With Google processing 100,000 queries every second, the cryptocurrency world is considering the possible effects on spot Bitcoin ETFs.
Google is scheduled to revise its regulations on Monday, permitting the promotion of certain cryptocurrency products on the popular search engine. Exchange-traded funds (ETFs) backed by bitcoin seem likely to satisfy the requirements, which has the cryptocurrency community abuzz with conjecture.
It was announced in December 2023 that Google will amend its policy about cryptocurrency and associated ads on January 29th, 2023, to permit ads from “advertisers offering Cryptocurrency Coin Trust targeting the United States.”
The United States Securities and Exchange Commission (SEC) has approved 11 spot Bitcoin ETF applications on January 10. Investors who buy shares in a spot Bitcoin ETF gain ownership of the fund’s Bitcoin assets. This complies with the most recent Google requirements:
“Financial products that let investors trade shares in large-scale digital currency trusts”
Given Google’s large transaction processing capability, cryptocurrency specialists are upbeat about the possible inflows of Bitcoin ETFs. DemandSage has released data showing that Google processes 8.55 billion queries daily.
Google, however, has not been specific about the products that are allowed in their advertisement for “cryptocurrency coin trusts.”. As part of the batch of spot Bitcoin ETF applications that were granted earlier this month, Grayscale Bitcoin Trust (GBTC), one of the biggest Bitcoin trusts, recently converted to a Bitcoin ETF.
Only accredited investors could previously purchase GBTC shares on the main market, and there was a six-month holding requirement.
A net worth of at least $1 million or more than $200,000 in revenue from earnings during the preceding two years is required for accredited investors. These regulations are designed to shield inexperienced investors from making hazardous investments that could cause them to lose their money. Spot Bitcoin ETFs, on the other hand, are possibly safer options for Google to take into account in advertising because they are accessible to the general public and covered by the Securities Act of 1993 of the SEC.
Renowned bitcoin trader Michael van de Poppe was bullish in August 2021 about the impact Google advertisements would have on products related to Bitcoin, particularly considering that the SEC chair was investigating Bitcoin Futures ETFs, which were approved in October 2021.