Cryptocurrency prices fell lower last week, despite two positive catalysts — one from the most influential venture capital firm, and the other from the world’s largest social media company.
On Monday, Chris Dixon, partner at top venture capital firm Andreessen Horowitz, announced in a blog post that the company had raised a massive $300 million for investments in cryptocurrency and blockchain projects.
As one of the most well-respected venture capital firms in the world, Andreessen Horowitz is extremely selective about who it allows to invest, and has access to some of the largest and most prominent institutional investors in the world.
The latest announcement represents a major vote of confidence in the future of digital currency, not just by Andreessen Horowitz, but by its institutional backers as well. As predicted, we are continuing to see investments by major institutions in digital currency.
Then, on Tuesday, Facebook announced it was lifting its ban on ads related to initial coin offerings and cryptocurrency. The ban, which the social media giant established in late January, was followed by similar bans from Google and Microsoft.
However, last week, the company confirmed it has updated its policies and will be permitting advertisements from pre-approved sponsors.
While cryptocurrency markets have fallen since the Facebook announcement, I believe the market is currently underestimating the impact Facebook could have on crypto investment. After all, Facebook is an advertising giant. It literally has the power to influence presidential elections.
The lifting of the ban is particularly important as new software tools and services are expected to come to market in the coming months, which will reignite interest in cryptocurrencies. But in order for these new tools and services to succeed, they will require the ability to market to customers in the most effective way possible.
With the latest announcements, the path forward for digital currencies is looking brighter than ever.
Given these positive catalysts, cryptocurrency continues to be undervalued and represents a significant opportunity for people interested in investing for the first time or increasing existing investments.
Congratulations! This post has been upvoted from the communal account, @minnowsupport, by bloomberg215 from the Minnow Support Project. It's a witness project run by aggroed, ausbitbank, teamsteem, theprophet0, someguy123, neoxian, followbtcnews, and netuoso. The goal is to help Steemit grow by supporting Minnows. Please find us at the Peace, Abundance, and Liberty Network (PALnet) Discord Channel. It's a completely public and open space to all members of the Steemit community who voluntarily choose to be there.
If you would like to delegate to the Minnow Support Project you can do so by clicking on the following links: 50SP, 100SP, 250SP, 500SP, 1000SP, 5000SP.
Be sure to leave at least 50SP undelegated on your account.
Congratulations @bloomberg215! You have completed the following achievement on the Steem blockchain and have been rewarded with new badge(s) :
Click here to view your Board of Honor
If you no longer want to receive notifications, reply to this comment with the word
STOPDo not miss the last post from @steemitboard:
Congratulations @bloomberg215! You received a personal award!
You can view your badges on your Steem Board and compare to others on the Steem Ranking
Do not miss the last post from @steemitboard:
Vote for @Steemitboard as a witness to get one more award and increased upvotes!