News has dropped regarding Google’s plan to ban any and all cryptocurrency ads from the month of June this year. This information came via Google’s support pages which got updated recently with this shocking information. The ban will affect not only a ban on direct cryptocurrency ads but also ads regarding ICOs, wallets and even trading advice. Google had already started cracking down on ads that violate its policies to ensure that the web is a safer place for users and publishers of online content. In 2017, it was reported that Google had removed a staggering 3.2 billion ads from the internet.
Though the news came as a bit of a shock to some, this recent development is not something new. Earlier this year, Facebook had started banning ads promoting alt coins on their platform due to numerous cases of misleading information and scams being promoted online. Google is following the footsteps of Facebook in preventing more scams from happening.
As expected, as soon as this news hit the world, the price of Bitcoin and many other cryptocurrencies started tanking. Bitcoin especially was hit the hardest as it hit a one month low of $8,252.39 this Wednesday. Though this has caused many to be in an uproar, some crypto industry pundits believe that the ban on ads will actually be a good thing for the crypto market in the long run. Such a belief does make a lot of sense when you consider the fact that a lot of people all over the world have lost a lot of money getting hooked into ICO or alt coin scams. Whenever this happens, the overall perception of alt coins becomes more negative which ends up hurting the industry.
Google and Facebook are two of the biggest advertisers today due to their overwhelming presence online. With both parties now banning cryptocurrency ads, there will be a substantial decrease in such promotions. Anything that will end up adding value to the crypto industry or hurting it is up in the air now. The only way to know for sure is to observe the shifts in the market this year. Whatever the consequence you can bet, it’s going to change the industry in a significant way.