Google Updates Policy to Permit Advertising of Certain Cryptocurrency Products
Summary:
Google is set to update its rules to allow certain cryptocurrency products, likely including Bitcoin ETFs, to advertise on its platform from January 29th, broadening potential market exposure. This move aligns with the recent approval of 11 Bitcoin ETF applications by the US SEC. The new Google advertising policy, expected to boost Bitcoin ETF inflows, opens opportunities for accredited investors and the general public alike.
This Monday, Google is poised to revise its rules to permit specific cryptocurrency products to advertise on its leading search platform. The crypto-sphere is buzzing with speculation that Bitcoin exchange-traded funds (ETFs) might fit the bill, given Google's plans to refine its policy around crypto-related advertisements on January 29th, as reported by Cointelegraph in December 2023. The new policy is expected to open the door for ads from “advertisers pushing Cryptocurrency Coin Trusts towards the American market." This move comes amidst news that Google will start permitting Bitcoin ETF ads from January 29th.
Following the US Securities and Exchange Commission (SEC) green-lighting 11 Bitcoin ETF applications on January 10th, stakeholders can buy shares in a Bitcoin ETF, thereby securing an interest in the fund's Bitcoin assets. This is very much in line with the revised Google criteria: "Financial commodities providing an avenue for traders to own stocks in trusts that manage substantial deposits of digital money."
The high-volume processing power of Google has prompted analysts to view the possible inflows from Bitcoin ETFs positively. DemandSage's latest figures reveal that Google processes an astounding 8.55 billion queries every day.
Whilst Google remains somewhat non-committal about the type of "Cryptocurrency Coin Trusts" permitted to advertise, the Grayscale Bitcoin Trust remains a top contender. Having recently completed its transition to a Bitcoin ETF, the trust is one of the 11 granted approval by the SEC earlier this month.
Founded primarily for accredited investors, previously, only this elite class could buy GBTC shares with a mandatory six-month retention period. The minimum qualifications for accredited investors include a net worth surpassing $1 million or income of over $200,000 in the past two years. These guidelines seek to safeguard beginner investors from plunging into ventures too risky for them.
Unlike its predecessor, spot Bitcoin ETFs are accessible for public consumption and fall under the SEC's Securities Act regulations of 1993. Back in August 2021, Michael van Poppe, a renowned cryptocurrency trader, had high hopes for Google ads' potential impact on Bitcoin-related commodities, particularly since the SEC chairman had commenced investigations into Bitcoin Futures ETFs, which were approved in October 2021.
The article concludes with mention of Eric Balchunas, known as the Bitcoin ETF guru, who has proven the skeptics wrong.
Published At
1/28/2024 8:30:59 AM
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