Search engine giant Google recently released an advertisement about its new Call Screen service which answers phone calls on behalf of users and transcribes the caller’s message. One of the characters in Google’s ad mentions that cryptocurrency mining consumes a lot of energy after he receives a message warning him about high power consumption from his electricity provider.
When told that cryptocurrencies are not “real money” and that he is “living a lie”, he responds by saying: “Well, I’ve got news for you. Money isn’t real.” Notably, Google’s new crypto-related ad has been released shortly after it ended its outright ban on digital currency ads.
As CryptoGlobe reported on September 25th, Google now allows regulated cryptocurrency exchanges to purchase ads via its platform. At present, only licensed exchanges based in Japan and the US are allowed to place ads through Google’s search engine services.
Fiat Money More Costly To Manage Than Crypto
The multinational technology company might have decided to partially roll back its ban on crypto ads because they are increasingly being considered a legitimate asset class by large financial institutions. Established fintech firms such as Goldman Sachs-backed Circle Internet Financial are also heavily invested in the crypto space.
Interestingly, Google’s new ad reveals there is still a widespread misunderstanding regarding many concepts related to cryptocurrencies. Many people have criticized the energy-intensive mining process required to digitally print, or issue, new digital currency such as Bitcoin (BTC).
While it’s true that mineable digital assets consume about as much electric power as small countries such as Ireland, the process of printing and circulating fiat money costs significantly more and also consumes a lot more of other types of resources.
In order to issue and manage fiat currencies, large banks have to hire hundreds of thousands of employees. The US Federal Reserve, or the central bank of any other country, does not directly distribute fiat currency to individuals.
Printed fiat money is distributed to large local banks and transporting it often requires costly armored vehicles.
Top-Ranked Financial Advisor Bullish On Crypto
Another misconception found in Google’s ad is that cryptos are not real money. Although there have been an increasing number of scams associated with digital currencies, they are now widely considered a proper asset class.
As CryptoGlobe covered, Ric Edelman, a New York Times best-selling author and a top-ranked financial advisor in the US, recently noted that cryptocurrencies are a legitimate asset class that may serve as a store of value just like gold and other precious metals.