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Google has announced a modification to its policy on cryptocurrency-related advertising, allowing advertisements for crypto trusts starting from the end of January. This change comes as spot Bitcoin exchange-traded funds (ETFs) are expected to be approved in the US. Coin trusts are financial products that enable investors to trade in trusts holding significant amounts of cryptocurrency, providing investors with equity in cryptocurrencies without actually holding them.
The updated guidelines apply globally and aim to provide customers with more reliable information and protect them from the risks associated with investing in cryptocurrencies. These changes will take effect on January 29, 2024. Marketers targeting American consumers can endorse these products and services if they adhere to the specified guidelines and obtain Google certification.
However, Google still prohibits advertisements for certain digital asset goods, including DeFi protocols, NFT-based gaming platforms, initial coin offerings, and businesses offering trading recommendations.
According to Bloomberg ETF analysts, there is a 90% chance that a spot Bitcoin ETF will be approved in the US by January 10, 2024. The market cap of cryptocurrencies currently stands at $1.54 trillion, and some analysts predict that Bitcoin will reach a new all-time high in 2024.
In 2018, Google initially banned all cryptocurrency-related marketing but later softened its stance in 2019, allowing regulated cryptocurrency sites to advertise. This change in Google’s advertising policy aligns with the rise in fraudulent cryptocurrency ad campaigns, with 66% of cryptocurrency investment scams originating from social media adverts, targeting individuals between the ages of 25 and 34.
The value of the global cryptocurrency market is close to $1.6 trillion, with a 1.0% increase over the previous day.