In a pivotal move set to send ripples through the cryptocurrency sphere, Google is poised to modify its advertising policies on Monday, January 29. The tech giant would permit promoting select cryptocurrency products on prominent search engines, with Bitcoin exchange-traded funds (ETFs) emerging as prime candidates, igniting fervent speculation within the crypto industry.
According to a recent report, the adjustment, slated for January 29, follows Google’s revision of its crypto and related ads policy in December 2023. The amended policy would open the floodgates for ads from “advertisers offering Cryptocurrency Coin Trust targeting the United States.”
This development aligns seamlessly with the recent green light given by the United States Securities and Exchange Commission (SEC) to 11 spot Bitcoin ETFs on January 10. Investors venturing into shares of these spot Bitcoin ETFs will secure a stake in the fund’s Bitcoin holdings, perfectly aligning with Google’s refined criteria for advertising
Google’s Search Power Fuels Optimism For Bitcoin ETFs
Crypto analysts are buoyant about the potential windfall for Bitcoin ETFs, underscoring Google’s colossal transaction processing capacity in searches, which is currently at a staggering 8.55 billion daily searches, as per recent data from DemandSage. Google’s reference to the permissible products is somewhat nebulous, merely stating “cryptocurrency coin trusts.”
In tandem with this development, the Grayscale Bitcoin Trust (GBTC), one of the largest Bitcoin trusts, recently transformed into a spot Bitcoin ETF. This conversion was part of the slew of approvals granted by the SEC on January 10.
Notably, the traditional barriers to entry for investors into Bitcoin trusts are eroding. Previously, acquiring GBTC shares on the primary market was restricted to accredited investors, subject to a six-month holding period. Accredited investors were mandated to possess a net worth exceeding $1 million or exhibit an income surpassing $200,000 in the preceding two years.
In stark contrast, spot Bitcoin ETFs are now accessible to the general public in the United States, regulated under the Securities Act of 1933. This regulatory framework positions them as a safer avenue for Google’s advertising endeavors.
The groundwork for this development was laid in August 2021 when prominent cryptocurrency trader Michael van de Poppe expressed optimism about the influence of Google ads on Bitcoin-related products. Van de Poppe’s optimism was particularly pronounced as the SEC chair explored Bitcoin Futures ETFs, a venture that culminated in their approval in October 2021.