How significant is the relaxation of Facebook’s ban on cryptocurrency advertising?
The British head of a financial consulting firm eschewed a stiff upper lip in a press release distributed to financial journalists.
“I believe history will show that this decision to lift the ban will prove to be another catalyst for the unstoppable cryptocurrency revolution,” said Nigel Green, chief executive of deVere Group.
Mr. Green last month pilloried Warren Buffett “and his 94-year-old business partner, Charlie Munger” when the Berkshire Hathaway CEO said cryptocurrencies would “come to a bad end.”
Will a bit of Facebook ad magic change that? Since January, the month the ban was enacted, premier cryptocurrency Bitcoin has its value drop from over $17,000 to around $6,000. Cause and effect are unclear, though. When is the last time one saw an ad anywhere online for, say, the Swedish krona? The one fiat currency alternative that has paid advertising, mostly in the form of commercials on cable news, is gold. Its dollar value has dropped by about 15% in the past five years.