A Facebook ad mock-up from CEO Brian Armstrong released on Twitter on July 20 confirmed the sudden change of heart on Facebook’s part. The ad was initially made public in the last days of June.
It also appears that Facebook was not the only one to change its mind, as Google has also allowed its users to upload screenshots of Coinbase on Google Ads once again.
“Facebook banned ads for crypto earlier this year. Proud to say we’ve now been whitelisted and are back introducing more people to an open financial system,” tweeted Armstrong.
A few months ago, Facebook, Google, and Twitter received a lot of negative backlash due to their cease and desist on cryptocurrency advertising of any kind.
As far as Twitter is concerned, the company has yet to make a reversal move, the ban being in place while oddly enough, its CEO Jack Dorsey kept on praising Bitcoin and implemented its technology into his other venture, the Square payment platform.
Coinbase’s advertising resurgence on the two media platforms has prompted many to suspect that the exchange might have been bought by Facebook.
While momentarily there have been no official discussions of a merger, Armstrong had alluded in a recent Twitter post to multiple projects that might be secretly in the making. When talking about lower Bitcoin prices, he suggested Coinbase would use the calmer market to focus on a calmer market approach to increase development and improvements for when the sentiment turns positive again.
“We use the down cycles to build a strong foundation so we can thrive in the next growth cycle,” he stated.
Other crypto enthusiasts reacted more positively, noting that this year the reputation of cryptocurrencies really took a blow, after two quarters of slow growths and ambiguous legislation in certain countries.
“Google and Facebook are both allowing Coinbase to advertise again … the 2018 Bitcoin adoption rate has probably already bottomed,” entrepreneur Alistair Milne stated on Monday.
This whitelisting also overlapped with a spike of 15% in Bitcoin’s value from the past five days.