Alphabet Inc.'s (NASDAQ: GOOGL), Google decision to ban cryptocurrency advertisements came under massive condemnation by businesses. Investors too joined the chorus. The ban began on the first day of June. It is expected to continue indefinitely. Google, for its part, has not made any mention of when this disbarment will be lifted. The search engine giant announced this move on its part in March.
Analysts believe that Google has taken this decision to block all advertisements related to cryptocurrency as the company itself is taking steps to pursue new frontiers in blockchain technology. The result of these activities was a minor correction in the cryptocurrencies. Philip Nunn, the CEO of Blackmore Group, an investment firm headquartered in the United Kingdom, said that although he comprehends that search engines like Google are under tremendous pressure to self-regulate by the government, they continue to allow the advertising of gambling websites along with a number of unethical business practices. The Blackmore Group manages assets to the value of 70 million pounds.
The action by Google did not noticeably impact any altcoin markets. Bitcoin remained unaffected. The BTC/USD market even achieved new support in the region of $7500. Such prices have shot over the weekend. It went up by a stunning $400 to touch above $7750.
Google is not alone in promoting such bans. Twitter and Facebook before it has instituted similar bans during the earlier months of 2018. The CEO of Twitter has even forecasted that Bitcoin would be the world's single currency in the near future. Nunn suspects a targeted move on the part of Google. He suspects that Google is developing its own version of cryptocurrency asset. The removal of advertisements posted by other companies would clear the field for its own virtual currency. Google can then set its own terms in the present fragmented cryptocurrency industry.
Revolut, the disruptor bank in the United Kingdom, warned through a statement that the ban by Google cannot distinguish between bad concerns and legitimate business organizations. Revolut had completed a funding round of about $250 million in April. It has now achieved a valuation of $1.7 billion. Ed Cooper, who heads the mobile digital banking division in the bank said that such a blanket ban will mostly affect the genuine players in the cryptocurrency universe. They will be unable to offer quality services to their clients.