Advertising Cryptocurrency On Meta Just Got Easier
Whether you love it, hate it, or don’t understand it — cryptocurrency is a hot topic today. There has long been debate on its true worth and stability. Because of this, it hasn’t been easy to advertise cryptocurrency on social media or other online sites. Until last Wednesday, when Meta announced they will be expanding the opportunity for cryptocurrency ads on their site.
Meta’s Attempt at Crypto
For the past few years Facebook has been trying to create their own cryptocurrency. The intention was to further connect the billions of people throughout the world on their site by giving them the ability to pay for things using a common currency. Unfortunately, this never gained traction. On Tuesday, the head of this project David Marcus announced he would be exiting the company. The next day Meta announced their decision to accept more crypto ads.
Trust in Cryptocurrency
Before this announcement, crypto ads on Facebook were strictly regulated. To advertise crypto, you had to fill out an application. They would only accept 3 regulatory licenses. Cryptocurrency wasn’t believed to be a reliable currency. It wasn’t backed by banks or the government.
But what changed? Has cryptocurrency become more reliable? The world has evolved over the last two years as we collectively experienced a worldwide pandemic. Economic and social instability have challenged the security of our current systems. The biggest argument against cryptocurrency has been that it isn’t regulated or backed by anyone legitimate.
However, the current systems in place are becoming unstable. And the understanding of cryptocurrency is growing. These factors have contributed to the rising interest and trust in cryptocurrency.
The New System
Meta’s announcement explained the company now accepts 27 licenses, a huge jump up from the past with only 3 licenses acknowledged. They make this decision based on what they feel is crypto’s growing legitimization. And with 2.9 billion active users currently on Facebook, this choice will likely have a snowball effect, normalizing cryptocurrency even further. Making this yet another catalyst in the growing acceptance and trust in cryptocurrency.
Going Forward
Despite the fact that cryptocurrencies are still not recognized by many financial regulators as legitimate, with Meta’s new adoption it can be expected that other social media and online platforms will follow. At the same time, the question still stands: was this a good decision? And will crypto become more legitimate as a result?
Because the concept of cryptocurrency is so new, a lot of those buying in do so based on trust that crypto will work out in the end. But there are still many uncertainties. It is not regulated the way other currencies are. Therefore, it’s easy to create a new cryptocurrency, and challenging for consumers to understand whether it is legitimate.
Even so, many are certain that in the long run, crypto will come out on top. It may be a bumpy road as we continue to understand this new world. But in the meantime, it continues to improve and mature. Meta’s decision moves towards normalizing cryptocurrency in the lives of billions of people. And it’s certain that this is only the first step.
