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The quickest way to crypto mass adoption is through social media and currently TikTok is by far, the most viral platform. Someone can upload a video and it can reach hundreds of thousands to millions of people overnight whereas with other social media platforms, the likelihood of this happening is very low and recently TikTok announced that they are going to ban users from promoting cryptocurrencies.
This is a big deal because many of us get our information, our crypto information from social media and in this article we're going to discuss what this really means but more importantly will other social media platforms follow? Including facebook, instagram, twitter and youtube.
TikTok ban is not only targeting cryptocurrency but all financial services and products are prohibited, including but not limited to... cryptocurrency. This includes lending and management of money assets, loans and credit cards, trading platforms, cryptocurrency, foreign exchange, pyramid schemes and investment services. The reason that TikTok is doing this is because over the last year many new investors have lost a lot of money due to ponzi schemes, pyramid schemes, scams, pump and dumps and so on. So they're stating they're trying to protect the investor.
On crypto TikTok, a post, a video can go viral overnight without any work. With other platforms such as twitter, instagram or youtube, you have to build up a reputation. It might take you two, three or four years but on TikTok, you can create an account in one day or one week, you can have a few videos go viral and the reason they go viral is because there is a lot of opium, there's these TikTok saying buy this coin and you'll become a millionaire. I see it all the time you know safemoon is gonna go to $10 or you'll see a viral Tiktok that says Dogecoin to a thousand dollars. They are promoting a lot of nonsense garbage or scams and it has been stated.
A lot of the pumps that we saw this year from coins was coming from TikTok, same thing for meme stocks such as GME or AMC it was because of TikTok. This is not a new thing, TikTok knows about this, they know that people are losing money but the reason why they're likely coming down right now with this crackdown is because of what recently happened with FaZe Clan. Three members from FaZe Clan promoted save the kids token, a pump and dump and we only found out about this about a week ago and shortly after TikTok is coming out with this announcement that they're going to ban the promotion of crypto ads and what does it really mean exactly? I'm still trying to figure out because some people are looking at this and they're celebrating. We're getting rid of all of the garbage, this is good for crypto and while that may be true at the same time it is likely that real content, good content, real education will also be banned or potentially shadow banned. We're still waiting to find out exactly what's going to be banned but it definitely will be a more hostile environment for a crypto creator on TikTok.
If you're a fan of crypto, Bitcoin and Ethereum you believe in freedom of speech, you believe in decentralization so this totally goes against this. So overall I would say this is bearish for TikTok.
WHAT ABOUT TWITTER?
When it comes to twitter, I believe there is a very low probability of twitter banning crypto content and the reason is because Jack Dorsey the CEO, is a huge fan of bitcoin, he has stated "I don't think there is anything more important in my lifetime to work on than bitcoin" and not only that Square the company that Jack Dorsey is the CEO of, is creating a Bitcoin hardware wallet. Jack Dorsey has stated in the past that he is focused on Bitcoin, not to focus on other cryptocurrencies or other coins.
So I don't see them really ever banning crypto content, we did see over the last year from time to time, someone might say something about cryptocurrency and then their account was taken down but it was shortly restored not long after that and even though we know that Jack Dorsey is very vocal about Bitcoin, recently twitter gave out 140 NFTs through wearable built on top of Ethereum. So for now twitter and crypto content looks to be safe.
FACEBOOK AND INSTAGRAM
I'm putting them together because facebook owns instagram, when it comes to these platforms I really don't care, why? Because the organic growth on these platforms in terms of crypto content is pretty weak especially facebook I don't really know anyone who
gets you know, most of their crypto news from facebook maybe from instagram. This is a good time to mention that if you like a channel or you like a creator, make sure to go ahead and follow them on more than one platform in case the primary platform that you follow them on gets shut down.
So when it comes to facebook and instagram banning crypto content this could change at any moment right? Facebook is always back and forth with their policies but even if this was to be banned, crypto content on these platforms, I don't think it would be such a big deal most of you probably don't get your crypto content from these platforms.
YOUTUBE
Will youtube ban crypto content or crypto ads? In the past, it wasn't so friendly in the beginning, google banned all crypto related ads starting June 2018 and then during christmas time, December 2019, youtube went on a purge and deleted multiple crypto channels, including big names such as Chico Crypto, Chris Stun, and Ivan on Tech and afterwards they declared that it had "mistakenly"removed the content in question after it had made the "wrong call". Ibelieve it was intentional but after this all happened they realized it was not a smart move and it backfired and they restored the accounts. This was all during christmas time 2019 and everyone was off because of the holidays so this wasn't even sorted out for quite some time. But since then, youtube has become more friendly to crypto and in June 2021, google lifted their 2018 ban on crypto exchange and wallet advertisements.
The most important reason why I think that youtube will not ban crypto is because they get a lot of money from crypto advertisements. Youtube is an advertising company that is how they make most of their money and some of the most profitable sectors are financial, investing and trading which of course includes cryptocurrency. So when we look at the social media landscape, youtube looks good for now, twitter looks good for now, instagram and facebook also looks pretty good but not that it really matters TikTok overall, not a great situation, yes we'll be removing you know some of the nonsense coming out of TikTok but at the same time we're probably going to remove some of the good content, the educational content coming out of TikTok.
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