Bitcoin and the rest of the cryptomonedas have not been pleased with Google’s decision to ban all advertising related to them and the ICOs from next June. Following the decision announced yesterday, the value of all the cryptomonedas has fallen again strongly just as they were beginning to recover from the latest falls.
At this hour, if we look at indices like CoinMarketCap we can see that the value of Bitcoin has fallen by 13.45% compared to yesterday, and its value is already down from $8,000. In the rest of the most used kryptom currencies according to this index the fall is even more marked, with falls of 14.72%, 16.58% and 14.25% for Ethereum, Ripple and Bitcoin Cash.
As usual, the most logical thing is that in the next few days the value of cryptomoney will start to grow again. But what is clear is that, with so many ups and downs, it does not seem easy to find a short-term stability that will make them grow back to the levels they had at the beginning of the year. Even so, we will have to wait and see what happens in the medium and long term.
It should also be remembered that Google is not the only one charging against this type of technology either. By the end of January, Facebook had also decided to ban ads related to cryptom coins and initial coin offerings (ICOs) on all its services. In addition, celebrities like Bill Gates are also strongly criticising it, and some governments are threatening to ban it.
The measures taken by Google or Facebook have not ceased to cause some controversy among those who support the chain of blocks. The decisions come, according to the companies, to protect the users, and it is true that there are many deceptions trying to capture misled with keywords like Bitcoin or Blockchain. But what they are doing is generalizing and punishing everyone equally, including legitimate product advertisements that strive to do things right.
Governments like Spain are swimming against the tide
While European countries such as Germany, France, or Italy, as well as others such as the United States, do not yet seem willing to enter into the regulation of cryptomoney, there are still some who decide to swim against the tide and to position themselves in favour of this technology. This is the case in Spain, where the Treasury is studying their impact, and the ruling party is drafting a bill to try to favour them.
Spain’s idea is to offer benefits such as possible tax breaks to attract companies that use block chain-based technologies or opt for initial currency offerings (ICOs) as a financing tool. In doing so, they may want to position themselves in Europe alongside countries such as Switzerland as one of the Blockchain capitals of the world.
In any case, the debates surrounding the cryptomonedas and the chain of blocks have only just begun, and it remains to be seen what will happen after this storm of instability subsides, if it does, once Bitcoin and the company normalise the bans and countermeasures that are being imposed on them.