Crypto Sector Faces YouTube Censorship Unleashed This Christmas Season
Promotions of unregistered securities and potential scams led YouTube to pull down crypto-related content.
YouTube has started banning channels with crypto-related content, based on the assumption that talking about crypto may include promotions of unregistered assets or risky schemes.
Multiple accounts stated they were demonetized and the content was censored. YouTube has been one of the chief sources of crypto promotion, but also analysis and community-building. The move, called censorship and a crackdown, may have implications about the popularity of crypto in the coming year.
Channels are still being pulled down, with the intention of curbing potential scams. YouTube has been one of the chief sources of promotion for one of the biggest crypto Ponzi schemes, BitConnect. However, Trevon James, one of the notorious BitConnect promoters, has so far evaded the crackdown.
On the other hand, channels that produced significant revenues based on analysis, have started to seek new platforms and sources of income. Channels and personalities like Chris Dunn have seen their content removed, citing potentially dangerous content.
So far, the measure has affected mostly highly influential YouTubers, with channels dedicated to detailed analysis. Some of the channels have achieved significant influence, pointing to potentially optimistic developments on the crypto market.
What is even more curious, channels like Richard Heart, notorious for the HEX scheme, have not been affected. However, analysts are facing a significant season of censorship, as some of the most prominent producers of content noted.
The crackdown, which has happened in the past few days, happens during a relatively inactive time for the crypto market. But the loss of influential channels may affect the general attitude in 2020. So far, there is no consensus if the new year would bring an extended bear market, or spark more optimism.
The crypto sector has seen censorship from large social media platforms in the past, as Facebook briefly banned crypto-related ads, and the same move was followed by Google.