Starting Monday, Google will update its advertising policies to allow certain cryptocurrency products to be advertised on its platform. This development has the crypto community speculating about the potential impact on spot Bitcoin ETFs, given Google’s extensive reach and high search volume.
Google’s Revised Crypto Ads Policy
In December 2023, Google announced its plan to revise its crypto and related ads policy, allowing advertisements from “advertisers offering Cryptocurrency Coin Trust targeting the United States.” With the recent approval of 11 spot Bitcoin ETF applications by the United States Securities and Exchange Commission (SEC) on January 10, these ETFs seem to align with Google’s updated requirements:
“Financial products that allow investors to trade shares in trusts holding large pools of digital currency.”
Optimism About Bitcoin ETF Inflows
Crypto analysts are optimistic about the potential inflows of Bitcoin ETFs, citing Google’s high transaction processing capacity, which handles 8.55 billion searches per day. However, Google’s policy remains somewhat vague regarding the advertising of “cryptocurrency coin trusts.”
Conversion of Grayscale Bitcoin Trust (GBTC)
Notably, one of the largest Bitcoin trusts, Grayscale Bitcoin Trust (GBTC), recently converted to a Bitcoin ETF as part of the approved batch of spot Bitcoin ETF applications earlier this month. This conversion means that spot Bitcoin ETFs are available to the general public and protected under the SEC’s Securities Act 1993, making them potentially safer for Google to consider in advertising.
In conclusion, the crypto community is eagerly awaiting the impact of Google’s revised policy on Bitcoin ETFs and the broader cryptocurrency market.