Tech giant Google has revised its advertising policy regarding cryptocurrency, in a strategic move that anticipates the potential approval of spot Bitcoin exchange-traded funds (ETFs) in the United States. The update, effective January 29, 2024, allows advertisers to promote US-based crypto trusts. This development is in line with increasing speculation in the crypto space, where the probability of approval of a US spot Bitcoin ETF by January 10, 2024 is projected to be 90 percent. Here are the details…
Google is changing its policy on cryptocurrency ads
Google’s cryptocurrency and related products advertising policy will undergo a significant change at the end of January 2024 and will allow ads from advertisers offering cryptocurrency trusts targeting the United States. The policy change log emphasizes that these advertisers must be Google-approved to run such ads.
Certification includes having the appropriate license from the relevant local authorities. Additionally, potential crypto trust advertisers’ products, landing pages, and ads must comply with all local legal requirements of the country or region they target. This rigorous certification process aims to ensure responsible advertising practices in the dynamic cryptocurrency environment.
Bitcoin ETF approval awaited
The policy adjustment by Google is in line with industry expectation regarding the approval of spot Bitcoin ETFs in the United States. Bloomberg’s ETF analysts put the odds for US spot Bitcoin ETF approval at 90% by January 10, 2024. The crypto market is abuzz with speculation considering the potential approval of multiple applications pending at the same time. There are currently 13 Bitcoin ETF applications, including major players such as BlackRock, Grayscale and Fidelity. These firms have reportedly been in contact with the U.S. Securities and Exchange Commission to discuss important technical details about their ETF offerings.
The positive reaction of the market is clearly visible, with Bitcoin experiencing a significant increase of 74% in the last 90 days. The cryptocurrency space is eagerly awaiting the outcome of pending ETF applications, with Google’s policy change signaling a more inclusive approach to advertising in this evolving environment. As Bitcoin continues its rise and reaches new milestones, the potential approval of spot Bitcoin ETFs could have a profound impact, with market analysts predicting that $1 trillion would be added to the crypto market upon SEC approval.
Latest situation in the market
As we mentioned above, it is expected that Bitcoin will receive ETF approval in the long term and will rise with this approval. But if we look at the short term, as we reported as Kriptokoin.com, Bitcoin and general cryptocurrencies are losing blood. Today, on the first day of the new week, many altcoins have lost more than 5 percent in value, following Bitcoin’s lead.
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