel towards crypto.
Facebook’s Digital Token
Not too long ago, Facebook announced that it would be launching its own digital token. Talk about that fizzled out pretty quickly though (I even had to Google the name of the coin). Facebook’s cryptocurrency was to be used in-app for Facebook products. For instance, if someone was selling something on the Facebook marketplace, they would be able to pay for it using the Facebook token.
It failed miserably though. David Marcus, who was head of Facebook’s cryptocurrency efforts, announced this week that he would be leaving the company at the end of the year. Facebook execs don’t acknowledge this as part of the reason for the lift though. They have simply stated, “We’re doing this because the cryptocurrency landscape has continued to mature and stabilize in recent years and has seen more government regulations that are setting clearer rules for their industry.”
Should You Invest?
Just about every week we reflect on whether or not you should invest in crypto. So, is now the time?
As always, it will depend on your personal situation. Facebook lifting the ban is a good sign for crypto communities but the market is still uncertain. When it comes to your investments, you should always make informed decisions. Be sure to do your research and know what you’re getting yourself into before making a move. Keep in mind, cryptocurrency investing is a holding game. So, if you aren’t comfortable with that, you should look at other investments.
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Drew Blankenship is a cryptocurrency investor, family man, father and lifelong automotive enthusiast. He lives in North Carolina with his wife, daughter and their dog Enzo.
