He claims to be a big Bitcoin fan, and he’s just been given the all-clear by the State of New York to use his Square trading platform to trade in BTC, so why does Twitter CEO Jack Dorsey allow his social media company to continue with its crypto advertising ban?
It’s the most baffling and frustrating of situations, and one in which the cryptocurrency market desperately needs a favorable outcome: Jack Dorsey, the billionaire CEO of social media juggernaut Twitter and the mobile currency platform Square is a self-professed Bitcoin fanatic who often states publicly that he sees a future in which Bitcoin is the universal online currency.
In March Twitter joined Facebook and Google and began an immediate ban of cryptocurrency advertising across its pages, actions which have devastated the crypto industry and wiped hundreds of billions off its value.
If he’s such a Bitcoin fan, why does Jack Dorsey allow Twitter to continue to ban most forms of crypto advertising on its platform?
First Facebook, Then Google, And Finally Twitter
One gets the strong impression that Dorsey was never totally on board with the thinking behind Facebook and Google’s decision to ban all forms of cryptocurrency advertising. Their argument was that cryptocurrency was a relatively new medium that was open to criminal abuse, had an prior association with the “dark web” and was therefore in need of firm US government-led regulation.
Critics would say that the real reason behind both Facebook and Google banning all crypto-based advertising was because they have their own forms of cryptocurrency waiting in the wings and planned for release in the near future.
Twitter on the other hand, had nothing to gain by banning crypto advertising, and appeared to only do so because the other two, i.e. Facebook and Google, had done so. To Dorsey’s credit, Twitter’s crypto bans were specific rather than blanket; some crypto-related ads were targeted in a bid to “decrease fraud and deception on the site”. Twitter banned the promotion of initial coin offerings (ICOs), but allowed ads for some exchanges and crypto wallets, provided they were by companies listed on major stock exchanges. And unlike Facebook and Google, Twitter allowed Bitcoin to continue advertising on its platform
Dorsey’s Bitcoin Bias Not Enough
Everybody loves Jack Dorsey, and why wouldn’t they? He gave the world Twitter and opened up an avenue in which ordinary folk could literally interact in real time with presidents and popes, scientists and soccer stars, sleazy movie producers and Hollywood royalty. Oh, and it’s a helluva good marketing and self-promotional tool.
Jack Dorsey is good-looking enough and cool enough to be something of a rarity in a geek-riddled tech world, so much so that he is classed as a “hot billionaire”, and has dated some of the most beautiful woman in the world. When interviewed he comes across as affable and self-effacing, not smug, nerdy or preachy.
He clearly loves Bitcoin – at the Consensus Blockchain Conference in New York last month, Dorsey said:
“The internet is going to have a native currency so let’s not wait for it to happen, let’s help it happen. I don’t know if it will be bitcoin but I hope it will be.”
The conundrum for the crypto industry is that Dorsey’s Bitcoin-bias is hardly helping the remainder of the crypto market, in fact Twitter’s ban on most digital currency outside of Bitcoin is harming the industry massively. Facebook’s announcement of its crypto ban in January resulted in the combined crypto market cap value falling $340 billion in a matter of days.
The subsequent actions of Google and Twitter not only continued to restrict advertising viewership, but also stigmatized the whole industry by basically saying trading and investing in Ethereum is worse than gambling, pornography, or trafficking Russian brides, industries which all three mediums seem to embrace whole heartedly.
Square Gets Licensed To Sell Bitcoin
Last week, Jack Dorsey received the news he had been waiting for; his company Square had been okayed its “New York State Cryptographic Currency License” enabling Square to trade Bitcoin via its Cash app on the Square platform. In other words, the state of New York now had a legalized Bitcoin distributor.
Meanwhile, Bitcoin itself struggles to stay afloat, sinking dramatically in 2018 from an all-time high price of $19,900 last November to just $6,310 earlier this month. Bitcoin and crypto needs Dorsey to take a stand, remove all crypto bans that aren’t absolutely necessary, then call up Mark Zuckerberg, Larry Page and Sergey Brin and get them to do the same at Facebook and Google before the market damage becomes irreparable.
C’mon Jack, if anyone can pull that off, you can!