Uncertainties are looming over the Cryptocurrency market because Google and top social media websites have banned ads related to crypto start-ups and ICO projects in a bid to block the scammers.
Such an attempt by Internet giants is shielding Cryptocurrency related advertisement from reaching over 3 billion people.
So, how this ban will impact the blockchain based commodities business that has overwhelmed the investors from around the globe.
Effect of Google Ban on Cryptocurrency Market
The immediate impact of Google ban on Cryptocurrency market has not been pleasant. Earlier, when search engine announced its Ad ban, the market capitalization of Cryptocurrencies fell from $372.9 billion to $310.4 billion. Bitcoin that crossed the psychological barrier of $10,000 in November, also declined below $8000 in value. At one point in December 2018, Bitcoin’s value had also reached near $20,000.
Analysts are saying that missing out major digital market platforms to spread the word about new ICO projects will harm Cryptocurrency market. Major search engines like Google and social media sites like Facebook took action to bar the related advertisements in a bid to stop the scammers from trapping the investors. But, the impact of blanket ban is likely to ripple through entire sector and make the real investors who have an intention to trade in real blockchain based commodities, suffer a loss.
What Do Experts Say
Cryptocurrency enthusiasts are hoping that this blanket ban will do more good than harm; it will not chuck the scammers out but increase the prospects of healthy trading of blockchain based commodities. Investors also say that recent fall in Cryptocurrency prices is not due to ban on ads by Google, but it is due to fear of regulations.
What Is Truth?
Optimists have come up with two points to explain that inability to advertise will not impact the Cryptocurrency ban.
- They think that the ban will keep the scammers away and promote more authentic trading.
- For them drop in the value of Cryptocurrency is due to fear of regulations.
The first point is valid, but it will prove itself right only in the long run. And, the second point too weights up to a certain extent only. In January there was significant fall in Bitcoin value amidst speculated regulations in Asia. But, the fear of government intervention and stock exchanges intervention is not over yet.
Experts also believe that Cryptocurrency market will not see significant collapse due to its resilience and flexible nature that it has proved in the past.
Another thing that goes in favor of the robust future of blockchain based currencies is that they are now being used in many authentic mega ventures. One such example is Dubai real estate project that will also accept Bitcoin as payment.
But, banning of ads by Google, Snap, and MailChimp, is going to be no less than a shock in a short run. After all, mere words of mouth are not enough to persuade investors for buying the ICOs and deal in Cryptocurrencies.