Google is set to break new ground in the digital currency realm as fresh policies take effect on Monday, January 29. These changes allow certain crypto-products, including Bitcoin ETFs, to advertise on the web giant’s search engine platform. This move, enticing widespread speculation in the crypto market, is deemed a significant stride driven by Google’s massive 100,000 per second search processing capacity.
The revision of Google’s crypto-related advertising policy was revealed back in December 2023 and stipulated that advertisements from “Cryptocurrency Coin Trust targeting the United States” would be permissible post-January 29. Presumably pronounced effects are expected, owing to Google’s new approach contrasted with recent SEC approval of 11 Spot Bitcoin ETFs. Therefore, investors gain stakes in Bitcoin funds, falling in line with Google’s updated ad requirements for products tied to “large pools of digital currency.”
Undoubtedly, enormous inflows into Bitcoin ETFs are projected, spotlighting Google’s stupendous daily processing of approximately 8.55 billion searches. Regardless, Google remains somewhat vague on the exact definition of these newly permitted “cryptocurrency coin trusts.”
In similar developments, the Grayscale Bitcoin Trust (GBTC), one of the largest of its kind, recently transitioned into a spot Bitcoin ETF and was among the several sanctioned by SEC on January 10. While previously, GBTC shares were exclusive to accredited investors, subjected to a mandatory six-month hold; now, spot Bitcoin ETFs have opened up to the broader U.S public and are regulated under the Securities Act of 1933, making them an appealing option for Google’s advertising consideration.
Cryptocurrency trader Michael van de Poppe had forecasted the strong influence Google’s advertising could have on Bitcoin-linked products. This comes after last August’s positive nod from the SEC chair towards Bitcoin Futures ETFs, which got greenlit in October 2021.