Businesses and investors alike have gone on record to critique Google’s decision to ban cryptocurrency advertising on its platform. The policy, which was implemented on June 1st, has been panned as both unnecessary and unfair by numerous commentators.
However, despite fears to the contrary, Google’s controversial decision failed to make itself felt in either the bitcoin or altcoin markets, with BTC/USD sustaining new support and maintaining a level of around $7,500. The pair was trading at the time of writing at $7,453 according to CryptoCompare.
Prices were seen to increase markedly over Saturday and Sunday, at one point jumping almost $400 to highs of $7,750.
The internet leviathan has come under fire from all sides for its choice to ban cryptocurrency ad content while it continues to pursue blockchain technology itself.
As Blackmore Group’s Phillip Nunn points out:
“I understand that Facebook and Google are under a lot of pressure to regulate what their users are reading, but they are still advertising gambling websites and other unethical practices.”
Facebook and Twitter have both adopted similar stances to Google of late, irrespective of Twitter’s own CEO recently forecasting that bitcoin would take its place as a “single world currency” by 2028.
With Google’s stance on blockchain similarly conflicted, Nunn and many others suspect a targeted move akin to that of Facebook – one intended to clear the way for its own centralised virtual asset.
The CEO explains:
“I suspect the ban has been implemented to fit in with potential plans to introduce their own cryptocurrency to the market in the near future. Removing other crypto adverts allows them to do it on their own terms.”
UK disruptor bank Revolut also added its voice to the ban’s detractors, with its head of mobile Ed Cooper pointing out that the policy fails to distinguish between legitimate companies and proverbial bad apples:
“Unfortunately, the fact that this ban is a blanket ban will mean that legitimate cryptocurrency businesses which provide valuable services to users will be unfairly caught in the crossfire.”
Featured image from Max Pixel