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Bitcoin Breakthrough: Google Unleashes Ads, ETFs Galore

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In a groundbreaking move, Bitcoin takes the spotlight as Google updates its advertising policy. The revision embraces cryptocurrency trusts, particularly allowing Bitcoin Exchange-Traded Funds (ETFs) to promote in the United States. This change creates fresh opportunities for spot Bitcoin ETF issuers like BlackRock, VanEck, and Franklin Templeton, whose ads are now gracing Google search pages.

The revision of Google’s advertising guidelines comes amid a pivotal moment in the ongoing discussions surrounding BTC ETFs. The United States Securities and Exchange Commission (SEC) recently gave its nod to the first batch of spot BTC ETFs, marking a landmark decision that has generated substantial interest within the investment community. Now, with Google allowing advertising for these financial instruments, BTC ETFs are poised to enjoy an even broader reach and exposure to a wider audience.

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Source: Google

This policy update means that companies managing BTC ETFs can leverage Google’s powerful advertising platform to raise awareness and attract potential investors. The move is expected to contribute significantly to the visibility and understanding of BTC ETFs, catering to both institutional and retail investors alike.

Google’s Backing Signals Bitcoin Investment Boom

Google’s decision is not merely a procedural change; it reflects a broader trend of increasing acceptance of BTC and related investment products in mainstream finance. By opening up its advertising channels to BTC ETFs, Google is facilitating a more innovative environment for the leading cryptocurrency, seamlessly integrating it into traditional financial markets.

As the industry eagerly awaits the impact of these revised guidelines on the advertising landscape for Bitcoin ETFs, the potential is substantial. Increased visibility on Google’s platform could lead to heightened interest from investors, driving a surge in both institutional and retail participation in the Bitcoin market.

In conclusion, Google’s endorsement of Bitcoin ETF advertising signifies a pivotal moment in the ongoing integration of cryptocurrencies into mainstream finance. With the SEC’s recent approval and now Google’s support, Bitcoin ETFs are poised for increased adoption, offering a potentially lucrative investment avenue for those looking to capitalize on the evolving landscape of digital assets.

Matt Damon’s Crypto Ad Is In Troubled Waters

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Crypto detractors amidst the market crash have now focused their attention on Hollywood actor Matt Damon for his memorable TV ad where he was seen encouraging people to invest in digital currency.

In the 60-second clip, Damon hailed people’s investment in cryptocurrency as the next great human endeavor and compared it to the historic Wright Brothers who invented human flight or astronauts’ landing on the moon.

The commercial had Damon boasting that “Fortune favors the brave,” while strolling down a minimalist hallway straight out of a science fiction movie, with visions of some of the world’s great explorers appearing on each side.

The promotion which got a positive response from crypto enthusiasts was also trolled on Twitter by critics who accused him of selling regular people with “wholly artificial assets.”

Things haven’t changed as trolls have returned, this time with renewed vigor! One ‘investigative reporter’ Ken Klippenstein called out Damon for probably earning millions to make the ad. Klippenstein tweeted in January:

“Matt Damon doing a crypto ad. Jesus Christ does he not have enough money already pic.”

Another by the name of Jon Schwarz, pointed out how much money people would potentially lose if they were moved by Damon’s TV ad, which premiered in late October.

“If you bought $1000 of a bitcoin ETF when Matt Damon’s “Fortune Favors the Brave!” crypto ad premiered on October 28 last year, you would now have $554.”

Damon’s crypto ad received the most attention

The Bourne Identity star isn’t alone to throw their weight behind the digital currency. Celebrities like Kim Kardashian, Stephen Curry, Tom Brady, Spike Lee, Alec Baldwin, and Neil Patrick Harris, are among many to extend support for the asset class.

But it was Damon’s widely promoted “Fortune favors the brave” ad that received the most attention, even sparking discussion on the deepening connection between celebrity and virtual currency.

A few critics on social media were wondering if Damon feels bad about pushing cryptocurrency. One person tweeted that the crypto crash isn’t funny because some people might have been seriously hurt by following Damon’s lead.

Others speculated that maybe Damon doesn’t feel that bad.

“Matt Damon isn’t sweating that Super Bowl ad urging you to invest in crypto — after all, Matt got paid in good old-fashioned U.S. dollars,” said one Twitter user.

Meta accused of propagating ‘deceptive’ crypto ads

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Meta Platforms, Inc, which was formerly Facebook is in troubled waters after Australia’s consumer protection commission declared that it had initiated criminal proceedings against the tech firm for “false, misleading or deceptive conduct” in violation of consumer or securities laws.

The Australian watchdog accused Meta of failing to do enough to prevent scam advertisements for cryptocurrency or money-making schemes, despite being alerted by celebrities who had been misrepresented by similar ads published on Facebook.

According to the commission, the ads carried pictures of well-known Australians, including former New South Wales premier Mike Baird and businessman Dick Smith. But the high-profile personalities featured in the ads had never approved or endorsed them, it said. Rod Sims. who served as chair of the Australian Competition & Consumer Commission stated,

Meta failed to take sufficient steps to stop fake ads featuring public figures, even after those public figures reported to Meta that their name and image were being featured in celebrity endorsement cryptocurrency scam ads.

The consumer protection authority said it was seeking orders from the court including injunctions, penalties, and the payment of legal costs.

In its defense, Meta released a statement vowing to defend itself and asserted that it has taken steps to stop scam ads by using technology to detect and block them.

“We don’t want ads seeking to scam people out of money or mislead people on Facebook, they violate our policies and are not good for our community,” a representative reiterated. The social media giant said it had cooperated with the Australian Competition and Consumer Commission’s investigation.

Meta’s ‘strict’ ads enforcement inadequate?

Meta’s advertising policies have provided guidance on how ads are reviewed on its platform. In it, the firm mentioned how it uses a combination of AI and human moderators to flag advertisements. Paul Bischoff, the editor of Comparitech, a site that rates security software and has monitored illegal Facebook ads has a completely different take. 

According to him, the firm’s human moderation is “entirely inadequate,” and it’s unclear how many scams its AI flags before they reach users.“We don’t really know how big the problem is,” he said, “but there’s obviously still a lot of them getting through.”