Facebook Ad Ban Lift to Take Bitcoin “Towards the Bulls” Says Consulting Firm CEO

Francisco Memoria
  • Nigel Green, the CEO of consulting firm deVere Group, has recently argued Facebook's ad ban lift will take bitcoin "towards the bulls."
  • The social media giant lifted the ban for pre-approved advertisers, while maintaining it for ICO-related ads.

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.

Nigel Green

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.

He added:

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.

Nigel Green

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.

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Two Brazilian Crypto Exchanges Close Following Change in Tax Laws

  • Two Brazilian exchanges have been forced to close in the face of strict new regulations.
  • Exchanges are required to keep track of all transactions made with cryptocurrency or pay fines. 

Two Brazilian cryptocurrency exchanges have been forced to shut down following the enactment of new tax laws. 

Following reports of rampant cryptocurrency-related fraud in 2019, Brazilian politicians have created and enforced new tax regulations for the industry of cryptocurrency. 

According to a report by Bitcoin.com, exchanges Acesso and Latoex are two of the first casualties of the increased regulation. Both exchanges have decided to end operation, rather than pay the hefty fines and comply with strict regulation in the face of shrinking trading volume. 

Pedro Nunes, co-founder of Acesso Bitcoin, told Portal do Bitcoin, 

After the Federal Revenue Service introduced these rules we noticed a significant decrease in the traded volume. We also feel that the market has cooled off for smaller exchanges.

The new regulations, implemented in August 2019, require traders and brokerages to report all transactions involving cryptocurrencies. Failure to comply results in penalties ranging from 500 BRD to 1500 BRD ($120 - $360). 

Exchanges say that compliance with the new regulation requires expensive investment into new resources, which has been untenable for smaller and less profitable organizations.

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