Important news for the blockchain sector: starting from January 29, 2024, Google will allow the publication of ads related to Bitcoin and cryptocurrencies.
In particular, the first series of ads will be launched only in the United States. Let’s see all the details below.
Summary
Google will open the doors to crypto and Bitcoin ads: what will change?
As anticipated, in accordance with Google’s latest policy regarding crypto, starting from January 29, 2024, advertisements on Bitcoin ETFs will be allowed.
Initially, the publication will be limited to the United States, but a subsequent expansion at a global level is planned.
In December 2023, Google had already made changes to its advertising policy.
The company had indeed announced its intention to review the guidelines related to cryptocurrencies and their related assets in January 2024, with the main objective of clarifying the parameters and guidelines for promoting Coin Trust linked to cryptocurrencies.
So, according to the new policy, the ads about Bitcoin ETFs will be officially published as part of Google ads starting from January 29, 2024.
In targeting any advertising area, the technology company requires that all advertisers comply with the local regulations.
As we know, advertising, in all its forms, is a powerful means of communication with a specific audience. Thanks to Google, this reach is greatly amplified.
Some data about Google ads
Not by chance, globally, Google Ads reaches 90% of the population.
Considering Google’s websites and apps on the Play Store, the reach of the audience extends to several billion people. For example, ads placed at the top of searches show an average click-through rate of 7.94%.
Public segments can be integrated into ad groups for more precise targeting based on demographic data, interests, habits, recent searches, and past interactions with the company.
By leveraging activities such as app usage, video viewing, or online browsing, audience segments enhance the effectiveness of advertising campaigns.
With this wide scope and a constantly present audience, awareness of Bitcoin ETFs is destined to grow significantly.
This will result in greater familiarity not only among traders and investors, but also in the general public, opening up new opportunities for exposure to Spot ETFs.
Some perspectives for Bitcoin in 2024
Meanwhile, while not anticipating a rapid increase, crypto industry analysts suggest that Bitcoin could attract greater interest in the course of 2024.
The annual report of CoinShares, a major European asset manager, highlights positive macro signals for cryptocurrencies, particularly as the Federal Reserve considers rate cuts and investors feel more confident in exploring digital assets.
The report suggests that with the expected decrease in interest rates by the American Federal Reserve in the first half of 2024, Bitcoin and gold could become more attractive to investors.
However, not everyone is so optimistic. Craig Erlam, market analyst at Oanda, maintains a pragmatic approach, stating that it has been a long time since the last rate cut cycle and that it is necessary to wait and evaluate the effect.
Anyway, the CoinShares report also analyzes the correlations of Bitcoin with the US dollar and other assets, suggesting a possible temporary positive correlation during changes in monetary policy and market tensions.
The current year has seen a decrease in the price of Bitcoin coinciding with a peak in the DXY index, which measures the strength of the dollar against other currencies.
Despite Bitcoin’s historical correlation with gold being currently almost unprecedented, Erlam remains skeptical about the view of Bitcoin as digital gold or a hedge against inflation.
However, he believes that Bitcoin can still be successful without necessarily having such characteristics.
The CoinShares report highlights the importance of the US market in legitimizing Bitcoin ETFs globally, indicating that while Bitcoin spot ETPs are popular in Europe, the US market remains of greater influence.
The approval of Bitcoin ETFs has generated a bullish momentum in the markets, but it remains uncertain whether this will be enough to sustain a long-term bullish trend.
