Bitcoin is currently in the $42,500 region, having reclaimed the key support area after a dip to $38,500. The upcoming week could be eventful as Google’s steps may reignite excitement for spot Bitcoin ETFs. We delve into the details and expectations of this significant event for the entire cryptocurrency ecosystem.
Google Crypto Advertisements
On Monday, Google will start allowing advertisements for certain cryptocurrency products. The previous ban had negatively impacted the visibility of cryptocurrencies but had somewhat mitigated the peak in scam cases.
Bitcoin exchange-traded funds (ETFs) are expected to meet the advertising criteria and not face any obstacles from Google. It was announced in December 2023 that Google’s crypto and related advertising policy would be updated on January 29.
This opens the way for advertising campaigns targeting products in the United States and focusing on cryptocurrency products.
Spot Bitcoin ETF
Approvals for Spot Bitcoin ETFs by the US Securities Regulator under the current rule change pave the way for advertising by BlackRock and others. The rule update includes the phrase “financial products that allow investors to trade shares in trusts with large-scale cryptocurrency pools.”
Crypto analysts are hopeful that Bitcoin ETFs will reach more investors, citing Google’s high transaction processing capacity in searches. Google processes over 8.5 billion search queries a day and serves a vast number of internet users.
Previously, investors could only invest in Bitcoin through the GBTC Trust. This meant that only accredited investors, those with assets over $1 million or who have earned over $200,000 in the last two years, could buy GBTC.
Now, all individual investors can easily purchase spot Bitcoin ETFs. Consequently, the audience for crypto product advertisements has grown exponentially. Starting Monday, this optimism could lead to further increases in cryptocurrency values.
However, Google’s decision does not grant the freedom to advertise the majority of cryptocurrencies, including altcoins.
