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With impending crypto ETFs being all the rage, even the world's biggest tech titan, Google, is experiencing FOMO. Cashing in on the hype, Google's new rules will allow adverts for crypto ETFs in the new year.
Effective from 29 January 2024, the update permits Cryptocurrency Coin Trusts to advertise on Google. However, direct promotions such as purchases, holding or swapping are prohibited. Ads for ICOs, DeFi trading protocols and other crypto ventures are also not allowed.
Examples of Cryptocurrency Coin Trusts are "financial products that allow investors to trade shares in trusts holding large pools of digital currency," according to Google.
Other crypto businesses that fall under this parameter include:
- Educational content on crypto
- NFT-based games and platforms
- Crypto hardware wallets
Currently, 13 applicants are awaiting approval for their Bitcoin ETFs. Bloomberg predicts a 90% chance of approval by 10 January 2024.
Crypto ETF Recap
BlackRock set the ball rolling with its Bitcoin ETF application back in June, with the likes of WisdomTree, Invesco, Fidelity, Valkyrie Digital and ARK Invest following suit.
Anticipation of these Bitcoin ETFs has been a driving factor of Bitcoin's recent price surge. As Gemini co-founder Tyler Winklevoss told Blockhead, "[Crypto ETFs] are going to bring a ton of liquidity and price discovery."
"We have many institutional customers, and they range from proprietary trading firms to large macro hedge funds," he continued. "And I think we're going to see 10x that once ETFs arrive."
In a recent interview, Bitwise Asset Management's chief investment officer, Matt Hougan said crypto ETFs are not yet baked into Bitcoin's price.
"It’s not at all priced in because the people who are going to buy this ETF are not aware that it’s coming or most likely coming; the majority of advisors who are the natural audience for this ETF don’t expect it to come until 2025 or later,” he said.
JP Morgan has taken a rather different view, stating the crypto rally was already "overdone" last month.
"First, instead of fresh capital entering the crypto industry to be invested in the newly-approved ETFs, we see as a more likely scenario existing capital shifting from existing bitcoin products such as the Grayscale bitcoin trust, bitcoin futures ETFs and publicly listed bitcoin mining companies, into the newly-approved spot Bitcoin ETFs," the JP Morgan analysts said.
“The true use case for it [crypto] is criminals, drug traffickers, money laundering, tax avoidance,” Dimon added.