Last year we saw a blanket ban of cryptocurrency advertising across a number of major platforms, including Facebook, Twitter, Google and Bing. This ban meant that cryptocurrency and blockchain based companies would no longer be allowed to promote cryptocurrency based products online. The ban did thankfully shift after a few months, though it was quite shocking to see censorship on this level take place in the first place.
The reason for this ban, we think is down to the fact that at the time we witnessed a huge boom in the number of ICOs taking place. An ICO or initial coin offering is a programme set up to encourage new investors to invest in new products in return for rewards. This investment was an initial investment, so was usually needed by the firms in order to be able to progress with their projects. Because of the nature of ICOs however, it became very easy for scams to take place. A number of ICOs had actually been setup to just steal money from investors. More and more of these scams started to use Facebook, Twitter, Google and Bing to advertise their scams and as a result, more and more people eventually fell for them.
The best way to stop this was of course to ban the adverts and decrease the reach these scammers had. Whilst this did seem to work temporarily, this caused an uproar within the community, one that eventually led to a number of these bans being lifted.
So, what next for advertising?
Crypto advertising is now becoming a very lucrative area, one that is seeing cryptocurrency become a part of mainstream advertising too. Sports teams are now starting to see major cryptocurrency based sponsorships, we only need to look as far as the English Premier League in order to see this. We should also mention Formula 1 racing among many other sports.
We believe crypto advertising is becoming normalised, this is key in the future adoption of Bitcoin and the likes. As crypto adverts start to become normal within the commercial advertising sphere, more customers will be exposed to them. More exposure means more investment and as we now, more investment means a better future price for Bitcoin. Cryptocurrency is on the up, mainstream advertising is only going to contribute to that.