Cryptocurrency is a digital asset that designed to work as a medium to exchange the currency. And it uses cryptography for securing the transactions. They are just like the virtual currencies which came into action for the digital online deals. The operations of it overgrow almost all over the world And are quite famous among the modern day’s users.
So, the advertisement of those currencies came in different social media. Though it became famous and its erupting business, it is still insecure for the investment. To protect those potential investors, social media like Google and Facebook have now banned those cryptocurrency ads.
Google is the world’s biggest online advertisement company. And it has now announced that no any ads relating to the cryptocurrency like bitcoin, lit coin will show. This step by Google forwarded after when Facebook announced the ban on cryptocurrency and ICO ads in January.
Besides these many other giant companies like Alibaba, Baidu and Tencent also disallowed those ads displayed on their respective sites. This step by those mega companies from the world led to decrease almost about 70 percent of the worlds digital ad market of those crypto companies like Coinbase or Gemini.
The market share of crypto ads in different social media is shown below: –
Source: eMarketer
After banned from those favorite sites like Google, Facebook, Alibaba, Baidu. Now, the only most significant platform that remains for the revenue is Microsoft. Through its search engine, Bing for crypto ads allows booking about $6.97 billion in the advertising last year 2017. Twitter and Snapchat both still OK to show the ads, but Twitter already confirmed that would ban the ads shortly. All sudden the Tech giants forced to block those ads. Because of the several issues in irregulating or speculative financial products like binary options, cryptocurrency, foreign exchange and contracts for the difference.
The cryptocurrency phenomenon is now met with both the excitement and confusion. So, Google and Facebook announced the crypto ads ban on all their platforms. The band hit the crypto market after these giants announced the ban. Investors can quickly invest in the share market as it is legal but investing in the crypto market is speculative as it is new. So, to protect their customers from being loosed these companies are obliged to do so.
The banned news results in down falling in the price of Bitcoin by 4% from Google and almost the same market share from Facebook from January. For the long run to be legitimate cryptocurrencies, need to mature. For their maturity and the transparent transactions, the Tech Giants like Google and Facebook are banning bitcoins. But all sudden experts say that the forbidden indirectly helped bitcoin shortly. Till then we need to wait and see the market.
