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Crypto Goes Commercial: Google Policy Update Welcomes Spot Bitcoin ETF Ads

2 mins
Updated by Kyle Baird
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In Brief

  • New Google ad policies go into effect today, potentially allowing certain crypto products, including spot Bitcoin ETFs.
  • BlackRock's advertisement positively highlights the impact of Bitcoin ETFs on the future of finance.
  • A $58M crypto theft in August 2023, linked to phishing on Google, intensified debates over crypto advertising.
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Google’s latest policy update, effective January 29, marks a significant shift in what ads are allowed to be shown. Google is now opening its vast ad network to certain crypto products, including the recently-emerged spot Bitcoin exchange-traded funds (ETFs).

This development is not just a nod to the growing mainstream acceptance of crypto but also a pivotal moment for investors and the finance sector at large.

Will We Soon See Bitcoin ETF Ads on Google?

The crux of Google’s update lies in its allowance for:

“Advertisers offering Cryptocurrency Coin Trust targeting the United States.”

Despite introducing some ambiguity, this could likely include significant players like the Grayscale Bitcoin Trust (GBTC). This trust, having transformed into a spot Bitcoin ETF following the SEC’s green light, previously catered exclusively to accredited investors.

Now, spot Bitcoin ETFs, unlike their predecessors, are accessible to the general public in the US, offering a more regulated and potentially safer investment avenue.

Read more: What Is A Bitcoin ETF?

Amid this policy shift, BlackRock, the asset management behemoth, has been at the forefront, championing Bitcoin ETFs. Jay Jacobs, BlackRock’s head of thematics and alternative ETFs, highlights the profound implications of Bitcoin on the future of finance.

Jacobs stated:

“Bitcoin is the original cryptocurrency to gain global adoption, and has continued to maintain its dominance.”

His remarks underline the transformative potential of Bitcoin ETFs, particularly in simplifying investment processes and reducing operational burdens, such as tax reporting.

A Checkered Past

However, the crypto advertising arena is not without its challenges. A stark reminder of the perils in this digital frontier surfaced with a staggering $58M crypto theft in August 2023.

In August 2023, Scam Sniffer reported that,

“A ‘wallet drainer’ was linked to phishing campaigns on Google search and X ads, draining approximately $58M from over 63,000 victims in 9 months”

Google crypto ad phishing. Source: Scam Sniffer
Google crypto ad phishing. Source: Scam Sniffer

This revelation highlights the critical need for stringent ad verification processes to protect investors.

As Google embarks on this new journey, balancing innovation with investor safety remains paramount. The integration of spot Bitcoin ETFs into its advertising framework signals a progressive step towards embracing digital finance.

Top crypto platforms in the US | February 2024

In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content.
This article was initially compiled by an advanced AI, engineered to extract, analyze, and organize information from a broad array of sources. It operates devoid of personal beliefs, emotions, or biases, providing data-centric content. To ensure its relevance, accuracy, and adherence to BeInCrypto’s editorial standards, a human editor meticulously reviewed, edited, and approved the article for publication.

Kyle Baird
Kyle migrated from the East Coast USA to South-East Asia after graduating from Pennsylvania's East Stroudsburg University with a Bachelor of Science degree in 2010. Following in the footsteps of his grandfather, Kyle got his start buying stocks and precious metals in his teens. This sparked his interest in learning and writing about cryptocurrencies. He started as a copywriter for Bitcoinist in 2016 before taking on an editor's role at BeInCrypto at the beginning of 2018.