All Financial Wisdom
Cryptocurrencies Tumble after Google Bans Ads
Bitcoin and the rest of the cryptocurrencies did not sit well with Google’s decision to ban all advertising related to them and the ICOs from next June on. After the decision announced yesterday, the value of all the cryptocurrencies has fallen yet again, just when they were beginning to recover from the last falls.
At this time, if we look at indexes such as CoinMarketCap we can see that the value of Bitcoin has fallen by 13.45% as of 3/14, and its value is already below $8,000 dollars. In the rest of the cryptocurrencies most used according to this index, the drop is even more pronounced, with decreases of 14.72%, 16.58% and 14.25% for the Ethereum, Ripple and Bitcoin Cash.
As usually happens, the most logical thing is that in the next few days the value of cryptocurrencies will increase again But what is clear is that, with so many ups and downs, it does not seem easy for them to find short-term stability that will allow them to grow back to the levels they had at the beginning of the year. Even so, we will have to wait and see what happens in the medium and long term.
It should also be remembered that Google is not the only one that is charging against this type of technology. At the end of January, it had been Facebook who also decided to ban ads related to cryptocurrencies and initial offers of currencies (“initial coin offerings” or ICOs) in all its services. In addition, celebrities such as Bill Gates are also criticizing it strongly, and some governments are threatening to ban them.
The measures taken by Google or Facebook have not stopped causing some controversy among those who support the blockchain. The decisions are, according to companies, to protect users, and it is true that there are many deceptive ads trying to catch clueless people with keywords like Bitcoin or Blockchain. But what they are doing is to generalize and punish everyone equally, even the legitimate advertisements of products that strive to do things right.
While European countries such as Germany, France, or Italy, in addition to others like the United States still do not seem willing to enter to regulate cryptocurrencies, there are still some who decide to swim against the current and place themselves in favor of this technology.
In any case, the debates around cryptocurrencies and blockchain technology have only just begun, and it remains to be seen what ends up happening after it abates. All we can do is wait and watch this storm of instability and see if Bitcoin and the rest of the cryptocurrencies normalize the prohibitions and measures against which they are being imposed.