According to The Next Web, Twitter is considering banning cryptocurrency advertising from its platform entirely, following suit after Facebook and Google.
While it is unclear how restrictive Twitter’s policies will become, its updates will “prohibit content for initial coin offerings (ICO), token sales and cryptocurrency,” and may come into effect as early as April 2018, The Next Web reports. The social media platform is also “purportedly considering outlawing advertisements for cryptocurrency exchange desks too.”
Speculations as to why Twitter is making this move suggest that the platform doesn’t want to be involved with “the controversy and volatility inherent to the blockchain space,” The Next Web reports. “Factoring in the rampant spread of fraudulent projects in the blockchain industry, it’s difficult to criticize Twitter for taking a cautious approach to cryptocurrencies.”
However, while Twitter considers removing itself from the cryptocurrency equation, cryptocurrency startups are struggling to find advertising platforms. The Next Web suggests that these startups might consider the media, “the most logical alternative;” this only leads to more challenges: “The only question is whether cryptocurrency marketers will prefer to walk through the main entry (and work out sponsored agreements with selected outlets) – or take the back door and keep things behind closed curtains.”
What this means for decision makers:
While decision makers who are stuck in this position might feel tempted to go the “back door” route, they should keep in mind that transparency is an important attribute to showcase while conducting business. Especially in a digital world with scandals, hacking, and increased risks of data breaches, decision makers should take smart steps while approaching and making potential deals with cryptocurrency advertisers.
It might also be in decision makers’ best interest to stay abreast of other companies’ moves regarding cryptocurrency, alongside Twitter. Consider why these companies are making a certain decision, and if yours should be, too. Should your business pull back on cryptocurrency, and take a more traditional trajectory? Do your business’s policies surrounding cryptocurrency need updating? Whichever move is made, decision makers should consider keeping in mind the long-term success of their business.