Initially, the publication will be limited to the United States, but a later global expansion is expected.
Starting January 29, 2024, Google will allow relevant Bitcoin and cryptocurrency ads to be served. Notably, the first set of ads will only launch in the United States.
As anticipated, according to Google’s most recent policy regarding cryptocurrencies, starting January 29, 2024, ads on Bitcoin ETFs will be allowed. In December 2023, Google had already made changes to its advertising policy. In fact, the company had announced its intention to review the directives relating to cryptocurrencies and related assets in January 2024, with the main objective of clarifying the parameters and guidelines for the promotion of Coin Trust related to cryptocurrencies.
According to the new policy, Bitcoin ETF ads will be officially published as part of Google ads starting January 29, 2024. When targeting any advertising area, the technology company requires all advertisers to comply with local regulations.
What Will Change When Google Opens the Doors to Cryptocurrency and Bitcoin Ads?
Advertising, in all its forms, is a powerful vehicle for communicating with a specific audience. Thanks to Google, this reach is greatly amplified. It is no coincidence that, globally, Google Ads reaches 90% of the population.
Considering Google websites and apps on the Play Store, the audience reach extends to several billion people. For example, ads placed at the top of searches show an average click-through rate of 7.94%.
Audiences can be integrated into ad groups for more precise targeting based on demographics, interests, habits, recent searches, and past interactions with the business.
By leveraging activities such as using apps, watching videos, or browsing online, audiences increase the effectiveness of advertising campaigns.
With this broad reach and ever-present audience, awareness of Bitcoin ETFs will grow significantly. This will result in greater familiarity not only among traders and investors, but also among the general public, opening up new opportunities for exposure to spot ETFs.
Outlook for Bitcoin in 2024
Although they do not anticipate a rapid rise, crypto industry analysts suggest that Bitcoin could attract greater interest during 2024.
Major European asset manager CoinShares’ annual report highlights positive macroeconomic signs for cryptocurrencies, particularly as the Federal Reserve considers rate cuts and investors feel more confident exploring digital assets.
The report suggests that with the US Federal Reserve expected to cut interest rates in the first half of 2024, Bitcoin and gold could become more attractive to investors.
However, not everyone is so optimistic. Craig Erlam, market analyst at Oanda, maintains a pragmatic approach and says that it has been a long time since the last round of rate cuts and that we must wait to assess the effect.
The CoinShares report also analyzes Bitcoin’s correlations with the US dollar and other assets, suggesting a possible temporal correlation. positive correlation during monetary policy changes and market tensions.
The current year has seen a decline in the price of Bitcoin coinciding with a spike in the DXY index, which measures the strength of the dollar against other currencies. While Bitcoin’s historical correlation with gold is almost unprecedented today, Erlam remains skeptical of the vision of Bitcoin as digital gold or a hedge against inflation.
The CoinShares report highlights the importance of the US market in legitimizing Bitcoin ETFs globally, indicating that while spot Bitcoin ETPs are popular in Europe, the US market continues to have greater influence.
The approval of Bitcoin ETFs has generated bullish momentum in the markets, but it remains uncertain whether this will be enough to sustain a long-term bullish trend.
By Leonardo Perez
