Bitcoin (BTC) got a doubtful boost two days ago after it was announced that Facebook has reversed its decision to ban digital currency ads. An expert in the industry – Nigel Green, said that the move of Facebook would bring the bulls in front of the bears in the market.
As at June 28, a day after the announcement, bitcoin was trading at $6,108 after an overnight recovery. Ethereum dropped to $435 and Ripple was down to 46 cents.
Facebook Reverses Its Decision
Facebook is the first major tech company to reverse its decision regarding the ban on digital currency advertising, and this could be a massive boost for all digital currencies in the market. Back in January, the tech firm said they would block ads that promote financial services and products that are associated with deceptive or misleading promotional practices, like digital currencies, ICOs, and binary options.
The Statement of the U-Turn
The statement that announced this U-turn stated that in the past couple of months, the firm has been looking for the best possible ways to refine this policy – to allow the flow of some ads while working to make sure that they are safe.
The company said starting from 26 June; they’ll be updating their policy to allow adverts that promote digital currencies and other related content from pre-approved advertisers. They said they would continue to block adverts that promote ICOs and binary options.
The CEO and founder of deVere Group – Nigel Green, said that the reversal of the ban would act as another catalyst for the unstoppable digital currency revolution. He said, “The reversal of this contentious ban must be welcomed. While they respect the good intentions of Facebook behind banning the ads, an absolute ban on innovations and concepts is rarely a helpful or positive stance.
The bears have been in charge of the digital currency market over the past couple of weeks. The step of Facebook can pave way for the bulls to take over the market – says Green.