Cryptocurrency ads appeared to have taken center stage on the social media towards the end of 2017 due in large to the surge in Bitcoin demand and the rise of the first cryptocurrency in human history to hit almost $20000.
So a whole of people and businesses have taken to the Social Media, Facebook in particular to advertise their Cryptocurrency offers, especially investments and Initial Coin Offerings (ICOs). There is no doubt many of these are only out to scam the unsuspecting. There are lots of ICOs without White Paper on the coins they’ve created, and this is a pointer to what might look like a scam.
However, there are other ads on Facebook that are aimed at educating and empowering the people on how blockchain works.
Advertisers woke up this morning to realize that their ads on Facebook have been banned. There is also the drop in Bitcoin as a result of the Media misinterpretation of government’s regulation speech. There was the news by a government representative in India that government will not recognize cryptocurrencies as legal tender.
Facebook, in my opinion is doing its best to protect the users. Many are really out to scam the unsuspecting. But there are advertisers with good intentions as well.
I will be writing more on what this action by facebook holds for all of us and the cryptocurrency advertisers. For those that bought Bitcoin when the price was high above $10K I feel for you. But I think that investors can begin to apply the Warren Buffet rule of being greedy when everyone is fearful and fearful when everyone else is greedy. If time permits me , I might also do some analysis technically on where we could expect Bitcoin in the coming days.