Online-advertising platforms are taking a hard line against cryptocurrencies like bitcoin.
Google, the world’s largest online-advertising seller, announced today that it will ban all ads for cryptocurrencies and initial coin offerings starting in June. Facebook did the same in January. Together, the web giants command about half of the world’s online-advertising dollars, according to eMarketer.
Google said it updates its policies as it sees “new threats.” This year it will address “ads in unregulated or speculative financial products,” according to a separate statement from its director of sustainable ads, Scott Spencer. The search giant is blocking cryptocurrencies from being promoted on its platform, as well as things such as initial coin offerings, cryptocurrency exchanges, cryptocurrency wallets, and cryptocurrency trading advice. That would include ads that have blanketed the internet from supposed “crypto-genius” James Altucher, who Mashable dubbed the face of the bitcoin bubble.
It is also restricting ads that promote binary options and synonymous products.
The price of bitcoin, to take one cryptocurrency, has consistently broken through price barriers as of late, but it’s also extremely volatile, and thus a huge gamble for investors who don’t truly understand it.