Google Banning Cryptocurrency Ads
Cryptocurrencies and blockchain projects are a 4 trillion dollar industry as we speak. But what else is worth a few trillion dollars? The online advertising business! When we talk about online advertising, the first name that strikes our mind is none other than Google. Google Adwords is the largest online advertising platform and it has hit cryptocurrencies hard! Google Adwords has announced to not support any ads related to ICO’s and has decided to ban all Crypto ads. While the proponents of blockchain and cryptocurrencies are fighting to bring crypto to the mainstream, steps like these by such a big giant is totally opposite of what crypto needs right now.
Why did Google ban crypto ads? What other online advertising platforms have done the same? What options are left for the legit ICO projects to promote themselves after google bans crypto ads? Let’s discuss these in brief.
Why did google ban crypto ads?
Before we dive into multiple other things, let’s also throw light on a fact. Google doesn’t even allow brokers to post stock ads. And in case of Forex ads, a mechanism of strict approvals is in place to ensure consumer protection. So, if google bans crypto ads, it is in one way a step in the right direction as it ensures consumer safety and helps fight fake ICO’s where people have lost their life savings. The market reacting bullishly to the announcement substantiates this point.
Now, talking about why did we get to hear that google bans crypto ads, is to ensure consumer safety. Many people have lost a lot of money in fake ICO’s and Google ads were one of the major sources of traffic for them. Starting an ad for an ICO was a few hours job to rip people off. In our opinion, this is a good move and will help crypto adaptation in the long run.
Before Google, Facebook had also announced to ban ICO and crypto ads on their platform to protect the users who use the site.
How do ICO’s promote their project now?
With major online advertising platforms not supporting crypto ads, the option left with ICO’s is to promote themselves on channels like youtube and crypto forums. But you know what is the good part here? These are public forums where constant feedback is posted by thousands of users and it becomes extremely difficult for fake ICO’s to target people while in case of Google and Facebook ads, the target victims can be targeted in isolation.
Does this affect the market?
It was surprising to see how the market got bullish after the announcement but after a couple of days we see the $8200 resistance level broken and Bitcoin stands down at $7500. Is it due to the news that google bans crypto ads? If a big giant like Google is banning crypto ads, is it a negative move for the crypto future? In our opinion, NO. We need to understand that the crypto market is highly unregulated and is very prone to scams. We have witnessed this and steps like this ensure that consumers won’t face harm. In the long run, this is a very bullish move for the cryptocurrencies.