In a notable move, Google revised its advertising policy to encompass U.S.-based cryptocurrency trusts, effective January 29, 2024. This alteration coincides with the widely anticipated approval of spot Bitcoin exchange-traded funds (ETFs) in the United States.
As per Google’s recent policy update log on December 6, the tech giant will permit advertisements from entities offering “Cryptocurrency Coin Trust,” specifically targeting the U.S. market. These trusts encompass products like ETFs, enabling investors to trade shares in trusts holding substantial digital currency reserves.
#Google has updated its #cryptocurrency related advertising policy to allow ads about #crypto trusts from the end of January, the same month that spot #Bitcoin ETFs are predicted to be approved in the United States.
It’s like Google knows something big is coming
pic.twitter.com/Fia5CSYVjh
— ᙢinus ᙡells (@MinusWells) December 11, 2023
However, potential advertisers for these cryptocurrency trust products must undergo Google’s certification process, mandating the possession of relevant licenses from local authorities. Furthermore, their advertising content and landing pages must comply with the legal requirements of their targeted countries or regions.
The timing of this policy shift aligns with heightened expectations surrounding the potential approval of spot Bitcoin ETFs. Bloomberg ETF analysts forecast a 90% likelihood of the U.S. Securities and Exchange Commission approving a spot Bitcoin ETF by January 10, 2024.
There are 13 Bitcoin ETF applicants, and while specifics about their approval processes are scarce, notable fund managers like BlackRock, Grayscale, and Fidelity have engaged with the SEC, discussing critical technical aspects of their ETF proposals.
Crypto Investment Products Record 11th Week of Inflows
This adjustment in Google’s advertising policy arrives amidst an optimistic atmosphere within the cryptocurrency market. Bitcoin has surged nearly 74% over the past 90 days, with many analysts speculating a potential new all-time high for Bitcoin in 2024. This market enthusiasm and anticipation underline the growing expectations surrounding the impending Bitcoin ETF approvals.
The recent clarification permitting “crypto trusts” to advertise represents a significant marker indicating the growing acceptance of cryptocurrencies within institutional and mainstream circles.
With Wall Street entities swiftly expanding their crypto-related offerings and regulators outlining compliance criteria, major companies such as Google appear to be adopting a more sophisticated perspective toward the evolving landscape of cryptocurrencies.
Crypto investment products continued their streak of 11 consecutive weeks of inflows, receiving an additional $43 million last week, culminating in a total of $1.8 billion over this period.
According to the latest report from CoinShares, various asset managers, including 21Shares, Bitwise, CoinShares, Grayscale, and ProShares contributed to the 11-week streak by accumulating $43 million in inflows last week, resulting in a cumulative inflow of $1.8 billion.
The primary focus of these inflows remained on Bitcoin-based funds, which received $20 million last week, contributing to a year-to-date total of $1.7 billion. Despite this, the total inflow figures mark a significant decrease from the $176 million and $346 million witnessed in the preceding two weeks.