In a surprising twist, tech behemoth Meta is gearing up for a crypto-market plunge following the recent surge in popularity of well-regulated products like Bitcoin ETFs. Over the past 20 days, Bitcoin ETFs have witnessed substantial inflows, with the trend catching the attention of major players in the tech industry.
The latest move in this evolving landscape saw Google Search and YouTube embracing Bitcoin ETF ads earlier this week, marking a pivotal moment in mainstream acceptance. Now, industry insiders speculate that Meta, the parent company of Facebook and Instagram, may soon jump on the crypto bandwagon.
Nate Geraci, President of ETF Store, raised eyebrows with a noteworthy observation. In a recent X post, he hinted that Facebook and Instagram could soon allow the display of advertisements for spot Bitcoin Exchange-Traded Funds (ETFs), signaling a potential shift in advertising policies on these popular social media platforms.
Meta’s Potential Crypto Entry
Referring to Facebook as a potential “boomer honeypot,” Geraci suggested that the platform’s user base, which notably includes a significant demographic of older individuals, could play a pivotal role in expanding the reach of Bitcoin ETF ads. The prospect of major social media platforms embracing these advertisements would undoubtedly mark a significant development for the crypto industry.
Moreover, the move to launch Bitcoin ETF ads on Facebook and Instagram could prove strategically interesting, given the platforms’ substantial user base of millennials and Gen Z, who are more attuned to the crypto world. However, not all major players will dive into the crypto advertising pool.
Meanwhile, Meta is on the path to a remarkable turnaround. The company’s stock price experienced a staggering 20% surge on Friday, February 2, propelled by its first dividend payout declaration. Meta has authorized $50 billion for share buybacks and declared a quarterly dividend of 50 cents per share.
This positive turn comes against robust financial results and strong returns from investments in emerging technologies like the “metaverse.” The surge in stock value is expected to boost investor confidence in Meta, which has faced challenges in recent times. The company’s restructuring plans, including a significant reduction in workforce, have seemingly paid off.
Mark Zuckerberg, Meta’s chief, has labeled 2023 as the “Year of Efficiency,” reflecting the company’s focus on cost reduction and streamlining operations. Meta is poised to enter the competitive AI space, competing with tech giants like Microsoft and Alphabet.
The recent advancements in AI, exemplified by the launch of the Llama 2 model and the upcoming Llama 3, underscore Meta’s commitment to ongoing innovation in this field. As the crypto and tech worlds converge, Meta’s strategic moves and potential entry into crypto advertising could reshape the industry’s landscape.