Market slides as Twitter confirms ban
Bitcoin drops below $8,000 again after Twitter joins Facebook and Google in banning ads for ICO tokens, exchanges or wallets to 'ensure community safety'
Twitter has confirmed what the crypto world already knew. It will ban ads on “ICO tokens, exchanges or wallets “ from tomorrow (March 28) – and this news saw the prices of all the main crypto-currencies slide once again.
Twitter told Bloomberg that “We have added a new policy for Twitter Ads relating to a crypto-currency. Under this new policy, the advertisement of ICOs and token sales will be prohibited globally.
“We know that this type of content is often associated with deception and fraud, both organic and paid, and are proactively implementing a number of signals to prevent these types of accounts from engaging with others in a deceptive manner.”
Twitter was doing this to “ensure the safety of the Twitter community.”
The news saw bitcoin fall below $8,000 again for the first time since March 18. The popular crypto-currency has been in a tailspin since its $19,000 high point, at the end of 2017, but it rallied last week to push above $9,000, albeit briefly, on March 21.
The Twitter decision comes after Facebook banned crypto-currency ads in January and Google is planning a similar ban starting in June.
The move by Twitter may have been carried out with some reluctance. CEO Jack Dorsey is a personal investor in bitcoin and a major backer in Lightning Labs, a start-up that is developing technology to make bitcoin cheaper and faster.
Last week Dorsey told the Sunday Times that “the world ultimately will have a single currency, the internet will have a single currency. I personally believe that it will be bitcoin.”
But not if it’s banned.