Nigel Green, founder and chief executive officer of independent consulting firm deVere Group, has recently argued that Facebook’s ad ban lift is set to take bitcoin, the flagship cryptocurrency “towards the bulls.”
According to tabloid newspaper Express, Green revealed he believes Facebook’s ad ban lift, which was recently revealed, is going to help trigger a bull run in what he dubbed the “unstoppable cryptocurrency revolution.”
He noted that he respects Facebook’s initial position in banning cryptocurrency-related ads but said that “an outright ban on new concepts and innovation is seldom a positive or helpful stance.” He added:
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.
Facebook’s statement lifting the ban revealed that it would allow ads from pre-approved advertisers, while maintaining the ban on initial coin offering (ICO) and binary options-related ads. Despite the small victory, Green noted the development is “welcomed by the cryptocurrency community.”
Per Green savvy investors are “looking at the bigger picture.” Despite the recent bearish trend that saw most cryptocurrencies drop from their all-time highs in mid-December, he noted bitcoin, the flagship cryptocurrency, is still up over 140 percent in the past 12 months.
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.
As recently covered Claire Wells, Director of Legal and Business Affairs at mobile payments company Circle, has recently argued that bitcoin’s price is “inevitable,” as a lot of potential investors could be waiting on the sidelines, waiting for regulatory clarity before entering the market.
Green has in the past predicted that Ethereum could hit $2,500 by the end of this year, with a further increase expected in 2019 and 2020. At press time, Ethereum is trading at $436.9 after barely seeing its price change in the last 24-hour period.