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The Silver Lining in Google’s Advertising Ban

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Following Facebook’s lead, Google had earlier announced that it would be banning all virtual currency advertisements via its service. The market did not react very well too it, offloading more than $60 billion from the market in less that 24 hours. Altcoins fell 20%. Panic selling took over. However, this move by Google may turn to be a bitter sweet deal for the top cryptos.

Governments and Central Banks wanting to regulate and keep the cryptocurrency market on leash is understandable. However, one may question the motives of an internet giant cracking down on these. Google’s decision came a couple of months after Facebook banning all ICO advertisements on its platform. A rather ironic move, given click baits and crypto spams and scams are still rampant as “groups” on Facebook.

However, as asserted by Forbes, some of the top cryptocurrencies like Bitcoin, Litecoin, Ethereum and Ripple do not need any advertisements. Craig Cole of CryptoMaps says, “While this isn’t the best news, it could be a good thing for cryptocurrency. The ban will help solidify the market and weed out scam coins and illegitimate actors looking to get rich quick, providing stability. This ban doesn’t mean that cryptocurrency is going away. I believe it will ultimately strengthen it.”

With all the “junk” coins out of the game, the supply or cryptos should shrink, which will improve the price of the established coins as well as make the system more reliable. According to Coinmarketcap, there are over 1560 virtual currencies out there.

However, as asserted by Forbes, some of the top cryptocurrencies like Bitcoin, Litecoin, Ethereum and Ripple do not need any advertisements. Craig Cole of CryptoMaps says, “While this isn’t the best news, it could be a good thing for cryptocurrency. The ban will help solidify the market and weed out scam coins and illegitimate actors looking to get rich quick, providing stability. This ban doesn’t mean that cryptocurrency is going away. I believe it will ultimately strengthen it.”

With all the “junk” coins out of the game, the supply or cryptos should shrink, which will improve the price of the established coins as well as make the system more reliable. According to Coinmarketcap, there are over 1560 virtual currencies out there.

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