Facebook's Bitcoin ban reversal: CEO of financial services giant comments

06 July 2018

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According to Nigel Green, CEO of deVere Group, Facebook’s lifting of its Bitcoin ban will prove to be another catalyst for the unstoppable cryptocurrency revolution.

Following the social media and tech giant’s recent reversal of its ban (originally introduced due to illicit advertising concerns) on cryptocurrency adverts, further speculation has surfaced about Facebook; particularly its potential introduction of its own major project in the crypto market.

“The lifting of this controversial ban must be welcomed,” said the founder and CEO of deVere Group, Nigel Green. “Whilst we respect Facebook’s good intentions behind prohibiting the adverts, an outright ban on new concepts and innovation is seldom a positive or helpful stance.

“With the social media giant taking this proactive step, which is fuelling global speculation that it could now also have its own crypto ambitions, I believe history will show that this decision to lift the ban will prove to be another catalyst for the unstoppable cryptocurrency revolution.”

He continues: “The crypto market has been in bear territory over the last week or so. Facebook’s step can be expected to help take it back towards the bulls.

“Whilst there is likely to be bearish sentiment for a while, savvy investors are looking at the bigger picture. For instance, Bitcoin, the flagship cryptocurrency, is still 140 per cent higher than this time last year... The long-term trajectory for cryptocurrencies is upward.

“I believe this to be true for four main reasons: first, the world needs and demands digital currencies in a digital age: second, cryptocurrencies are beginning to be adopted by established financial institutions. Third, household name retail and institutional investors are jumping on board the crypto train. And fourth, regulation of the cryptocurrency sector is now becoming inevitable.”

The deVere CEO concludes: “Facebook’s latest step, and indeed its next moves, are likely to have a positive impact on the crypto space.”

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