Facebook recently announced that they will ban any advertisements related to cryptocurrencies. Not only that, according to the BBC, Facebook is encouraging its users to report any crypto-related ad that the company may have missed. This crypto ban, although a psychological headwind, will soon be an insignificant dot in the history of the blockchain.
This crypto ban will be further irrelevant because Facebook will eventually recant. Several government agencies and private entities have attempted to enact some form of Bitcoin suppression, only to realize that an idea cannot be suppressed. Furthermore, cryptocurrencies and the blockchain are inseparable, which is bad news for those still supporting the archaic concept of a crypto ban.
As I’ve said many times, the blockchain is the future. Its ability to dramatically alter the nature of finance, and the investing platform, is unprecedented in human history. Major blue-chip corporations, such as Microsoft and IBM, recognize this and have implemented blockchain technologies in some capacity. Facebook in this case is fighting an uphill battle.
More importantly, any crypto ban or Bitcoin suppression will necessarily impact the imposing organization’s bottom line. South Korea toyed with the idea of a crypto ban, but they eventually thought better of it. You cannot stop the will of the people and still be considered a nation favorable to business and free enterprise.
For Facebook, its proposed crypto ban is like trying to drain the Pacific Ocean with a bucket. According to Google Trends, demand for cryptocurrency news soared to all-time highs. Denying the blockchain and replacing it with a form of Bitcoin suppression is a double negative.
First, Facebook misses out on revenue-generating opportunities. Second, the consumers of crypto-related news go to other media sources. And really, who knows if they’ll ever come back, especially if the cryptocurrencies begin to recover.
So why would Facebook, one of the tech-savviest companies in the world, pass up on the blockchain opportunity? The official answer is Russia. As a “trusted” news source, Facebook wants to make sure that its advertising partners follow a basic standard of ethics. Plus, they don’t want to open their social media network to undue influences.
The unofficial answer is that powerful, unseen entities control Facebook. Since the company has over two billion users, its platform has the most influence. This is strictly my opinion, but I firmly believe that the Facebook crypto ban is the global banking institutions’ pathetic attempt at driving home Bitcoin suppression.
To that, I say good luck. Many people have already recognized the brilliance of the blockchain technology. Many more will join them. It’s an inevitability.
As the old adage goes, adapt or die.