Google to Ban Crypto Ads in June - And It's a Good Thing for Bitcoin
Headlines from today indicate that starting in June, Google will ban ads and Adword campaigns relating to ICOs and cryptocurrency in general. While the initial wave of responses (and effect on the price) indicate a negative reaction from the crypto community, we at Coin Ninja think this is a very positive development for the legitimacy of Bitcoin and the other legit projects in the space.
Our view is that crypto is currently being held back by the wave of scam ICOs and shady get rich quick pyramid schemes that have marred the industry in the past several months. With the explosion in value of most coins over the past 12 months, scammers have turned their attention squarely on cryptocurrency and have tarnished the landscape with promises of out-sized returns and certainty.
Anyone who's spent time on YouTube, Twitter, or Facebook recently has seen ads ranging from James Altucher promising to reveal 'The Next Bitcoin' to Twitter airdrop scams promising multiplier returns on BTC and ETH if you simply send some of the same coin to an address. Obviously these types of campaigns have left many holding the bag. So companies like Google, Facebook and Twitter and stepping in and clamping down with hammer type responses to ban all crypto related activity.
While it's a very heavy handed approach that will initially create uncertainty in the markets, it is a necessary step in creating credibility in the space. Legit projects with real purpose and utility, like Bitcoin, will come out better for it. And once these companies can become more intelligent around which projects are scams and which are legit, the blanket bans should be lifted and the technologies with value and merit should be permitted to be marketed on Google and Facebook once again.