Finance Industry Labels Google’s Crypto Ad Ban ‘Unfair’

Jordana Sacks
  • Businesses and investors alike made their opinions known after Google took the drastic step of banning cryptocurrency advertising from its platform.
  • However, the controversial policy failed to impact either bitcoin or altcoin markets, despite fears to the contrary.

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.”

Phillip Nunn

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.”

Phillip Nunn

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.”

Ed Cooper

Featured image from Max Pixel

Max Keiser: Bitcoin Dominates Altcoins in Cryptocurrency Debate

  • Keiser Report host Max Keiser claims that bitcoin continues to dominate altcoins and provide more investor security.
  • Keiser predicted bitcoin's market dominance and hash rate to reach 99 percent within the next five years. 

Max Keiser, host of the Keiser Report, claims that bitcoin has no cryptocurrency rivals and that most altcoins fail to live up to the standard set by BTC. 

Speaking in an appearance on London Real, Keiser dismissed the possibility of a new crypto-asset emerging and eating into bitcoin’s market dominance. 

He said, 

There’s no coin out there that can do what Bitcoin doesn’t do already or will be able to do shortly. What you’re buying with Bitcoin is security.

Keiser continued, arguing that hard forks of bitcoin such as bitcoin cash and SV lack security compared to the original BTC.

The avid bitcoin supporter also referred to several altcoins as being “pure exit scams,” intentionally designed to manipulate investors. 

He explained, 

They have huge ‘pre-mines’ that the founders are selling or dumping and making a lot of money. A lot of people are losing money, and they have no use case. So like a Ripple or an Ether, even, is an exit scam. It’s to be avoided. Those are the top coins.

Keiser predicted that bitcoin’s market share and hash power, sitting at 65% and 85% respectively, will continue to rise relative to the market. He claimed that within five years bitcoin will account for 99% of all cryptocurrency hashing power and market capitalization. 

Featured Image Credit: Photo via Pixabay.com