After Facebook and Google, now it is Twitter’s turn to impose ban on all advertisements related to Cryptocurrencies and Initial Coin Offerings (ICOs). Twitter has also officially confirmed the news to Reuter News agency. The ban will come into effect immediately, as per the reports circulated across the media.
However, in a partial relief, the public listed cryptocurrency exchanges and wallets have been completely exempted from this ban. Nonetheless, Twitter’s latest move will further discredit Bitcoin and other cryptocurrencies reputation in the market.
But it cannot be overlooked either that the micro-blogging giant has been rather ambiguous in taking a stern stand against cryptocurrencies. In fact, it has been more lenient towards the virtual currencies. Its extra-ordinary generosity towards virtual currencies can be gauged from the fact that Twitter’s co-founder Jack Dorsey is one of the most vocal supporters of Bitcoin (the world’s most popular cryptocurrency).
Last week, Dorsey made a sweeping predication that Bitcoin will become the single global currency by the next decade. In the context of Dorsey’s open support to Bitcoin, Twitter’s decision to impose ban on ads related to Cryptocurrencies has certainly come as a surprise to many experts.
Meanwhile, Bitcoin’s price has nosedived by almost 8% to crash below $8000 in response to Twitter’s ban move. Bitcoin’s current valuation is in stark contrast to insane valuation of almost $18000 that was touched in December last year.
Many experts claim that Bitcoin’s dramatic downfall since the beginning of this year clearly reflects that cryptocurrencies bubble has busted and the party has finally come to an end. However, many investors including Bitcoin’s die-hard supporters disagree with its detractors. They resolutely argue that Bitcoin and other cryptocurrencies will steadily rise from its current downfall to once again emerge as one of the most popular global currencies.