by Gil Davis
Though cryptocurrencies have earned extensive media attention as of late, major companies are still hesitant about where they stand on the innovation. The elephant in the room, as far as major companies go, is that of social media platforms. Facebook and Twitter, specifically, have encroached into nearly every aspect of life and already include the functionality of transferring funds.
Social Media: Two Sides of the Same Coin
These two behemoths have two very different stances on the issue of cryptocurrency. Facebook, on the anti-crypto side of the equation, has issued a broad ban on any advertisements featuring the subject. The ban includes ICO’s, the promotion of virtual coins, and binary options.
Zuckerberg made the decision partly due to Facebook not wanting to be party to any scams or gambling schemes. However, the ban is not set in stone according to Rob Leathern, a Facebook, ad director:
“This policy is intentionally broad while we work to better detect deceptive and misleading advertising practices. [We] will revisit this policy and how we enforce it as our signals improve.”
By drawing a line in the sand on cryptos, Facebook naturally created a bit of controversy. Partially in response, but also because the time has come to make a stance on the subject, Twitter’s CEO Jack Dorsey tweeted a somewhat hesitant, but positive position on cryptocurrencies:
“Instant buying (and selling, if you don’t want to hodl) of Bitcoin is now available to most Cash App customers. We support Bitcoin because we see it as a long-term path towards greater financial access for all. This is a small step.”
With this, Dorsey distinguished the two tech giants’ philosophies. One with Zuckerberg spearheading the no crypto movement and Dorsey seeing them as potential profits for all involved. As mainstream society adapts more and more to the currencies, it wouldn’t be surprising to see Facebook rethink their stance.
Missing Piece to the Online Puzzle
Politics aside, cryptos fit very well into the digital space of social media, and one has to ask a bit why Facebook feels the need to “protect” its users from this sort of thing as there are plenty of other reasonably shady advertisements that are allowed through.
Potentially, Facebook is waiting for the governments of the world to get used to having them around, so they avoid adverse contamination from government investigations due to an ill-reputed crypto scam.
Still, it’s excellent to see a significant company’s CEO take a non-evasive stance on the subject, and Dorsey will most likely reap the rewards of this stance shortly.