Bitcoin ETFs gain momentum as Google’s policy shift opens doors for cryptocurrency coin trusts
A policy update by Google opens the door for select cryptocurrency products to dominate search engine ads, with Bitcoin ETFs emerging as top contenders.
Google is set to allows the promotion of specific cryptocurrency products across its vast network of search engines. Among these products, Bitcoin exchange-traded funds (ETFs) are gaining prominence as potential contenders that align with the specified criteria, sparking excitement in the cryptocurrency industry.
On January 29th, a momentous policy shift by Google is set to implement a crucial policy update, unleashing a wave of cryptocurrency product promotions across major search engines. The revised policy will permit advertisements from “advertisers offering Cryptocurrency Coin Trust targeting the United States.”
This policy change coincides with the recent approval of 11 spot Bitcoin ETFs by the United States Securities and Exchange Commission (SEC) on January 10th. Investors who opt to purchase shares in these spot Bitcoin ETFs will effectively own a portion of the ETF’s Bitcoin holdings, aligning perfectly with Google’s updated requirements.
The cryptocurrency industry is abuzz with anticipation, as Google’s formidable capacity to process search requests could potentially drive a surge of investments into Bitcoin ETFs. Recent data from DemandSage highlights Google’s staggering daily search volume of 8.55 billion searches, underscoring the potential impact of this policy update.
However, it’s important to note that Google’s policy update uses the somewhat vague term “cryptocurrency coin trusts” to describe the approved products, leaving some room for interpretation.
Meanwhile, the Grayscale Bitcoin Trust (GBTC) recently transitioned into a spot Bitcoin ETF following SEC approval on January 10th. Previously exclusive to accredited investors with a mandatory six-month holding period, GBTC now opens up to the general public under the Securities Act of 1933.
This regulatory framework adds an extra layer of security, potentially making spot Bitcoin ETFs a safer avenue for Google in its advertising efforts compared to the previously exclusive and restricted GBTC shares.
The anticipation surrounding Google's policy update has been building since August 2021, with cryptocurrency trader Michael van de Poppe expressing optimism about the potential influence of Google ads on Bitcoin-related products. This optimism is further fueled by the SEC's exploration and approval of Bitcoin Futures ETFs in October 2021, signaling a growing acceptance of cryptocurrency-related investment products in the mainstream financial landscape.