The Bitcoin price (BTC/USD) has experienced wild swings in the past 24 hours, amid reports that another social media company has moved to ban crypto ads.
After spending the better part of yesterday’s trading session above the $9,000 mark, the original cryptocurrency experienced a sharp drop in the final hour of the session, falling to an intraday low of $8,846.33. The decline might have been caused by reports that Snap Inc had banned ads for initial coin offerings (ICOs) from its popular mobile app Snapchat. The digital coin eventually finished the day at $8,929.28.
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Snap has become the latest online platform to ban cryptocurrency-related ads, with US tech giants Facebook and Google having previously announced similar moves. In addition, a recent report by Sky News has suggested that microblogging platform Twitter is planning to introduce similar restrictions in the next two weeks.
Twitter’s co-founder and chief executive officer Jack Dorsey is a strong believer in Bitcoin’s potential. Most recently, Dorsey predicted that the digital coin is poised to become the world’s single currency.
“The world ultimately will have a single currency, the internet will have a single currency. I personally believe that it will be bitcoin,” he said in an interview with The Times published Wednesday. According to him, this would likely happen “over ten years, but it could go faster”.
While Dorsey acknowledged that Bitcoin “does not have the capabilities right now to become an effective currency”, he argued that, in time, new technologies would help it reach its potential.
“It’s slow and it’s costly, but as more and more people have it, those things go away. There are newer technologies that build off of blockchain and make it more approachable,” Dorsey said, as quoted by The Times.
Last week it was revealed that Dorsey had been one of the participants in a $2.5-million funding round, conducted by Lightning Labs – one of several startups that are working on enabling Lightning Network payments for Bitcoin.
Dorsey is also the CEO of payment company Square, which recently added support for Bitcoin buying and selling to its Cash app.
While the Bitcoin price returned above in $9,000 in the early hours of today’s morning session, it has experienced another sharp drop in more recent trading. As of 10:24 GMT, the price stood at $8,762.95, according to data from Coinmarketcap. It has lost 3.6% of its value in the past 24 hours.