Facebook move to boost crypto space

Facebook’s lifting of its controversial crypto ban is the shot in the arm that the digital currencies space needs right now, claims Nigel Green, Founder and CEO of financial consultancy, deVere Group.

“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,” he says. “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.”

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, Green believes. “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% higher than this time last year.”

He adds: “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 onboard the crypto train. And fourth, regulation of the cryptocurrency sector is now becoming inevitable.”

Disclaimer: The views and opinions expressed by the author should not be considered as financial advice. We do not give advice on financial products.

Previous Article

Joshua Ashley Klayman launches blockchain focused law firm

Next Article

Kaspersky Lab flags up rise of malicious crypto miners

Read More Related articles