Et Tu Google? After Facebook, Google Bans All Cryptocurrency Advertisements!
Effective June 2018, no form of advertisements promoting or informing about bitcoins or any other form of cryptocurrency would be allowed on Google Adwords.
Google dominates more than 40% of global digital advertisements, and around 25% of all advertisement dollar globally goes to either Google or Facebook.
And now, bitcoin and cryptocurrency enthusiasts cannot use either of them,
In a big setback, which we may take the liberty to describe as the biggest marketing setback for bitcoins, and other cryptocurrencies, Google has banned any form of advertisements to promote them.
Last month, Facebook had placed a similar ban.
What exactly is happening?
Google: No More Cryptocurrency Advertisements!
Effective June 2018, no form of advertisements promoting or informing about bitcoins or any other form of cryptocurrency would be allowed on Google’s Adwords platform.
In a blog post titled ‘An advertising ecosystem that works for everyone’, Google said,
“This year, we updated several policies to address ads in unregulated or speculative financial products like binary options, cryptocurrency, foreign exchange markets and contracts for difference (or CFDs).”
The explanation about this ban is even more clear, and direct in their Adwords policy documents, about this new ban in place.
As per their new Financial services policies, ads about“Cryptocurrencies and related content (including but not limited to initial coin offerings, cryptocurrency exchanges, cryptocurrency wallets and cryptocurrency trading advice)” has been banned.
Besides cryptocurrencies, Google has also taken a hard stand against gambling, Financial spread betting, Binary options and similar products, and other finance-related schemes.
Except for bitcoins and cryptocurrencies, which have been totally banned, advertisers of other mentioned financial services would be required to get certified first, which is only available in few countries.
You can find more details here.
What Next For Bitcoins?
The news about Google’s advertisement ban sent shockwaves all around.
After the US Govt. hurt their sentiments by declaring that regulation is must for all bitcoin and cryptocurrency traders, the price of bitcoins and other altcoins went south, bleeding the market.
However, as the market was slowly but gradually recovering, Google’s update came as a shock, which stopped the progress and forced the rates to do down, even further.
The value fell by 4%, as their march towards $10,000 mark was halted.
In fact, the price went down to become their lowest one-month average.
Interestingly, Google searches with ‘Bitcoins’ in the search term has also gone down, just like their prices. Google searches related with bitcoins has now gone down to the level of October last year.
Yesterday, HDFC Bank too banned any form of cryptocurrency trading.
We will keep you updated, as more details come in.