The cryptocurrency industry continues to fight an uphill battle on all fronts. Facebook officially banned ICO advertisements earlier this year. Google is now doing the same, but they are removing any advertisements related to cryptocurrency in general. This is a rather worrisome development that may hurt cryptocurrency’s chances of success in the long run.
A Rather Harsh Action by Google
The new decision by Google comes at a rather interesting time. In June of 2018, cryptocurrency-related advertisements will no longer be allowed on the platform. That is quite worrisome, as it virtually nullifies any promotion attempts related to Bitcoin and altcoins. It seems Google mainly wants to weed out ICOs, trading advice, and so forth.
Even legitimate companies will no longer be able to serve ads through Google. That is not a positive development by any stretch of the imagination. A lot of smaller cryptocurrency companies will struggle because of this missed opportunity. With Facebook also cracking down on cryptocurrencies, it has become evident these centralized technology giants will try to oppose this new form of money.
Whether or not other companies will follow this example, remains to be seen. Cryptocurrency interest is at an all-time high as we speak. Despite falling prices, the general public still wants information regarding Bitcoin and altcoins. If Google can’t help them out, people will flock to other solutions in this regard. This decision also highlights the need for decentralized ad networks.
What Comes Next for Cryptocurrency Advertising?
It is evident Google faces a lot of advertisements violating its policies. At the same time, targeting the cryptocurrency industry doesn’t appear to be the right course of action either. Removing reported ads is a system that simply works well. At the same time, advertising is the main source of revenue for Google parent company Alphabet. Removing anything potentially “dangerous” or “malicious” from their ecosystem makes a lot of sense.
For cryptocurrency companies, the news will be a big blow. At the same time, every closed door means another opportunity will come around. How this will affect the industry, remains to be determined. This advertising industry may remain off-limits until we see actual cryptocurrency regulation. Even then, companies such as Google may keep their foot down and not allow any ads related to this new form of money.
This news comes at a time during which Google Ventures invests in Currencycloud. This company is a global payments platform built on smart technology mainly focused on cross-border payments. It is rather uncanny how Alphabet cracks down on cryptocurrency advertisements, yet still invests in companies exploring this business model.