The markets reacted very badly to Google’s announcement that it was going to ban all cryptocurrency advertising. Over $60 billion was shed in less than 24 hours and most altcoins lost over 20% of their value. Panic selling still gripped a large number of inexperienced traders and the markets suffered as a result. The internet giant’s decision may not be all that bad though, at least for the top cryptocurrencies.
It is pretty obvious why central banks and governments want to control and regulate cryptocurrencies. But when advertising driven internet monopolies decide to crack down on them one has to question their motives. Google’s announcement comes a couple of months after Facebook decided to axe all ICO advertising. A bizarre move as the social network still allows rogue accounts to disseminate crypto spam, scams and clickbait among countless crypto groups which are full of this dross.
Top Cryptos Will Benefit
“While this isn’t the best news, it could be a good thing for cryptocurrency. The ban will help solidify the market and weed out scam coins and illegitimate actors looking to get rich quick, providing stability. This ban doesn’t mean that cryptocurrency is going away. I believe it will ultimately strengthen it.”
With all of the scams and ‘shitcoins’ being weeded out, the overall supply of genuine good tokens will be limited which should have a positive effect on their prices. According to Coinmarketcap there are currently over 1560 cryptocurrencies, and these are just the ones that the website lists.
Crypto Media Booming
The surge in interest in cryptocurrencies has spawned a new online media sector with crypto news websites sprouting up quicker than new coins are. The more professional of these players are likely to be the ones to benefit from the web monopolies banning ads. That revenue will be channeled into smaller outfits and startups more deserving of it than likes of all consuming portals such as Facebook and Google. This will create a more diverse online ecosystem of crypto news and information for investors and traders.
Crypto warlord John McAfee remained positive about long term investments when replying to a message of concern, but was not too confident for those investing or trading in the short term.
If you are a long term investor you will have no concerns. If you are short term, I can give you no advice, other than short term investers can hope for mediocrity at best, and oblivion at most likely. Great wealth can only be obtained by investing in the future – 2 to 5 years.
— John McAfee (@officialmcafee) March 15, 2018
Google’s ban is not set to start for another four months, and that is a long time in crypto land. Cryptocurrencies still need time to gain acceptance from users, and build defenses from cyber criminals, mainstream media FUD, internet monopolies, repressive governments, and billionaire bankers.