The cryptocurrency phenomenon is met with both excitement and skepticism, and those on both sides of the fence are pretty adamant about their beliefs. At the moment, those that are on the bearish side of the equation are taking hold as a big announcement from Google shakes the cryptocurrency market. On Wednesday, Google announced that it would be banning cryptocurrency-related advertising on all of its platforms. Today, we’ll talk about the ban, why it’s a big hit to the cryptocurrency market, and what you should be watching for ahead.
As mentioned above, cryptocurrencies across the board are adversely influenced by Google’s announcement that it would ban advertisements related to cryptocurrencies. Google said that it is updating its financial services-related ad policies in an attempt to ban advertising associated with cryptocurrency-related content. As per Google, this content includes ICOs, wallets, and trading advice.
In their news, the company made it clear that while cryptocurrency may prove to become an adequate asset of value to the average consumer in the future, currently they see evidence that the market has harmed many people instead. As a result, to protect its users, it has officially launched a ban on advertising associated with the industry as a whole. In a statement, Scott Spencer, director of sustainable ads at Google, told CNBC:
“We don’t have a crystal ball to know where the future is going to go with cryptocurrencies, but we’ve seen enough consumer harm or potential for consumer harm that it’s an area that we want to approach with extreme caution.”
Hard Hitting News For Crypto Market
Unfortunately, those in the cryptocurrency market are running out of valuable platforms upon which to market. To recap, Facebook recently announced a similar ban that would block cryptocurrency related content as well as binary options related content from advertising. Another giant – Twitter – also decided to block all sort of advertisements for token sales, initial coin offerings, cryptocurrency wallets and cryptocurrency exchanges within next two weeks.
Now, with Google following suit, the cryptocurrency sector is missing out of two of the largest online marketplaces for quality advertisement. However, it goes a bit deeper than that.
When we look at why cryptocurrency-related ads are being banned from the world’s top online advertising platforms, more red flags emerge. At the end of the day, both Google and Facebook have made the changes to their advertising policies as a result of their goal of protecting their users. So, what are they protecting their users from, when it comes to cryptocurrency? Well, the answer is losses.
While many have made quite prominent amounts of money in the crypto sector, others have lost no less. Like within the stock market, there are winners and losers in every session. However, cryptocurrency, being new, is a highly speculative investment. This makes it very volatile and less predictable.
In a recent statement, Stavros Lambouris, CEO at HYCM Europe, a trading platform who support cryptocurrency investments, had the following to offer:
“The Google advertising ban is a big concern to the cryptocurrency community. With little regulation, cryptocurrency scams are hitting several victims who are losing savings, vehicles, homes and more. Unfortunately, this led to Facebook’s ban earlier this year, and now an advertising ban from Google. It’s not surprising to see such a harsh reaction to the ban in the market as this could raise questions about cryptocurrency’s validity as a secure, valuable asset.”
Is This A Signal Of The End Of Crypto?
This is a hard question to answer. At the end of the day, the cryptocurrency space is a community filled with strong arguments on both sides. While those that believe in the industry don’t think this will be any more than a hiccup along the lines of crypto-history, those that have their doubts, believe that this is yet another nail in closing coffin. At the end of the day, only time will tell what cryptocurrency market has in store for us.
Being a successful graduate of Belarusian State Economic University (BSEU), Maria has acquired competencies in economic and social studies. Given Maria’s previous research working experience, and desire to explore what's really shaping the future, the main research focus is placed on FinTech and Blockchain Technology.