Cryptocurrency has been all the rage for the few short years that anyone even knew about it. Just like with anything else that is getting good exposure, there is going to be a downside to it. Cryptocurrency is not any different and in recent news, it appears that another social media giant has figured it would join the crusade and ban crypto advertisements on its platform.
Twitter Joins Facebook and Google
Twitter is not the first social media platform to stick its head out and put a ban on all advertisements related to cryptocurrencies. According to reports online this week, Twitter will be joining Facebook and Google, both of which implemented the ban last week. Google has decided that it will ban ALL, even legitimate companies looking to advertise on the platform. The update to financial related advertisement policy will be updated by June of this year.
Facebook was the first company to put the policy in place to restrict the ads and did so earlier this year. The ban includes Bitcoin and any ICO (initial coin offerings) that might have been planned for this year. With cryptocurrencies taking off so quickly, regulators have barely had enough time to figure out how to control these types of investments.
Cryptocurrency Ads Are Popular
There are plenty of warnings out there for the consumers to take into consideration, but that is not stopping these companies from advertising the products as they become available. Seeing ads on television, YouTube and just about any financial related website is commonplace and this is only the beginning.
Since Twitter added itself to the ban of these types of advertisements, stock over at Bitcoin has continued to fall. As of the writing of this article, the value of Bitcoin is right around $8,000 per coin, which includes a drop of about 6 percent for the day.